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Form NPORT-P KINETICS PORTFOLIOS TRUS For: Mar 31

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May 20, 2022 8:50 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001113229
          XXXXXXXX
        
      
      
      
      
        S000018837
        C000052119
      
      
      
    
  
  
    
      Kinetics Portfolios Trust
      811-09923
      0001113229
      254900ZCVXM48Q9D2T43
      470 Park Avenue South
      New York
      
      10016
      800-930-3828
      Kinetics Alternative Income Portfolios
      S000018837
      254900WGSARM0QCTOR77
      2022-12-31
      2022-03-31
      N
    
    
      7988292.140000000000
      12967.200000000000
      7975324.940000000000
      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
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        iShares Trust iShares 1-5 Year
        549300T14S5IX7V5T008
        iShares 1-3 Year Credit Bond ETF
        464288646
        
          
          
        
        54000
        NS
        USD
        2792880
        35.0190120279
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PIMCO Enhanced Short Maturity
        VOYE9Z80GB9431LFS645
        PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
        72201R833
        
          
          
        
        4700
        NS
        USD
        470752
        5.9026058943
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SPDR Portfolio Short Term Corp
        549300D2BO7L1J2SO973
        SPDR Portfolio Short Term Corporate Bond ETF
        78464A474
        
          
          
        
        24000
        NS
        USD
        723120
        9.0669659912
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANK MMDA - USBGFS 7
        N/A
        US BANK MMDA - USBGFS 7
        N/A
        
          
          
        
        2306722.8
        NS
        USD
        2306722.8
        28.9232453518
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vanguard Short-Term Corporate
        N/A
        Vanguard Short-Term Corporate Bond ETF
        92206C409
        
          
          
        
        21700
        NS
        USD
        1694553
        21.2474477560
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-19
      Kinetics Portfolios Trust
      /s/ Jay Kesslen
      Kinetics Portfolios Trust
      Vice President
    
  
  XXXX

KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
            
The Alternative Income Portfolio
            
Portfolio of Investments - March 31, 2022 (Unaudited)
            
               
               
EXCHANGE TRADED FUNDS - 71.26%
  
Shares
    
Value
  
Funds, Trusts, and Other Financial Vehicles - 71.26%
            
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF
    
54,000
    
$
2,792,880
  
PIMCO Enhanced Short Maturity Active ETF
    
4,700
      
470,752
  
SPDR Barclays Short Term Corporate Bond ETF
    
24,000
      
723,120
  
Vanguard Short-Term Corporate Bond ETF
    
21,700
      
1,694,553
  
                   
TOTAL EXCHANGE TRADED FUNDS
                
(cost $5,804,792)
            
5,681,305
  
                   
TOTAL INVESTMENTS - 71.26%
                
(cost $5,804,792)
          
$
5,681,305
  
                   
Percentages are stated as a percent of net assets.
                
 
                  
ETF - Exchange Traded Fund.
                


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

Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Exchange Traded Funds
  
$
5,681,305
    
$
–
    
$
–
    
$
5,681,305
  
                                 
Total Investments in Securities
  
$
5,681,305
    
$
–
    
$
–
    
$
5,681,305
  
 
                                
As of March 31, 2022, there were no investments in Level 3 securities.
                                
During the nine-month period ended March 31, 2022, there were no transfers into or out of Level 3.
          
                                 
^  See Portfolio of Investments for breakout of investments by industry classification.
          
                                 

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