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Form NPORT-P KINETICS MUTUAL FUNDS For: Mar 31

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May 20, 2022 8:50 AM EDT 

  
    NPORT-P
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          0001083387
          XXXXXXXX
        
      
      
      
      
        S000005031
        C000013724
        C000013722
        C000013725
        C000013723
      
      
      
    
  
  
    
      Kinetics Mutual Funds
      811-09303
      0001083387
      254900Z4PTNUE2SN9529
      470 Park Avenue South
      New York
      
      10016
      800-930-3828
      Kinetics Small Cap Opportunities Fund Feeder 1
      S000005031
      254900CEFNLF33T4M830
      2022-12-31
      2022-03-31
      N
    
    
      264215806.610000000000
      128423.870000000000
      264087382.740000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
          
          
          
        
        
        
        
      
      
      
      
    
    
      
        KINETICS SMALL CAP OPP
        N/A
        KINETICS SMALL CAP OPP
        N/A
        
          
          
        
        1
        NS
        USD
        264020565.01
        99.9746986284
        Long
        EC
        RF
        US
        
        N
        
        N/A
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-19
      Kinetics Mutual Funds
      /s/ Jay Kesslen
      Kinetics Mutual Funds Inc
      Vice President
    
  
  XXXX

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
            
The Small Cap Opportunities Portfolio
            
Consolidated Portfolio of Investments - March 31, 2022 (Unaudited)
            
               
               
COMMON STOCKS - 95.06%
  
Shares
    
Value
  
Accommodation - 2.66%
            
Civeo Corp. - ADR*
    
297,400
      
7,020,127
  
                   
Aerospace and Defense - 5.42%
                
CACI International, Inc. - Class A*c
    
47,500
      
14,309,850
  
                   
Beverage and Tobacco Product Manufacturing - 0.21%
                
Crimson Wine Group Limited*
    
67,900
      
549,311
  
                   
Chemical Manufacturing - 1.86%
                
Inter Parfums, Inc.
    
55,800
      
4,913,190
  
                   
Data Processing, Hosting and Related Services - 0.01%
                
Core Scientific, Inc.*
    
4,200
      
34,566
  
                   
Diversified Real Estate Activities - 0.38%
                
PrairieSky Royalty Limited*
    
72,000
      
995,785
  
                   
Food Services and Drinking Places - 1.89%
                
The Wendy's Company
    
227,100
      
4,989,387
  
                   
Funds, Trusts, and Other Financial Vehicles - 0.05%
                
Mesabi Trust
    
4,700
      
125,208
  
                   
Machinery Manufacturing - 0.14%
                
Colfax Corporation*
    
8,100
      
322,299
  
Oshkosh Corp.
    
400
      
40,260
  
               
362,559
  
Management of Companies and Enterprises - 8.65%
                
Associated Capital Group, Inc. - Class A
    
190,700
      
7,992,237
  
Dundee Corporation - Class A*
    
1,197,800
      
1,413,404
  
Galaxy Digital Holdings Ltd.*
    
376,000
      
6,406,271
  
Icahn Enterprises LP
    
132,700
      
6,891,111
  
RIT Capital Partners plc
    
4,000
      
133,992
  
               
22,837,015
  
Mining (except Oil and Gas) - 1.63%
                
Altius Minerals Corp.*
    
10,000
      
192,777
  
Sandstorm Gold Ltd. - ADR
    
480,400
      
3,881,632
  
Wheaton Precious Metals Corporation - ADR
    
5,000
      
237,900
  
               
4,312,309
  
Motor Vehicle and Parts Dealers - 0.01%
                
AutoNation, Inc.*
    
200
      
19,916
  
Penske Automotive Group, Inc.
    
200
      
18,744
  
               
38,660
  
Oil and Gas Extraction - 52.28%
                
Permian Basin Royalty Trust
    
100,000
      
1,251,000
  
Texas Pacific Land Corp. c
    
101,217
      
136,856,518
  
               
138,107,518
  
Other Financial Investment Activities - 0.60%
                
GAMCO Investors, Inc. - Class A
    
13,200
      
291,852
  
Morgan Group Holding Co.*f
    
3,767
      
5,839
  
Onex Corporation
    
19,300
      
1,293,408
  
               
1,591,099
  
Other Investment Pools and Funds - 0.83%
                
Urbana Corporation - Class A*
    
686,271
      
2,184,825
  
                   
Other Pipeline Transportation - 0.40%
                
Rubis SCA
    
36,000
      
1,062,138
  
                   
Performing Arts, Spectator Sports, and Related Industries - 2.94%
                
Live Nation Entertainment, Inc.*
    
65,400
      
7,693,656
  
Madison Square Garden Entertainment Corp.*
    
772
      
64,315
  
               
7,757,971
  
Professional, Scientific, and Technical Services - 0.02%
                
Cookpad, Inc.*
    
20,000
      
48,464
  
                   
Promoters of Performing Arts, Sports, and Similar Events - 0.02%
                
Madison Square Garden Sports Corp. - Class A*
    
240
      
43,046
  
                   
Real Estate - 14.63%
                
DREAM Unlimited Corp.*c
    
841,400
      
33,517,354
  
Equity Commonwealth REIT*
    
400
      
11,284
  
The Howard Hughes Corporation*
    
46,800
      
4,848,948
  
Tejon Ranch Co.*
    
15,000
      
273,900
  
               
38,651,486
  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.00%
                
CF Acquisition Corp VI*^
    
400
      
4,748
  
                   
Support Activities for Mining - 0.00%
                
Maverix Metals, Inc. - ADR
    
2,000
      
9,600
  
                   
Support Activities for Water Transportation - 0.28%
                
Braemar Shipping Services plc
    
244,000
      
732,410
  
Clarkson plc
    
400
      
19,442
  
               
751,852
  
Telecommunications - 0.15%
                
LICT Corporation*
    
16
      
392,000
  
                   
TOTAL COMMON STOCKS
                
(cost $80,435,174)
            
251,092,714
  
                   
             UNIT INVESTMENT TRUST - 3.47%
                
Funds, Trusts, and Other Financial Vehicles - 0.00%
                
Grayscale Ethereum Classic Trust*
    
60
      
931
  
                   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.47%
                
Grayscale Bitcoin Trust*
    
300,000
      
9,162,000
  
                   
TOTAL UNIT INVESTMENT TRUST
                
(cost $3,168,942)
            
9,162,931
  
                   
      
Principal
          
CORPORATE BONDS - 0.00%
  
Amount
    
Value
  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.00%
                
GAMCO Investors, Inc., 4.000%, 06/15/2023 fg
    
7,000
      
6,857
  
                   
TOTAL CORPORATE BONDS
                
(cost $7,000)
            
6,857
  
                   
WARRANTS - 0.46%
  
Shares
          
Other Investment Pools and Funds - 0.46%
                
Partners Value Investments LP CAD Expiration: 06/30/2026, Exercise Price: 32.45 CAD*ag
    
160,000
      
1,217,134
  
                   
TOTAL WARRANTS
                
(cost $433,365)
            
1,217,134
  
                   
TOTAL INVESTMENTS - 98.99%
                
(cost $84,044,481)
          
$
261,479,636
  
                   
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 $4,701 at March 31, 2022. The total collateral for the loaned securities was cash in the amount of $4,851.
  
c 
- Significant Investment - Greater than 5% of net assets.
                
f 
- Level 2 Investment.
                
g 
- Illiquid.
                
ADR 
- American Depository 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 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 Small Cap Opportunities Portfolio
                
                   
The following is a summary of the inputs used to value The Small Cap Opportunities Portfolio's net assets as of March 31, 2022:

Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
251,086,875
    
$
5,839
    
$
–
    
$
251,092,714
  
Unit Investment Trust
    
9,162,931
      
–
      
–
      
9,162,931
  
Corporate Bonds
    
–
      
6,857
      
–
      
6,857
  
Warrants
    
–
      
–
      
1,217,134
      
1,217,134
  
Total Investments in Securities
  
$
260,249,806
    
$
12,696
    
$
1,217,134
    
$
261,479,636
  
 
                                
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
  
$
1,150,480
                          
Accrued discounts/premiums
    
-
                          
Realized gain (loss)
    
-
                          
Change in unrealized appreciation (depreciation)
    
66,654
                          
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
  
$
1,217,134
                          
 
                                

 
Description
  
Fair Value at
3/31/2022
    
Valuation
Techniques
    
Unobservable
Input
    
Range
  
 
Warrants
  
$
1,217,134
    
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.
          
                                   


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