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Form NPORT-P KINETICS PORTFOLIOS TRUS For: Mar 31

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StreetInsider.com Top Tickers, 4/26/2024

1. META
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6. BA
7. HCP
8. SNAP
9. TMUS
10. GOOGL


May 20, 2022 8:51 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001113229
          XXXXXXXX
        
      
      
      
      
        S000007856
        C000021365
      
      
      
    
  
  
    
      Kinetics Portfolios Trust
      811-09923
      0001113229
      254900ZCVXM48Q9D2T43
      470 Park Avenue South
      New York
      
      10016
      800-930-3828
      Kinetics Market Opportunities Portfolio
      S000007856
      254900AHXGD8TITML653
      2022-12-31
      2022-03-31
      N
    
    
      135907372.940000000000
      723799.030000000000
      135183573.910000000000
      0.000000000000
      5888602.530000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      2889.550000000000
      
        
        
        
        
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        A-Mark Precious Metals Inc
        XP6XYFDZQGKLUMOFGT37
        A-Mark Precious Metals Inc
        00181T107
        
          
          
        
        1600
        NS
        USD
        123744
        0.0915377486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clarkson PLC
        2138007G6BGTEHI3OT22
        Clarkson PLC
        G21840106
        
          
          
        
        30500
        NS
        
        1482449.69
        1.0966196906
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Associated Capital Group Inc
        549300FBGXGSSUE01W24
        Associated Capital Group Inc
        045528106
        
          
          
        
        59600
        NS
        USD
        2497836
        1.8477363246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bakkt Holdings Inc
        N/A
        Bakkt Holdings Inc
        05759B107
        
          
          
        
        100
        NS
        USD
        616
        0.0004556767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Brookfield Asset Management In
        C6J3FGIWG6MBDGTE8F80
        Brookfield Asset Management Inc
        112585104
        
          
          
        
        3600
        NS
        USD
        203652
        0.1506484805
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Cboe Global Markets Inc
        529900RLNSGA90UPEH54
        Cboe Global Markets Inc
        12503M108
        
          
          
        
        7806
        NS
        USD
        893162.52
        0.6607034377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CF Acquisition Corp VI
        N/A
        CF Acquisition Corp VI
        12521J103
        
          
          
        
        400
        NS
        USD
        4748
        0.0035122610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group Inc
        12572Q105
        
          
          
        
        5800
        NS
        USD
        1379588
        1.0205293144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CACI International Inc
        SYRPI2D1O9WRTS2WX210
        CACI International Inc
        127190304
        
          
          
        
        48
        NS
        USD
        14460.48
        0.0106969209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Civeo Corp
        254900H0BM0N0O4MSY43
        Civeo Corp
        17878Y207
        
          
          
        
        10666.000424
        NS
        USD
        251770.94
        0.1862437371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Core Scientific Inc
        N/A
        Core Scientific Inc
        21873J108
        
          
          
        
        1800
        NS
        USD
        14814
        0.0109584320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crimson Wine Group Ltd
        N/A
        Crimson Wine Group Ltd
        22662X100
        
          
          
        
        2800
        NS
        USD
        22652
        0.0167564737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dundee Corp
        549300LX18ZNW1LEMU13
        Dundee Corp
        264901109
        
          
          
        
        1800
        NS
        USD
        2124
        0.0015711968
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        eBay Inc
        OML71K8X303XQONU6T67
        eBay Inc
        278642103
        
          
          
        
        2400
        NS
        USD
        137424
        0.1016573212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Urbana Corp
        5493003WCSNG13LU3180
        Urbana Corp
        91707P109
        
          
          
        
        3800
        NS
        
        11854.58
        0.0087692459
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Franco-Nevada Corp
        N/A
        Franco-Nevada Corp
        351858105
        
          
          
        
        9144
        NS
        USD
        1458650.88
        1.0790148816
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        GAMCO Investors Inc
        51A2MDO9SJ2HTOSMLZ76
        GAMCO Investors Inc
        361438104
        
          
          
        
        27200
        NS
        USD
        601392
        0.4448706175
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GAMCO INVESTORS
        51A2MDO9SJ2HTOSMLZ76
        GAMCO Investors Inc
        361438AC8
        
          
        
        14000
        PA
        USD
        13714.3
        0.0101449456
        Long
        SN
        CORP
        US
        N
        
        2
        
          2023-06-15
          Variable
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arthur J Gallagher & Co
        54930049QLLMPART6V29
        Arthur J Gallagher & Co
        363576109
        
          
          
        
        400
        NS
        USD
        69840
        0.0516630815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Grayscale Bitcoin Trust BTC
        549300XZGUJEF0EHBE41
        Grayscale Bitcoin Trust BTC
        389637109
        
          
          
        
        601874
        NS
        USD
        18381231.96
        13.5972377622
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Grayscale Ethereum Classic Tru
        54930092HET8DVEQYD83
        Grayscale Ethereum Classic Trust
        38963Q107
        
          
          
        
        12
        NS
        USD
        186.12
        0.0001376794
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hellenic Exchanges - Athens St
        549300GSRN07MNENPL97
        Hellenic Exchanges - Athens Stock Exchange SA
        X3247C104
        
          
          
        
        800
        NS
        
        3265.67
        0.0024157299
        Long
        EC
        CORP
        GR
        N
        
        1
        
          N
          N
          N
        
      
      
        Howard Hughes Corp/The
        549300BVHY25JZC1KI49
        Howard Hughes Corp/The
        44267D107
        
          
          
        
        2400
        NS
        USD
        248664
        0.1839454253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intercontinental Exchange Inc
        5493000F4ZO33MV32P92
        Intercontinental Exchange Inc
        45866F104
        
          
          
        
        12900
        NS
        USD
        1704348
        1.2607656024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Japan Exchange Group Inc
        353800578ADEGIJTVW07
        Japan Exchange Group Inc
        471059105
        
          
          
        
        7200
        NS
        USD
        66672
        0.0493196015
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          
        
      
      
        MarketAxess Holdings Inc
        5493002U1CA1XJOVID83
        MarketAxess Holdings Inc
        57060D108
        
          
          
        
        48
        NS
        USD
        16329.6
        0.0120795741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard Inc
        57636Q104
        
          
          
        
        4000
        NS
        USD
        1429520
        1.0574657546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mesabi Trust
        N/A
        Mesabi Trust
        590672101
        
          
          
        
        22892
        NS
        USD
        609842.88
        0.4511220279
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        ASX Ltd
        N/A
        ASX Ltd
        Q0604U105
        
          
          
        
        4400
        NS
        
        269328.62
        0.1992317648
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Group Holding Co
        N/A
        Morgan Group Holding Co
        61735R203
        
          
          
        
        871.999956
        NS
        USD
        1351.6
        0.0009998256
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Nasdaq Inc
        549300L8X1Q78ERXFD06
        Nasdaq Inc
        631103108
        
          
          
        
        2400
        NS
        USD
        427680
        0.3163697982
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NZX Ltd
        N/A
        NZX Ltd
        Q7018C118
        
          
          
        
        364202
        NS
        
        360945.91
        0.2670042665
        Long
        EC
        CORP
        NZ
        N
        
        1
        
          N
          N
          N
        
      
      
        OTC Markets Group Inc
        254900LQDMW14QIVAH45
        OTC Markets Group Inc
        67106F108
        
          
          
        
        400
        NS
        USD
        24800
        0.0183454241
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        Deutsche Boerse AG
        D1882G119
        
          
          
        
        1800
        NS
        
        324575.47
        0.2400997848
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        ProShares Short VIX Short-Term
        549300Q4G1Z8K7HCIM83
        ProShares Short VIX Short-Term Futures ETF
        74347W130
        
          
          
        
        200
        NS
        USD
        10912
        0.0080719866
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        S&P Global Inc
        78409V104
        
          
          
        
        113.52
        NS
        USD
        46563.63
        0.0344447396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sandstorm Gold Ltd
        549300QWJPV45VQF1B33
        Sandstorm Gold Ltd
        80013R206
        
          
          
        
        60400
        NS
        USD
        488032
        0.3610142755
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        SEARS HOLDINGS CORP
        549300KWWR4P1RYUVG65
        Sears Holdings Corp
        812350AG1
        
          
          
        
        5720
        PA
        USD
        60.06
        0.0000444285
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2019-12-15
          None
          8
          Y
          Y
          N
          N
          Y
          
            
              Sears Holdings Corp
              Sears Holdings Corp
              USD
              
                
                
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        Tejon Ranch Co
        549300TMNDO77VJ6J111
        Tejon Ranch Co
        879080109
        
          
          
        
        10400
        NS
        USD
        189904
        0.1404786059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Pacific Land Corp
        N/A
        Texas Pacific Land Corp
        88262P102
        
          
          
        
        36328
        NS
        USD
        49119452.08
        36.3353702371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US BANK MMDA - USBGFS 7
        N/A
        US BANK MMDA - USBGFS 7
        N/A
        
          
          
        
        37018304.41
        NS
        USD
        37018304.41
        27.3837296495
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc
        92826C839
        
          
          
        
        8000
        NS
        USD
        1774160
        1.3124079714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wheaton Precious Metals Corp
        549300XSFG5ZCGVYD886
        Wheaton Precious Metals Corp
        962879102
        
          
          
        
        30288
        NS
        USD
        1441103.04
        1.0660341329
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        London Stock Exchange Group PL
        213800QAUUUP6I445N30
        London Stock Exchange Group PLC
        G5689U103
        
          
          
        
        600
        NS
        
        62787.03
        0.0464457539
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Wilmar International Ltd
        549300H2EAI4YRLWBB20
        Wilmar International Ltd
        Y9586L109
        
          
          
        
        100
        NS
        
        347.51
        0.0002570653
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Urbana Corp
        5493003WCSNG13LU3180
        Urbana Corp
        91707P208
        
          
          
        
        356004
        NS
        
        1133380.73
        0.8384012179
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        TMX Group Ltd
        549300N65GFVKSHGJW59
        TMX Group Ltd
        87262K105
        
          
          
        
        3600
        NS
        
        370265.97
        0.2738986397
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Galaxy Digital Holdings Ltd
        254900ULFH90UKBGDV65
        Galaxy Digital Holdings Ltd
        N/A
        
          
          
        
        114000
        NS
        
        1942326.92
        1.4368069018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TerraVest Industries Inc
        N/A
        TerraVest Industries Inc
        88105G103
        
          
          
        
        332
        NS
        
        6679.04
        0.0049407186
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprott Inc
        254900QHJAD5TP2JNM15
        Sprott Inc
        852066208
        
          
          
        
        4115
        NS
        
        206317.8
        0.1526204657
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        DREAM Unlimited Corp
        549300OLZNGGLFVS4206
        DREAM Unlimited Corp
        26153M507
        
          
          
        
        120200
        NS
        
        4788193.42
        3.5419935141
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        PrairieSky Royalty Ltd
        529900AXG582AP7CV733
        PrairieSky Royalty Ltd
        739721108
        
          
          
        
        200
        NS
        
        2766.07
        0.0020461584
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Euronext NV
        724500QJ4QSZ3H9QU415
        Euronext NV
        N3113K397
        
          
          
        
        2520
        NS
        
        230548.15
        0.1705444998
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        PARTNERS VALUE INVESTMENTS I
        N/A
        Partners Value Investments LP
        70214M114
        
          
          
        
        43516
        NS
        
        331030
        0.2448744255
        N/A
        DE
        CORP
        CA
        N
        
        3
        
          
            
              Venture
              N/A
            
            Call
            Purchased
            
              
                Partners Value Investments LP
                Partners Value Investments LP
                
                  
                  
                  
                
              
            
            1
            32.450000000000
            CAD
            2026-06-30
            XXXX
            200925.64
          
        
        
          N
          N
          N
        
      
      
        Partners Value Investments LP
        N/A
        Partners Value Investments LP
        70214T119
        
          
          
        
        43516
        NS
        
        2648936.21
        1.9595104149
        Long
        EC
        CORP
        CA
        N
        
        3
        
          N
          N
          N
        
      
      
        PARTNERS VALUE INVEST LP
        N/A
        PARTNERS VALUE INVEST LP
        000000000
        
          
          
          
        
        11832.0004
        NS
        USD
        236640.01
        0.1750508610
        Long
        EP
        CORP
        CA
        N
        
        3
        
          N
          N
          N
        
      
      
        Brookfield Asset Management Re
        9845004583U3B8E06924
        Brookfield Asset Management Reinsurance Partners Ltd
        G16169107
        
          
          
        
        23.999986
        NS
        USD
        1372.8
        0.0010155080
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Burford Capital Ltd
        549300FUKUWFYJMT2277
        Burford Capital Ltd
        G17977110
        
          
          
        
        100
        NS
        USD
        919
        0.0006798163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MIAMI INTERNATIONAL HOLDINGS INC
        N/A
        MIAMI INTERNATIONAL HOLDINGS INC
        N/A
        
          
        
        95000
        NS
        USD
        751450
        0.5558737488
        Long
        EC
        CORP
        US
        
        N
        
        3
        
          N
          N
          N
        
      
      
        MIAMI INTERNATIONAL HOLDINGS WARRANT
        N/A
        MIAMI INTERNATIONAL HOLDINGS WARRANT
        N/A
        
          
        
        14469
        NS
        USD
        29950.83
        0.0221556726
        N/A
        DE
        CORP
        US
        
        N
        
        3
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                MIAMI INTERNATIONAL HOLDINGS INC
                MIAMI INTERNATIONAL HOLDINGS INC
                
                  
                  
                
              
            
            1
            7.500000000000
            USD
            2026-04-01
            XXXX
            29950.83
          
        
        
          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 Market Opportunities Portfolio
            
Consolidated Portfolio of Investments - March 31, 2022 (Unaudited)
            
               
               
COMMON STOCKS - 59.05%
  
Shares
    
Value
  
Accommodation - 0.19%
            
Civeo Corp. - ADR*
    
10,666
      
251,771
  
                   
Aerospace and Defense - 0.01%
                
CACI International, Inc. - Class A*
    
48
      
14,460
  
                   
Agricultural Operations - 0.00%
                
Wilmar International Ltd.
    
100
      
347
  
                   
Asset Management - 0.15%
                
Sprott, Inc.*
    
4,115
      
206,318
  
                   
Beverage and Tobacco Product Manufacturing - 0.02%
                
Crimson Wine Group Limited*
    
2,800
      
22,652
  
                   
Data Processing, Hosting and Related Services - 0.01%
                
Core Scientific, Inc.*
    
1,800
      
14,814
  
                   
Data Processing, Hosting, and Related Services - 2.37%
                
MasterCard, Inc. - Class A
    
4,000
      
1,429,520
  
Visa, Inc. - Class A
    
8,000
      
1,774,160
  
               
3,203,680
  
Diversified Real Estate Activities - 0.00%
                
PrairieSky Royalty Limited*
    
200
      
2,766
  
                   
E-Commerce - 0.10%
                
eBay, Inc.
    
2,400
      
137,424
  
                   
Funds, Trusts, and Other Financial Vehicles - 0.45%
                
Mesabi Trust^
    
22,942
      
611,175
  
                   
Global Exchanges - 0.97%
                
ASX Ltd.
    
4,400
      
269,329
  
Deutsche Boerse AG
    
1,800
      
324,575
  
Euronext NV
    
2,520
      
230,548
  
Hellenic Exchanges - Athens Stock Exchange SA
    
800
      
3,266
  
Japan Exchange Group Inc. - ADR*^
    
7,200
      
66,672
  
London Stock Exchange Group Plc
    
600
      
62,787
  
NZX Limited
    
364,202
      
360,946
  
               
1,318,123
  
Industrial Machinery Manufacturing - 0.00%
                
TerraVest Industries, Inc.*
    
332
      
6,679
  
                   
Insurance Carriers and Related Activities - 0.05%
                
Arthur J. Gallagher & Co.
    
400
      
69,840
  
                   
Management of Companies and Enterprises - 3.28%
                
Associated Capital Group, Inc. - Class A
    
59,600
      
2,497,836
  
Dundee Corporation - Class A*
    
1,800
      
2,124
  
Galaxy Digital Holdings Ltd.*
    
114,000
      
1,942,327
  
               
4,442,287
  
Merchant Wholesalers, Durable Goods - 0.09%
                
A-Mark Precious Metals, Inc.
    
1,600
      
123,744
  
                   
Mining (except Oil and Gas) - 2.50%
                
Franco-Nevada Corporation - ADR
    
9,144
      
1,458,651
  
Sandstorm Gold Ltd. - ADR
    
60,400
      
488,032
  
Wheaton Precious Metals Corporation - ADR
    
30,288
      
1,441,103
  
               
3,387,786
  
Oil and Gas Extraction - 36.32%
                
Texas Pacific Land Corp. c
    
36,328
      
49,119,452
  
                   
Other Financial Investment Activities - 0.60%
                
Brookfield Asset Management, Inc. - Class A
    
3,600
      
203,652
  
GAMCO Investors, Inc. - Class A f
    
27,200
      
601,392
  
Morgan Group Holding Co.*f
    
872
      
1,352
  
               
806,396
  
Other Investment Pools and Funds - 2.81%
                
Partners Value Investments LP*ag
    
43,516
      
2,648,936
  
Urbana Corporation *
    
3,800
      
11,855
  
Urbana Corporation - Class A*
    
356,004
      
1,133,381
  
               
3,794,172
  
Real Estate - 3.87%
                
DREAM Unlimited Corp.*
    
120,200
      
4,788,193
  
The Howard Hughes Corporation*
    
2,400
      
248,664
  
Tejon Ranch Co.*
    
10,400
      
189,904
  
               
5,226,761
  
Securities and Commodities Exchanges - 4.09%
                
Cboe Global Markets, Inc.
    
7,806
      
893,162
  
CME Group, Inc.
    
5,800
      
1,379,588
  
IntercontinentalExchange Group, Inc.
    
12,900
      
1,704,348
  
Miami International Holdings, Inc.*ag
    
95,000
      
751,450
  
NASDAQ, Inc.
    
2,400
      
427,680
  
TMX Group Ltd.*
    
3,600
      
370,266
  
               
5,526,494
  
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.07%
                
Bakkt Holdings, Inc.*^
    
100
      
616
  
Burford Capital Ltd. - ADR
    
100
      
919
  
CF Acquisition Corp VI*^
    
400
      
4,748
  
MarketAxess Holdings,  Inc.
    
48
      
16,329
  
OTC Markets Group Inc. - Class A
    
400
      
24,800
  
S&P Global, Inc.
    
114
      
46,564
  
Sprott, Inc. - ADR*^
    
–
      
0
  
               
93,976
  
Support Activities for Water Transportation - 1.10%
                
Clarkson plc
    
30,500
      
1,482,450
  
                   
TOTAL COMMON STOCKS
                
(cost $27,175,661)
            
79,863,567
  
                   
         PREFERRED STOCKS - 0.18%
                
Other Investment Pools and Funds - 0.18%
                
Partners Value Investments LP - Class A*ag
    
11,832
      
236,640
  
                   
TOTAL PREFERRED STOCKS
                
(cost $219,010)
            
236,640
  
                   
          CONVERTIBLE PREFERRED STOCKS - 0.00%
                
Insurance Carriers and Related Activities - 0.00%
                
Brookfield Asset Management Reinsurance Partners Ltd. - ADR
    
24
      
1,373
  
                   
TOTAL CONVERTIBLE PREFERRED STOCKS
                
(cost $1,646)
            
1,373
  
                   
         UNIT INVESTMENT TRUST - 13.59%
                
Funds, Trusts, and Other Financial Vehicles - 0.00%
                
Grayscale Ethereum Classic Trust*
    
12
      
186
  
                   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 13.59%
                
Grayscale Bitcoin Trust* c
    
601,874
      
18,381,232
  
                   
TOTAL UNIT INVESTMENT TRUST
                
(cost $1,460,075)
            
18,381,418
  
                   
      
Principal
          
CONVERTIBLE BONDS - 0.00%
  
Amount
    
Value
  
Department Stores - 0.00%
                
Sears Holdings Corporation, 8.000%, 12/15/2019 *ef
    
5,720
      
60
  
                   
TOTAL CONVERTIBLE BONDS
                
(cost $5,720)
            
60
  
                   
CORPORATE BONDS - 0.01%
                
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.01%
                
GAMCO Investors, Inc., 4.000%, 06/15/2023 f
    
14,000
      
13,714
  
                   
TOTAL CORPORATE BONDS
                
(cost $14,000)
            
13,714
  
                   
EXCHANGE TRADED FUNDS - 0.01%
  
Shares
          
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.01%
                
ProShares Short VIX Short-Term Futures ETF*
    
200
      
10,912
  
                   
TOTAL EXCHANGE TRADED FUNDS
                
(cost $6,796)
            
10,912
  
                   
WARRANTS - 0.26%
  
Shares
          
Other Investment Pools and Funds - 0.24%
                
Partners Value Investments LP Expiration: 06/30/2026, Exercise Price: 32.45 CAD *ag
    
43,516
      
331,030
  
                   
Securities and Commodities Exchanges - 0.02%
                
Miami International Holdings, Inc. Expiration: 04/08/2026, Exercise Price: 7.50 USD *ag
    
14,469
      
29,951
  
                   
TOTAL WARRANTS
                
(cost $130,104)
            
360,981
  
                   
TOTAL INVESTMENTS - 73.10%
                
(cost $29,013,012)
          
$
98,868,665
  
                   
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 $544,832 at March 31, 2022. The total collateral for the loaned securities was cash in the amount of $553,339.
  
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.
                
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 Market Opportunities Portfolio
                
                   
The following is a summary of the inputs used to value The Market Opportunities Portfolio's net assets as of March 31, 2022:

Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
75,860,437
    
$
602,744
    
$
3,400,386
    
$
79,863,567
  
Unit Investment Trust
    
18,381,418
      
–
      
–
      
18,381,418
  
Convertible Preferred Stocks
    
1,373
      
–
      
–
      
1,373
  
Corporate Bonds
    
–
      
13,714
      
–
      
13,714
  
Preferred Stocks
    
–
      
–
      
236,640
      
236,640
  
Convertible Bonds
            
60
      
–
      
60
  
Exchange Traded Funds
    
10,912
      
–
      
–
      
10,912
  
Warrants
    
–
      
–
      
360,981
      
360,981
  
Total Investments in Securities
  
$
94,254,140
    
$
616,518
    
$
3,998,007
    
$
98,868,665
  
 
                                
                                 
During the quarter ended March 31, 2022, there was a transfer of $2,436,119 out of Level 2 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
  
$
3,907,139
                          
Accrued discounts/premiums
    
-
                          
Realized gain (loss)
    
-
                          
Change in unrealized appreciation (depreciation)
    
90,868
                          
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
  
$
3,998,007
                          

 
Description
  
Fair Value at
3/31/2022
    
Valuation
Techniques
    
Unobservable
Input
    
Range
  
 
Common Stocks
  
$
2,648,936
    
Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables
    
Intermittent market activity
    
$66.00 - $80.00
  
 
Common Stocks
  
$
751,450
    
Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables
    
Precedent Transaction
    
$7.25 - $8.44
  
 
Preferred Stocks
  
$
236,640
    
Followed valuation procedures and used the last traded price-fair valuation is reviewed by the board using market comparables
    
Intermittent market activity
    
$20.00 - $23.00
  
 
Warrants
  
$
331,030
    
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
  
 
Warrants
  
$
29,951
    
Black Scholes Method
    
Volatility
      
25%

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



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