UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 




Investment Company Act file number 811-09303 & 811-09923



KINETICS MUTUAL FUNDS, INC. & KINETICS PORTFOLIOS TRUST
 (Exact name of registrant as specified in charter)



555 Taxter Road Suite 175
Elmsford, NY 10523
 (Address of principal executive offices) (Zip code)



U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
 (Name and address of agent for service)



(800) 930-3828
Registrant's telephone number, including area code



Date of fiscal year end: December 31, 2012



Date of reporting period:   September 30, 2012
 
 
 
 
 
 
 
Item 1. Schedule of Investments.
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Internet Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
                 
                 
Identifier
 
COMMON STOCKS - 98.30%
 
Shares
   
Value
 
   
Administrative and Support Services - 1.79%
           
CRMZ
 
CreditRiskMonitor.com, Inc.*
    600     $ 1,650  
CTRP
 
Ctrip.com International Ltd. - ADR*^
    6,000       101,280  
EXPE
 
Expedia, Inc.
    20,100       1,162,584  
IILG
 
Interval Leisure Group, Inc.
    200       3,786  
TRIP
 
TripAdvisor Inc.*
    25,160       828,519  
                  2,097,819  
   
Broadcasting (except Internet) - 32.90%
               
CBS
 
CBS Corporation - Class B
    48,340       1,756,192  
DISCA
 
Discovery Communications, Inc. - Class A*^
    90,412       5,391,268  
LBTYK
 
Liberty Global, Inc. - Series C*
    96,000       5,416,320  
LMCA
 
Liberty Media Corporation - Liberty Capital - Series A*^
    109,499       11,406,511  
SNI
 
Scripps Networks Interactive - Class A
    65,000       3,979,950  
SIRI
 
Sirius XM Radio, Inc.*
    46,000       119,600  
VIAB
 
Viacom Inc. - Class B
    100,000       5,359,000  
TWX
 
Time Warner, Inc.^
    80,000       3,626,400  
DIS
 
The Walt Disney Company^
    29,691       1,552,245  
                  38,607,486  
   
Computer and Electronic Product Manufacturing - 3.65%
               
AAPL
 
Apple, Inc.
    5,000       3,336,300  
QCOM
 
QUALCOMM Inc.
    15,000       937,350  
ZNGA
 
Zynga, Inc. - Class A*
    2,000       5,680  
                  4,279,330  
   
Credit Intermediation and Related Activities - 0.13%
               
TREE
 
Tree.com, Inc.*
    10,033       157,217  
                     
   
Data Processing, Hosting and Related Services - 0.14%
               
CSGP
 
CoStar Group, Inc.*
    2,000       163,080  
                     
   
Data Processor - 4.39%
               
MA
 
Mastercard, Inc. - Class A
    5,000       2,257,400  
VRSK
 
Verisk Analytics, Inc. - Class A*
    10,000       476,100  
V  
Visa, Inc. - Class A^
    18,000       2,417,040  
                  5,150,540  
   
Defense - 3.59%
               
CACI
 
CACI International, Inc. - Class A*^
    48,000       2,485,920  
MANT
 
ManTech International Corporation - Class A^
    72,000       1,728,000  
                  4,213,920  
   
E-Commerce - 2.70%
               
IACI
 
IAC/InterActiveCorp
    60,740       3,162,124  
                     
   
Gaming - 1.14%
               
200 HK
 
Melco International Development Limited
    1,500,000       1,340,590  
                     
   
Global Exchanges - 1.43%
               
EXAE GA
 
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry
    20,000       90,210  
JSE SJ
 
JSE Limited
    51,000       422,192  
8697 JP
 
Osaka Securities Exchange Co., Ltd.
    33       143,561  
SGX SP
 
Singapore Exchange Limited
    180,000       1,026,727  
                  1,682,690  
   
Holding Company - 1.37%
               
GBLS BB
 
Groupe Bruxelles Lambert S.A. Strip VVPR*
    2,000       5  
IEP
 
Icahn Enterprises LP
    21,446       872,423  
JSHLY
 
Jardine Strategic Holdings Limited - ADR
    1,500       102,000  
LVNTA
 
Liberty Ventures - Series A*^
    12,800       635,392  
                  1,609,820  
   
Motion Picture and Sound Recording Industries - 2.53%
               
DWA
 
DreamWorks Animation SKG, Inc. - Class A*^
    154,420       2,969,497  
                     
   
Motor Vehicle and Parts Dealers - 1.15%
               
AN
 
AutoNation, Inc.*^
    30,890       1,348,966  
                     
   
Non-Store Retailers - 10.88%
               
CPRT
 
Copart, Inc.*
    40,060       1,110,864  
EBAY
 
eBay, Inc.*
    81,290       3,935,249  
HSNI
 
HSN, Inc.
    200       9,810  
LINTA
 
Liberty Interactive Corporation - Class A*
    174,500       3,228,250  
OSTK
 
Overstock.com, Inc.*^
    1,000       10,360  
RBA
 
Ritchie Bros. Auctioneers, Incorporated^
    144,000       2,769,120  
SOHU
 
Sohu.com Inc.*^
    18,000       757,620  
BID
 
Sotheby's^
    30,000       945,000  
                  12,766,273  
   
Other Exchanges - 0.47%
               
FTIS LI
 
Financial Technologies (India) Ltd. - GDR
    144,000       316,800  
URB/A CN
 
Urbana Corporation - Class A*
    240,000       229,478  
                  546,278  
   
Other Information Services - 10.01%
               
GOOG
 
Google Inc. - Class A*
    9,970       7,522,365  
NTES
 
NetEase.com Inc. - ADR*^
    11,320       635,505  
SINA
 
SINA Corporation*
    40,000       2,587,200  
YHOO
 
Yahoo! Inc.*
    60,000       958,500  
YOKU
 
Youku.com, Inc. - ADR*
    2,160       39,722  
                  11,743,292  
   
Performing Arts, Spectator Sports, and Related Industries - 3.77%
               
LYV
 
Live Nation Entertainment, Inc.*^
    112,724       970,554  
MSG
 
The Madison Square Garden Company - Class A*
    85,815       3,455,770  
                  4,426,324  
   
Professional, Scientific, and Technical Services - 2.17%
               
CTSH
 
Cognizant Technology Solutions Corporation - Class A*
    20,000       1,398,400  
ICGE
 
ICG Group Inc.*^
    15,000       152,400  
INFY
 
Infosys Technologies Limited - ADR^
    20,000       970,800  
MWW
 
Monster Worldwide, Inc.*^
    2,000       14,660  
WYY
 
WidePoint Corp.*
    39,062       14,844  
                  2,551,104  
   
Rental and Leasing Services - 0.80%
               
CDCO
 
Comdisco Holding Company, Inc.*
    194,400       933,120  
                     
   
Satellite Telecommunications - 7.94%
               
DISH
 
DISH Network Corp. - Class A
    114,400       3,501,784  
SATS
 
EchoStar Corporation - Class A*
    143,480       4,112,137  
2008 HK
 
Phoenix Satellite Television Holdings Limited
    4,400,000       1,378,892  
VSAT
 
ViaSat, Inc.*^
    8,600       321,468  
                  9,314,281  
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.86%
         
COWN
 
Cowen Group, Inc. - Class A*^
    193,103       521,378  
ICE
 
IntercontinentalExchange Inc.*
    11,000       1,467,510  
MKTX
 
MarketAxess Holdings, Inc.
    6,000       189,600  
                  2,178,488  
   
Special Purpose Entity - 0.00%
               
ADPAO
 
Adelphia Contingent Value Vehicle CVV Series ACC-4 Int*+
    250,827       -  
ADPAL
 
Adelphia Recovery Trust Series ACC-6 E/F Int*+
    4,878,645       -  
                  -  
   
Telecommunications - 1.99%
               
CHU
 
China Unicom (Hong Kong) Limited - ADR^
    70,600       1,151,486  
HTHKY
 
Hutchison Telecommunications Hong Kong Holdings Limited - ADR^
    2,045,000       1,183,949  
ICTG
 
ICTC Group Inc.*
    149       4,768  
                  2,340,203  
   
U.S. Equity Exchanges - 0.42%
               
NYX
 
NYSE Euronext^
    19,830       488,810  
                     
   
Warehousing and Storage - 1.08%
               
IRM
 
Iron Mountain Incorporated
    37,147       1,267,084  
                     
   
TOTAL COMMON STOCKS
               
   
(cost $77,891,874 )
            115,338,336  
                     
                     
   
ESCROW NOTES - 0.00%
 
Principal Amount
         
   
Special Purpose Entity - 0.00%
               
006ESCBG1
 
Adelphia Communications Corp.*+
  $ 200,000       -  
006ESC958
 
Adelphia Communications Corp. Preferred*+
    190,000       -  
   
TOTAL ESCROW NOTES
               
   
(cost $0 )
            -  
                     
                     
   
RIGHTS - 0.81%
 
Shares
         
   
Non-Store Retailers - 0.03%
               
LVNAR
 
Liberty Ventures
               
   
Expiration Date: 10/09/2012
               
   
Strike Price: $35.99*
    2,908       39,379  
                     
   
Rental and Leasing Services - 0.78%
               
CDCOR
 
Comdisco Holding Company, Inc.
               
   
Expiration Date: 12/31/2050
               
   
Strike Price: $1.00*
    12,240,699       918,053  
   
TOTAL RIGHTS
               
   
(cost $2,643,576)
            957,432  
                     
   
SHORT-TERM INVESTMENTS - 0.84%
 
Principal Amount
         
   
Commercial Paper - 0.81%
               
   
U.S. Bank N.A.
               
035017743  
0.020%, 10/01/2012
  $ 955,000       955,000  
                     
       
Shares
         
   
Money Market Funds - 0.03%
               
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.01% b
    32,530       32,530  
                     
   
TOTAL SHORT-TERM INVESTMENTS
            987,530  
   
(cost $987,530)
               
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 28.08%
               
   
Investment Companies - 28.08%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio, 0.29% b
               
          32,949,113       32,949,113  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $32,949,113)
            32,949,113  
                     
   
TOTAL INVESTMENTS - 128.03%
               
   
(cost $114,472,093) (a)
          $ 150,232,411  
                 
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, 2012. Total loaned securities had a market value of $31,776,878 at September 30, 2012.
+
 
- Security is considered illiquid and was fair valued. The aggregate value of such securities is $0 or 0.00% of net assets.
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
ADR
 
- American Depository Receipt.
GDR
 
- Global Depository Receipt.
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :
               
 
Cost of investments
  $ 115,265,605          
 
Gross unrealized appreciation
            44,800,896  
 
Gross unrealized depreciation
            (9,834,090 )
 
Net unrealized appreciation
  $ 34,966,806          
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Global Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
COMMON STOCKS - 90.34%
 
Shares
   
Value
 
   
Apparel Manufacturing - 3.69%
           
MC FP
 
LVMH Moet Hennessy Louis Vuitton SA
    1,620     $ 243,568  
                     
   
Arts, Entertainment, and Recreation - 0.20%
               
585 HK
 
Imagi International Holdings Limited*
    1,000,000       13,283  
                     
   
Asset Management - 12.65%
               
BX
 
The Blackstone Group LP^
    2,150       30,702  
BAM
 
Brookfield Asset Management Inc. - Class A
    4,900       169,099  
DDEJF
 
Dundee Corporation - Class A*
    2,700       67,554  
JZCP LN
 
JZ Capital Partners Ltd.
    10,000       61,686  
ONEXF
 
Onex Corporation
    6,675       263,396  
RCP LN
 
RIT Capital Partners PLC
    7,400       135,627  
806 HK
 
Value Partners Group Limited
    218,000       106,553  
                  834,617  
   
Beverage and Tobacco Product Manufacturing - 0.34%
               
ZWACK HB
 
Zwack Unicum Nyrt.
    400       22,174  
                     
   
Broadcasting (except Internet) - 3.94%
               
LMCA
 
Liberty Media Corporation - Liberty Capital - Series A*^
    2,494       259,800  
                     
   
Building Material and Garden Equipment and Supplies Dealers - 0.03%
               
OSH
 
Orchard Supply Hardware Stores Corporation - Class A*^
    132       1,911  
                     
   
Chemical Manufacturing - 1.00%
               
LYB
 
LyondellBasell Industries NV - Class A
    1,280       66,125  
                     
   
Commercial Banking - 0.36%
               
BHW PW
 
Bank Handlowy w Warszawie S.A.
    500       13,734  
MIL PW
 
Bank Millennium S.A.*
    8,000       9,689  
                  23,423  
   
Construction of Buildings - 2.62%
               
BRP
 
Brookfield Residential Properties Inc.*^
    9,865       137,913  
LEN
 
Lennar Corporation - Class A^
    1,000       34,770  
                  172,683  
   
Credit Intermediation and Related Activities - 1.05%
               
MFG
 
Mizuho Financial Group, Inc. - ADR
    10,620       34,303  
SMFG
 
Sumitomo Mitsui Financial Group, Inc. - ADR
    5,685       35,133  
                  69,436  
   
Crop Production - 0.22%
               
CRESY
 
Cresud S.A.C.I.F.y A. - ADR
    1,765       14,420  
   
 
               
   
European Exchanges - 1.00%
               
BME SM
 
Bolsas y Mercados Espanoles
    3,130       65,823  
                     
   
Food Manufacturing - 0.98%
               
BARN SW
 
Barry Callebaut AG*
    70       64,939  
                     
   
Gaming - 2.69%
               
WYNN
 
Wynn Resorts Limited
    1,535       177,201  
                     
   
General Merchandise Stores - 2.99%
               
SHLD
 
Sears Holdings Corporation*^
    3,550       196,990  
                     
   
Global Exchanges - 2.27%
               
BVMF3 BZ
 
BM&FBOVESPA SA
    9,470       57,037  
EXAE GA
 
Hellenic Exchanges SA Holding Clearing Settlement and Registry
    4,000       18,042  
8697 JP
 
Osaka Securities Exchange Co., Ltd.
    5       21,752  
SGX SP
 
Singapore Exchange Limited
    9,275       52,905  
                  149,736  
   
Holding Company - 12.44%
               
BOL FP
 
Bollore SA
    825       214,207  
IEP
 
Icahn Enterprises LP
    4,032       164,022  
JS SP
 
Jardine Strategic Holdings Limited
    6,170       209,286  
LUK
 
Leucadia National Corporation^
    7,645       173,924  
LVNTA
 
Liberty Ventures - Series A*^
    1,200       59,568  
                  821,007  
   
Insurance Carriers and Related Activities - 3.78%
               
FFH CN
 
Fairfax Financial Holdings Limited
    150       57,939  
GLRE
 
Greenlight Capital Re, Ltd. - Class A*^
    7,735       191,441  
                  249,380  
   
Lessors of Nonresidential Buildings (except Miniwarehouses) - 1.57%
               
RSE
 
Rouse Properties, Inc.^
    7,200       103,320  
                     
   
Machinery Manufacturing - 0.39%
               
KWG GR
 
KHD Humboldt Wedag International AG*
    3,978       25,447  
                     
   
Merchant Wholesalers, Durable Goods - 4.68%
               
CFR VX
 
Compagnie Financiere Richemont SA
    5,010       300,440  
DIA SM
 
Distribuidora Internacional de Alimentacion SA
    1,500       8,279  
                  308,719  
   
Merchant Wholesalers, Nondurable Goods - 1.80%
               
GLEN LN
 
Glencore International PLC
    16,710       92,580  
NOBL SP
 
Noble Group Ltd.
    24,000       25,913  
                  118,493  
   
Mining (except Oil and Gas) - 3.21%
               
ELT AU
 
Elementos Ltd.*
    9,081       349  
FNV
 
Franco-Nevada Corporation^
    3,185       187,692  
NCQ
 
NovaCopper Inc.*
    666       1,432  
NG
 
NovaGold Resources Inc.*^
    4,000       22,400  
                  211,873  
   
Motion Picture and Sound Recording Industries - 1.05%
               
DWA
 
DreamWorks Animation SKG, Inc. - Class A*^
    3,600       69,228  
                     
   
Non-Store Retailers - 1.90%
               
LINTA
 
Liberty Interactive Corporation - Class A*
    6,800       125,800  
                     
   
Oil and Gas - 0.66%
               
TPL
 
Texas Pacific Land Trust*
    800       43,680  
                     
   
Oil and Gas Extraction - 3.70%
               
CNQ
 
Canadian Natural Resources Ltd.
    690       21,245  
CLR
 
Continental Resources, Inc.*
    1,050       80,745  
MAU FP
 
Establissements Maurel et Prom
    1,000       14,829  
MPNG FP
 
Maurel et Prom Nigeria*
    1,000       2,660  
POU CN
 
Paramount Resources Ltd. - Class A*
    1,410       42,999  
TOU CN
 
Tourmaline Oil Corp.*
    2,615       81,634  
                  244,112  
   
Professional, Scientific, and Technical Services - 0.72%
               
BSLN SW
 
Basilea Pharmaceutica AG*
    750       37,879  
ICLL AV
 
Intercell AG*
    4,000       9,406  
                  47,285  
   
Publishing Industries (except Internet) - 0.13%
               
PRS SM
 
Promotora de Informaciones S.A. - Class A - ADR*
    18,310       8,823  
                     
   
Real Estate - 12.83%
               
BRE CN
 
Brookfield Real Estate Services, Inc.
    5,050       66,830  
CWT-U CN
 
Calloway - REIT
    5,100       154,956  
CIT SP
 
City Developments Limited
    10,715       102,505  
FCE/A
 
Forest City Enterprises, Inc. - Class A*^
    18,505       293,304  
823 HK
 
The Link - REIT
    41,900       198,583  
UOL SP
 
UOL Group Ltd.
    6,520       30,443  
                  846,621  
   
Restaurants - 1.63%
               
WEN
 
The Wendy's Company
    23,700       107,835  
                     
   
Satellite Telecommunications - 0.46%
               
DISH
 
DISH Network Corp. - Class A
    1,000       30,610  
                     
   
Support Activities for Transportation - 3.36%
               
694 HK
 
Beijing Capital International Airport Company Limited - Class H
    331,000       221,974  
                     
   
TOTAL COMMON STOCKS
               
   
(cost $5,695,753 )
            5,960,336  
                     
   
PREFERRED STOCKS - 0.00%
               
   
Building Material and Garden Equipment and Supplies Dealers - 0.00%
               
685691503  
Orchard Supply Hardware Stores Corporation - Series A*
    132       257  
                     
   
TOTAL PREFERRED STOCKS
               
   
(cost $191)
            257  
                     
                     
   
RIGHTS - 0.12%
               
   
General Merchandise Stores - 0.12%
               
SHOSR
 
Sears Hometown and Outlet Stores Inc.
               
   
Expiration Date: 10/08/2012
               
   
Strike Price: $15.00*#
    2,925       7,956  
   
Mining (except Oil and Gas) - 0.00%
               
B4XF94RTS
 
Elementos Ltd.
               
   
Expiration Date: 10/01/2012
               
   
Strike Price: $0.04*+#
    7,265       –  
   
TOTAL RIGHTS
               
   
(cost $6,107)
            7,956  
                     
                     
   
WARRANTS - 0.01%
               
   
Oil and Gas and Consumable Fuels - 0.01%
               
MAUBS FP
 
Etablissements Maurel et Prom
               
   
Expiration Date: 6/30/2014
               
   
Exercise Price: $14.20*
    1,000       312  
   
TOTAL WARRANTS
               
   
(cost $0)
            312  
                     
                     
   
SHORT-TERM INVESTMENTS - 8.17%
 
Principal Amount
         
   
Commercial Paper - 4.24%
               
035017743  
U.S. Bank N.A.
               
   
0.020%, 10/01/2012
  $ 280,000       280,000  
                     
                     
   
Money Market Funds - 3.93%
 
Shares
         
FIGXX
 
Fidelity Institutional Government Portfolio - Class I - 0.01% b
    259,000       259,000  
                     
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $539,000)
            539,000  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 18.99%
               
   
Investment Companies - 18.99%
               
   
Mount Vernon Securities Lending Trust -
               
   
Prime Portfolio, 0.29% b
    1,252,834       1,252,834  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $1,252,834 )
            1,252,834  
                     
                     
   
TOTAL INVESTMENTS - 117.63%
               
   
(cost $7,493,885) (a)
          $ 7,760,695  
                 
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, 2012. Total loaned securities had a market value of $1,209,837 at September 30, 2012.
 
+
 
- Security is considered illiquid and was fair valued. The aggregate value of such securities is $0 or 0.00% of net assets.
               
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
#
 
- Contingent value right (Contingent upon profitability of Company).
               
ADR
 
- American Depository Receipt.
               
REIT
 
- Real Estate Investment Trust.
               
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows: (a)
               
 
Cost of investments
  $ 7,506,372          
 
Gross unrealized appreciation
            632,243  
 
Gross unrealized depreciation
            (377,920 )
 
Net unrealized appreciation
  $ 254,323          
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Paradigm Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
COMMON STOCKS - 93.12%
 
Shares
   
Value
 
   
Apparel Manufacturing - 0.02%
           
LVMUY
 
LVMH Moet Hennessy Louis Vuitton SA - ADR^
    5,200     $ 156,364  
                     
   
Asset Management - 6.38%
               
BAM
 
Brookfield Asset Management Inc. - Class A
    1,273,390       43,944,689  
DDEJF
 
Dundee Corporation - Class A*
    26,300       658,026  
JZCP LN
 
JZ Capital Partners Ltd.
    15,200       93,762  
ONEXF
 
Onex Corporation
    186,700       7,367,182  
RCP LN
 
RIT Capital Partners plc
    30,800       564,503  
806 HK
 
Value Partners Group Limited
    3,649,000       1,783,546  
WETF
 
WisdomTree Investments, Inc.*
    150,000       1,005,000  
                  55,416,708  
   
Beverage and Tobacco Product Manufacturing - 0.01%
               
BF/A
 
Brown-Forman Corporation - Class A
    450       28,129  
PM
 
Philip Morris International, Inc.
    750       67,455  
                  95,584  
   
Broadcasting (except Internet) - 13.66%
               
CBS
 
CBS Corporation - Class B
    559,720       20,334,627  
DISCA
 
Discovery Communications, Inc. - Class A*^
    389,623       23,233,220  
LMCA
 
Liberty Media Corporation - Liberty Capital - Series A*
    583,044       60,735,693  
SNI
 
Scripps Networks Interactive - Class A
    69,973       4,284,447  
VIAB
 
Viacom Inc. - Class B
    188,499       10,101,661  
                  118,689,648  
   
Building Material and Garden Equipment and Supplies Dealers - 0.04%
               
OSH
 
Orchard Supply Hardware Stores Corporation - Class A*^
    23,155       335,284  
                     
   
Chemical Manufacturing - 1.22%
               
OPK
 
OPKO Health, Inc.*^
    4,000       16,720  
SIAL
 
Sigma-Aldrich Corporation^
    145,815       10,494,306  
VHI
 
Valhi, Inc.^
    6,000       73,200  
                  10,584,226  
   
Clothing and Clothing Accessories Stores - 0.15%
               
LTD
 
Limited Brands, Inc.
    25,600       1,261,056  
                     
   
Construction of Buildings - 0.14%
               
BRP
 
Brookfield Residential Properties Inc.*
    22,800       318,744  
LEN
 
Lennar Corporation - Class A^
    26,300       914,451  
                  1,233,195  
   
Credit Intermediation and Related Activities - 0.00%
               
UCBHQ
 
UCBH Holdings, Inc.*^+
    112,751       -  
                     
   
E-Commerce - 0.21%
               
IACI
 
IAC/InterActiveCorp
    34,800       1,811,688  
                     
   
Gaming - 4.37%
               
LVS
 
Las Vegas Sands Corp.
    365,800       16,962,146  
MGM
 
MGM Resorts International*
    481,600       5,177,200  
WYNN
 
Wynn Resorts Limited
    137,495       15,872,423  
                  38,011,769  
   
General Merchandise Stores - 3.84%
               
JCP
 
J.C. Penney Company, Inc.^
    283,400       6,883,786  
SCC CN
 
Sears Canada Inc.*
    306,219       3,426,314  
SHLD
 
Sears Holdings Corporation*^
    414,800       23,017,252  
                  33,327,352  
   
Global Exchanges - 0.74%
               
EXAE GA
 
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry
    36,000       162,379  
JSE SJ
 
JSE Limited
    448,000       3,708,663  
8697 JP
 
Osaka Securities Exchange Co., Ltd.
    596       2,592,798  
                  6,463,840  
   
Holding Company - 9.37%
               
BOL FP
 
Bollore SA
    5,200       1,350,150  
1 HK
 
Cheung Kong (Holdings) Limited
    360,000       5,278,790  
GBLS BB
 
Groupe Bruxelles Lambert S.A. Strip VVPR*
    23,520       61  
IEP
 
Icahn Enterprises LP
    751,688       30,578,668  
JSHLY
 
Jardine Strategic Holdings Limited - ADR
    68,400       2,442,816  
LUK
 
Leucadia National Corporation^
    1,700,000       38,675,000  
LVNTA
 
Liberty Ventures - Series A*^
    61,500       3,052,860  
                  81,378,345  
   
Insurance Carriers and Related Activities - 1.20%
               
MKL
 
Markel Corporation*
    22,732       10,422,395  
                     
   
Lessors of Nonresidential Buildings (except Miniwarehouses) - 7.08%
               
ALX
 
Alexander's, Inc. - REIT^
    5,091       2,176,352  
HHC
 
The Howard Hughes Corporation*
    790,180       56,142,289  
RSE
 
Rouse Properties, Inc.^
    226,000       3,243,100  
                  61,561,741  
   
Lessors of Residential Buildings and Dwellings - 1.93%
               
ELS
 
Equity Lifestyle Properties, Inc. - REIT
    245,870       16,748,664  
                     
   
Machinery Manufacturing - 0.07%
               
CFX
 
Colfax Corporation*^
    17,300       634,391  
                     
   
Manufactured Brands - 2.18%
               
JAH
 
Jarden Corporation
    357,943       18,913,708  
                     
   
Merchant Wholesalers, Nondurable Goods - 0.01%
               
GLEN LN
 
Glencore International PLC
    12,000       66,485  
NOBGY
 
Noble Group Limited - ADR^
    1,200       25,548  
                  92,033  
   
Mining (except Oil and Gas) - 2.66%
               
FNV
 
Franco-Nevada Corporation^
    392,100       23,106,453  
                     
   
Motion Picture and Sound Recording Industries - 4.11%
               
DWA
 
DreamWorks Animation SKG, Inc. - Class A*^
    1,856,860       35,707,418  
                     
   
Motor Vehicle and Parts Dealers - 7.88%
               
AN
 
AutoNation, Inc.*^
    1,123,100       49,045,777  
AZO
 
AutoZone, Inc.*
    52,600       19,444,642  
                  68,490,419  
   
Non-Store Retailers - 2.42%
               
LINTA
 
Liberty Interactive Corporation - Class A*
    1,137,800       21,049,300  
                     
   
Oil and Gas - 1.49%
               
TPL
 
Texas Pacific Land Trust
    236,600       12,918,360  
                     
   
Oil and Gas Extraction - 4.33%
               
CNQ
 
Canadian Natural Resources Ltd.^
    408,000       12,562,320  
CLR
 
Continental Resources, Inc.*
    112,990       8,688,931  
TOU CN
 
Tourmaline Oil Corp.*
    518,690       16,192,245  
WPX
 
WPX Energy Inc.*^
    12,000       199,080  
                  37,642,576  
   
Other Exchanges - 0.04%
               
URB/A CN
 
Urbana Corporation - Class A*
    398,178       380,722  
                     
   
Other Information Services - 0.00%
               
GOOG
 
Google Inc. - Class A*
    30       22,635  
                     
   
Performing Arts, Spectator Sports, and Related Industries - 1.95%
               
LYV
 
Live Nation Entertainment, Inc.*^
    1,965,200       16,920,372  
                     
   
Real Estate - 6.00%
               
CWT-U CN
 
Calloway - REIT
    23,200       704,897  
FCE/A
 
Forest City Enterprises, Inc. - Class A*^
    1,552,242       24,603,036  
10 HK
 
Hang Lung Group Limited
    700,000       4,437,036  
12 HK
 
Henderson Land Development Company Limited
    2,000,000       14,392,479  
VNO
 
Vornado Realty Trust - REIT
    98,869       8,013,332  
                  52,150,780  
   
Restaurants - 0.10%
               
WEN
 
The Wendy's Company
    188,200       856,310  
                     
   
Satellite Telecommunications - 4.24%
               
DISH
 
DISH Network Corp. - Class A
    707,870       21,667,901  
SATS
 
EchoStar Corporation - Class A*
    508,232       14,565,929  
LORL
 
Loral Space & Communications Inc.
    300       21,330  
VSAT
 
ViaSat, Inc.*^
    16,800       627,984  
                  36,883,144  
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.71%
               
CBOE
 
CBOE Holdings Inc.^
    801,926       23,592,663  
                     
   
Support Activities for Transportation - 2.30%
               
694 HK
 
Beijing Capital International Airport Company Limited - Class H
    27,459,000       18,414,480  
357 HK
 
Hainan Meilan International Airport Company Limited - Class H
    2,578,720       1,586,332  
                  20,000,812  
   
Utilities - 0.27%
               
BIP
 
Brookfield Infrastructure Partners LP^
    65,930       2,343,811  
                     
   
TOTAL COMMON STOCKS
               
   
(cost $773,843,752)
            809,203,766  
                     
                     
   
PREFERRED STOCKS - 0.01%
               
   
Building Material and Garden Equipment and Supplies Dealers - 0.01%
               
685691503  
Orchard Supply Hardware Stores Corporation - Series A*^
    23,155       45,152  
                     
   
TOTAL PREFERRED STOCKS
               
   
(cost $42,130)
            45,152  
                     
       
Principal
         
   
CONVERTIBLE BONDS - 0.54%
 
Amount
   
Value
 
   
Real Estate - 0.54%
               
345550AK3
 
Forest City Enterprises, Inc.
               
   
3.625%, 10/15/2014
  $ 4,000,000       4,725,000  
   
TOTAL CONVERTIBLE BONDS
               
   
(cost $3,449,321)
            4,725,000  
                     
   
CORPORATE BONDS - 0.00%
               
   
Credit Intermediation and Related Activities - 0.00%
               
317928AA7
 
FINOVA Group, Inc.
               
   
7.500%, 11/15/2009, Acquired 10/19/2006 - 3/29/2007 at $7,341,784 (Default Effective 4/29/2005)*+
    9,503,880       -  
   
TOTAL CORPORATE BONDS
               
   
(cost $7,341,784)
            -  
                     
                     
   
RIGHTS - 0.16%
 
Shares
         
   
General Merchandise Stores - 0.13%
               
812350114  
Sears Hometown and Outlet Stores Inc.
               
   
Expiration Date: 10/08/2012
               
   
Strike Price: $15.00*^
    414,800       1,128,256  
   
Non-Store Retailers - 0.03%
               
53071M112  
Liberty Ventures
               
   
Expiration Date: 10/09/2012
               
   
Strike Price: $35.99*
    18,964       256,773  
   
TOTAL RIGHTS
               
   
(cost $1,099,233)
            1,385,029  
                     
                     
   
SHORT-TERM INVESTMENTS - 6.32%
 
Principal Amount
         
   
Commercial Paper - 4.60%
               
035017743  
U.S. Bank N.A.
  $ 40,000,000       40,000,000  
   
0.020%, 10/01/2012
               
                     
       
Shares
         
   
Money Market Funds - 1.72%
               
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.01% b
    14,965,202       14,965,202  
                     
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $54,965,202)
            54,965,202  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 23.69%
               
   
Investment Companies - 23.69%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio, 0.29% b
    205,861,814       205,861,814  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $205,861,814)
            205,861,814  
                     
   
TOTAL INVESTMENTS - 123.84%
               
   
(cost $1,046,603,236) (a)
          $ 1,076,185,963  
 
*
 
- Non-income producing security.
               
^
 
- This security or a portion of this security was out on loan at September 30, 2012. Total loaned securities had a market value of $198,525,656 at September 30, 2012.
 
+
 
- Security is considered illiquid.  The aggregate value of such securities is $0 or 0.00% of net assets.
               
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
ADR
 
- American Depository Receipt.
               
REIT
 
- Real Estate Investment Trust.
               
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :
               
 
Cost of investments
  $ 1,078,589,523          
 
Gross unrealized appreciation
            125,739,271  
 
Gross unrealized depreciation
            (128,142,831 )
 
Net unrealized depreciation
  $ (2,403,560 )        
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Medical Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
                 
                 
Identifier
 
COMMON STOCKS - 98.78%
 
Shares
   
Value
 
   
Ambulatory Health Care Services - 0.00%
           
AVXT
 
AVAX Technologies, Inc.*
    50,000     $ 800  
                     
   
Chemical Manufacturing - 2.70%
               
AGEN
 
Agenus, Inc.*
    148       682  
ALKS
 
Alkermes PLC*^
    25,000       518,750  
APHB
 
Ampliphi Biosciences Corp.*
    1,000       170  
MMRF
 
MMRGlobal Inc.*
    43,000       727  
                  520,329  
   
Computer and Electronic Product Manufacturing - 0.01%
               
TGX
 
Theragenics Corporation*
    655       1,127  
                     
   
Pharmaceutical and Biotechnology - 92.52%
               
ABT
 
Abbott Laboratories
    19,000       1,302,640  
AEZS
 
AEterna Zentaris Inc.*^
    102,500       71,750  
ARNA
 
Arena Pharmaceuticals, Inc.*^
    45,000       374,400  
ATB CN
 
Atrium Innovations Inc.*
    4,884       53,356  
BIIB
 
Biogen Idec, Inc.*^
    9,250       1,380,377  
BPAX
 
BioSante Pharmaceuticals, Inc.*^
    2,246       4,245  
BMY
 
Bristol-Myers Squibb Company
    35,000       1,181,250  
CLDX
 
Celldex Therapeutics Inc.*^
    26,294       165,652  
CBST
 
Cubist Pharmaceuticals, Inc.*^
    27,000       1,287,360  
DNDN
 
Dendreon Corporation*^
    29,000       140,070  
LLY
 
Eli Lilly & Company
    29,000       1,374,890  
EPCT
 
EpiCept Corporation*
    680       82  
GSK
 
GlaxoSmithKline plc - ADR
    23,673       1,094,640  
IMGN
 
ImmunoGen, Inc.*^
    14,000       204,400  
ISIS
 
Isis Pharmaceuticals, Inc.*^
    29,000       408,030  
ISA CN
 
Isotechnika Pharma Inc.*
    40,000       1,627  
JNJ
 
Johnson & Johnson^
    18,000       1,240,380  
LIFE
 
Life Technologies Corporation*
    24,000       1,173,120  
MAXY
 
Maxygen, Inc.
    41,000       108,240  
MRK
 
Merck & Co., Inc.
    11,000       496,100  
MYRX
 
Myrexis Inc.*
    74,000       179,820  
COX FP
 
NicOx SA*
    41,535       135,571  
NVS
 
Novartis AG - ADR^
    21,000       1,286,460  
ONTY
 
Oncothyreon, Inc.*^
    28,333       145,632  
PTIE
 
Pain Therapeutics, Inc.*^
    38,000       191,900  
PFE
 
Pfizer, Inc.
    46,000       1,143,100  
PGNX
 
Progenics Pharmaceuticals, Inc.*^
    65,200       187,124  
SNY
 
Sanofi - ADR
    29,000       1,248,740  
SCR
 
Simcere Pharmaceutical Group - ADR*^
    48,000       422,400  
TELK
 
Telik, Inc.*
    3,866       6,186  
VICL
 
Vical Incorporated*^
    82,500       356,400  
VPHM
 
ViroPharma Incorporated*^
    15,000       453,300  
                  17,819,242  
   
Professional, Scientific, and Technical Services - 3.55%
               
AFFX
 
Affymetrix, Inc.*^
    104,000       450,320  
AMRI
 
Albany Molecular Research, Inc.*
    56,000       194,320  
CDXS
 
Codexis, Inc.*
    5,611       17,001  
PACB
 
Pacific Biosciences of California Inc.*
    12,000       21,960  
                  683,601  
   
TOTAL COMMON STOCKS
               
   
(cost $19,076,870 )
            19,025,099  
                     
   
RIGHTS - 0.14%
               
   
Funds, Trusts, and Other Financial Vehicles - 0.00%
               
LGNYZ
 
Ligand Pharmaceuticals Incorporated General Contingent Value Right
    44,000       4  
LGNXZ
 
Ligand Pharmaceuticals Incorporated Glucagon Contingent Value Right*
    44,000       44  
LGNDZ
 
Ligand Pharmaceuticals Incorporated Roche Contingent Value Right*
    44,000       748  
LGNZZ
 
Ligand Pharmaceuticals Incorporated TR Beta Contingent Value Right*
    44,000       44  
                  840  
   
Pharmaceutical and Biotechnology - 0.14%
               
GCVRZ
 
Sanofi Contingent Value Right*
    15,538       26,104  
                     
   
TOTAL RIGHTS
               
   
(cost $0 )
            26,944  
                     
   
SHORT-TERM INVESTMENTS - 1.16%
 
Principal Amount
         
   
Commercial Paper - 0.96%
               
   
U.S. Bank N.A.
               
035017743  
0.020%, 10/01/2012
  $ 185,000       185,000  
                     
       
Shares
         
   
Money Market Funds - 0.20%
               
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.01% b
    37,749       37,749  
                     
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $222,749)
            222,749  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 36.19%
               
   
Investment Companies - 36.19%
               
   
Mount Vernon Securities Lending Trust -
               
   
Prime Portfolio, 0.29% b
    6,971,137       6,971,137  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
         
   
(cost $6,971,137 )
            6,971,137  
                     
   
TOTAL INVESTMENTS - 136.27%
               
   
(cost $26,270,756) (a)
          $ 26,245,929  
                 
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, 2012. Total loaned securities had a market value of $6,522,903 at September 30, 2012.
 
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
ADR
 
- American Depository Receipt
               
                     
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :
               
 
Cost of investments
  $ 26,353,308          
 
Gross unrealized appreciation
            4,225,202  
 
Gross unrealized depreciation
            (4,332,581 )
 
Net unrealized depreciation
  $ (107,379 )        
                   
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Small Cap Opportunities Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
COMMON STOCKS - 99.49%
 
Shares
   
Value
 
   
Asset Management - 13.76%
           
BNBMF
 
BAM Investments Ltd.*
    99,000     $ 1,787,961  
DDEJF
 
Dundee Corporation - Class A*
    71,200       1,781,424  
JZCP LN
 
JZ Capital Partners Ltd.
    88,000       542,833  
OCX CN
 
Onex Corporation
    24,860       981,149  
RCP LN
 
RIT Capital Partners plc
    120,900       2,215,859  
SII CN
 
Sprott, Inc.
    1,680       8,100  
806 HK
 
Value Partners Group Limited
    3,125,000       1,527,428  
WETF
 
WisdomTree Investments, Inc.*
    366,000       2,452,200  
                  11,296,954  
   
Automobile and Other Motor Vehicle Merchant Wholesalers - 0.69%
               
VTU LN
 
Vertu Motors plc
    975,000       565,222  
                     
   
Chemical Manufacturing - 2.44%
               
IPAR
 
Inter Parfums, Inc.
    109,700       2,007,510  
                     
   
Construction of Buildings - 3.68%
               
BRP
 
Brookfield Residential Properties Inc.*^
    216,041       3,020,253  
                     
   
Credit Intermediation and Related Activities - 0.73%
               
BOKF
 
BOK Financial Corporation
    10,100       596,910  
                     
   
Forestry and Logging - 0.04%
               
KEWL
 
Keweenaw Land Association Ltd.*
    380       30,362  
                     
   
Global Exchanges - 1.04%
               
EXAE GA
 
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry
    190,000       857,000  
                     
   
Holding Company - 10.89%
               
LVNTA
 
Liberty Ventures - Series A*^
    9,300       461,652  
IEP
 
Icahn Enterprises LP
    208,516       8,482,431  
                  8,944,083  
   
Insurance Carriers and Related Activities - 3.53%
               
AFSI
 
AmTrust Financial Services, Inc.^
    60,150       1,541,043  
GLRE
 
Greenlight Capital Re, Ltd. - Class A*^
    55,000       1,361,250  
                  2,902,293  
   
Lessors of Nonresidential Buildings (except Miniwarehouses) - 17.62%
               
ALX
 
Alexander's, Inc. - REIT^
    1,200       512,988  
HHC
 
The Howard Hughes Corporation*
    116,900       8,305,745  
RSE
 
Rouse Properties, Inc.^
    209,100       3,000,585  
FUR
 
Winthrop Realty Trust - REIT
    246,300       2,655,114  
                  14,474,432  
   
Lessors of Residential Buildings and Dwellings - 5.20%
               
ELS
 
Equity Lifestyle Properties, Inc. - REIT
    62,700       4,271,124  
                     
   
Machinery Manufacturing - 1.21%
               
CFX
 
Colfax Corporation*^
    27,100       993,757  
                     
   
Manufactured Brands - 13.93%
               
JAH
 
Jarden Corporation
    182,700       9,653,868  
MOV
 
Movado Group, Inc.
    53,000       1,787,160  
                  11,441,028  
   
Merchant Wholesalers, Durable Goods - 0.74%
               
DORM
 
Dorman Products, Inc.*^
    19,200       604,992  
                     
   
Mining (except Oil and Gas) - 2.43%
               
IMN CN
 
Inmet Mining Corporation
    27,800       1,321,426  
MUX
 
McEwen Mining Inc.*^
    146,000       670,140  
                  1,991,566  
   
Motion Picture and Sound Recording Industries - 6.46%
               
ASCMA
 
Ascent Capital Group LLC - Class A*
    30,800       1,663,508  
DWA
 
DreamWorks Animation SKG, Inc. - Class A*^
    189,300       3,640,239  
                  5,303,747  
   
Motor Vehicle and Parts Dealers - 1.17%
               
PAG
 
Penske Automotive Group, Inc.^
    32,000       962,880  
                     
   
Oil and Gas - 4.89%
               
TPL
 
Texas Pacific Land Trust
    73,547       4,015,666  
                     
   
Oil and Gas Extraction - 1.13%
               
BLMC
 
Biloxi Marsh Lands Corporation
    100       930  
WPX
 
WPX Energy Inc.*^
    56,000       929,040  
                  929,970  
   
Other Exchanges - 0.56%
               
URB/A CN
 
Urbana Corporation - Class A*
    481,071       459,981  
                     
   
Performing Arts, Spectator Sports, and Related Industries - 2.38%
               
LYV
 
Live Nation Entertainment, Inc.*^
    227,367       1,957,630  
                     
   
Professional, Scientific, and Technical Services - 0.49%
               
BDE
 
Black Diamond, Inc.*
    46,000       403,420  
                     
   
Publishing Industries (except Internet) - 1.77%
               
JW/A
 
John Wiley & Sons, Inc. - Class A
    16,500       758,175  
PRIS
 
Promotora de Informaciones S.A. - ADR*
    44,030       83,657  
PRIS/B US
 
Promotora de Informaciones S.A. - Class B - ADR*
    251,600       535,908  
VALU
 
Value Line, Inc.^
    7,615       74,322  
                  1,452,062  
   
Rental and Leasing Services - 0.04%
               
CDCO
 
Comdisco Holding Company, Inc.*
    7,560       36,288  
                     
   
Restaurants - 0.51%
               
WEN
 
The Wendy's Company
    91,200       414,960  
                     
   
Satellite Telecommunications - 1.48%
               
LORL
 
Loral Space & Communications Inc.
    12,300       874,530  
VSAT
 
ViaSat, Inc.*^
    9,200       343,896  
                  1,218,426  
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.61%
               
CBOE
 
CBOE Holdings Inc.^
    16,990       499,846  
RHJI BB
 
RHJ International*
    800       3,989  
                  503,835  
   
Telecommunications - 0.07%
               
CIBY
 
CIBL, Inc.
    18       14,886  
ICTG
 
ICTC Group Inc.*
    208       6,656  
LICT
 
Lynch Interactive Corporation*
    16       35,204  
                  56,746  
   
TOTAL COMMON STOCKS
               
   
(cost $71,473,209)
            81,713,097  
                     
                     
       
Principal
         
   
CORPORATE BONDS - 0.00%
 
Amount
   
Value
 
   
Credit Intermediation and Related Activities - 0.00%
               
   
FINOVA Group, Inc.
               
317928AA7
 
7.500%, 11/15/2009, Acquired 10/19/2006 - 5/17/2007 at $1,232,811  (Default Effective 4/29/2005)*+
  $ 2,783,965       –  
   
TOTAL CORPORATE BONDS
               
   
(cost $1,232,811)
            –  
                     
                     
   
RIGHTS - 0.51%
 
Shares
         
   
Rental and Leasing Services - 0.51%
               
CDCOR
 
Comdisco Holding Company, Inc.
               
   
Expiration Date: 12/31/2050
               
 
 
Strike Price: $1.00*^
    5,634,807       422,610  
   
TOTAL RIGHTS
               
   
(cost $1,296,169)
            422,610  
                     
       
Principal
         
   
SHORT-TERM INVESTMENTS - 0.25%
 
Amount
         
   
Commercial Paper - 0.22%
               
   
U.S. Bank N.A.
               
035017743  
0.020%, 10/01/2012
  $ 180,000       180,000  
                     
   
Money Market Funds - 0.03%
 
Shares
         
316175108  
Fidelity Institutional Government Portfolio - Class I, 0.010% b
    22,670       22,670  
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $202,670)
            202,670  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 23.88%
               
   
Investment Companies - 23.88%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio
               
   
Prime Portfolio, 0.29% b
    19,614,449       19,614,449  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $19,614,449)
            19,614,449  
                     
                     
   
TOTAL INVESTMENTS - 124.13%
               
   
(cost $93,819,308) (a)
          $ 101,952,826  
                 
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, 2012. Total loaned securities had a market value of $18,614,129 at September 30, 2012.
 
+
 
- Security is considered illiquid.  The aggregate value of such securities is $0 or 0.00% of net assets.
               
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
ADR
 
- American Depository Receipt.
               
REIT
 
- Real Estate Investment Trust.
               
                     
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :                
                   
 
Cost of investments
  $ 94,620,601          
 
Gross unrealized appreciation
            15,354,093  
 
Gross unrealized depreciation
            (8,021,868 )
 
Net unrealized appreciation
  $ 7,332,225          
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Market Opportunities Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
                 
                 
Identifier
 
COMMON STOCKS - 90.18%
 
Shares
   
Value
 
   
Asset Management - 29.12%
           
APO
 
Apollo Global Management LLC - Class A
    13,400     $ 196,444  
BNBMF
 
BAM Investments Ltd.*
    38,100       688,094  
BX
 
The Blackstone Group LP^
    68,399       976,738  
BAM
 
Brookfield Asset Management Inc. - Class A
    63,440       2,189,314  
CNS
 
Cohen & Steers, Inc.^
    24,000       710,880  
DDEJF
 
Dundee Corporation - Class A*
    13,200       330,264  
EV
 
Eaton Vance Corp.^
    15,200       440,192  
JZCP LN
 
JZ Capital Partners Ltd.
    60,000       370,113  
KKR
 
KKR & Co. L.P.^
    600       9,066  
OAK
 
Oaktree Cap Group LLC^
    400       16,400  
OZM
 
Och-Ziff Capital Management Group - Class A
    2,400       23,184  
ONEXF
 
Onex Corporation
    40,000       1,578,400  
RCP LN
 
RIT Capital Partners plc
    26,200       480,195  
SII CN
 
Sprott, Inc.
    41,155       198,428  
TROW
 
T. Rowe Price Group, Inc.
    3,490       220,917  
806 HK
 
Value Partners Group Limited
    1,544,000       754,672  
WETF
 
WisdomTree Investments, Inc.*
    509,007       3,410,347  
                  12,593,648  
   
Construction of Buildings - 0.50%
               
BRP
 
Brookfield Residential Properties Inc.*^
    15,400       215,292  
                     
   
Credit Intermediation and Related Activities - 0.43%
               
BBCN
 
BBCN Bancorp, Inc.*
    6,164       77,728  
EWBC
 
East West Bancorp, Inc.
    3,204       67,669  
RBCAA
 
Republic Bancorp, Inc. - Class A
    1,800       39,510  
UCBHQ
 
UCBH Holdings, Inc.*+^
    6,803       -  
                  184,907  
   
Data Processor - 4.52%
               
FISV
 
Fiserv, Inc.*
    3,606       266,952  
MA
 
Mastercard, Inc. - Class A
    1,600       722,368  
V  
Visa, Inc. - Class A^
    7,200       966,816  
                  1,956,136  
   
European Exchanges - 0.72%
               
DB1 GR
 
Deutsche Boerse AG
    5,650       312,675  
                     
   
Gaming - 1.79%
               
LVS
 
Las Vegas Sands Corp.
    16,690       773,915  
                     
   
General Merchandise Stores - 0.36%
               
SHLD
 
Sears Holdings Corporation*^
    2,800       155,372  
                     
   
Global Exchanges - 4.99%
               
EXAE GA
 
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry
    21,600       97,427  
JSE SJ
 
JSE Limited
    124,500       1,030,644  
8697 JP
 
Osaka Securities Exchange Co., Ltd.
    24       104,408  
SGX SP
 
Singapore Exchange Limited
    162,000       924,055  
                  2,156,534  
   
Holding Company - 8.55%
               
IEP
 
Icahn Enterprises LP
    57,855       2,353,541  
LUK
 
Leucadia National Corporation
    50,000       1,137,500  
LVNTA
 
Liberty Ventures - Series A*^
    4,200       208,488  
                  3,699,529  
   
Insurance Carriers and Related Activities - 1.86%
               
AFSI
 
AmTrust Financial Services, Inc.^
    440       11,273  
FRFHF
 
Fairfax Financial Holdings Limited^
    260       100,576  
GLRE
 
Greenlight Capital Re, Ltd. - Class A*^
    1,200       29,700  
MKL
 
Markel Corporation*
    523       239,790  
PWF CN
 
Power Financial Corporation
    16,400       423,888  
                  805,227  
   
Lessors of Nonresidential Buildings (except Miniwarehouses) - 8.37%
               
HHC
 
The Howard Hughes Corporation*
    22,400       1,591,520  
RSE
 
Rouse Properties, Inc.^
    141,400       2,029,090  
                  3,620,610  
   
Merchant Wholesalers, Nondurable Goods - 0.01%
               
NOBGY
 
Noble Group Limited - ADR^
    200       4,258  
                     
   
Mining (except Oil and Gas) - 4.12%
               
FNV
 
Franco-Nevada Corporation^
    30,200       1,779,686  
                     
   
Non-Store Retailers - 4.05%
               
LINTA
 
Liberty Interactive Corporation - Class A*
    22,800       421,800  
BID
 
Sotheby's^
    42,278       1,331,757  
                  1,753,557  
   
Oil and Gas - 2.95%
               
TPL
 
Texas Pacific Land Trust
    23,400       1,277,640  
                     
   
Other Exchanges - 2.06%
               
FTIS LI
 
Financial Technologies (India) Ltd. - GDR
    96,180       211,596  
IMAREX NO
 
IMAREX ASA
    1,850       1,195  
NZX NZ
 
NZX Ltd.
    359,002       336,222  
URB/A CN
 
Urbana Corporation - Class A*
    356,004       340,396  
                  889,409  
   
Real Estate - 0.83%
               
CWT-U CN
 
Calloway - REIT
    11,800       358,525  
                     
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 13.15%
         
CBOE
 
CBOE Holdings Inc.^
    103,571       3,047,059  
CME
 
CME Group, Inc.^
    9,140       523,722  
ICE
 
IntercontinentalExchange Inc.*
    7,600       1,013,916  
IVZ
 
Invesco Ltd.
    6,415       160,311  
JEF
 
Jefferies Group, Inc.
    54,730       749,254  
LSE LN
 
London Stock Exchange Group plc
    12,800       194,913  
                  5,689,175  
   
Telecommunications - 0.03%
               
IRDM
 
Iridium Communications, Inc.*^
    1,672       12,239  
                     
   
U.S. Equity Exchanges - 1.54%
               
NDAQ
 
The NASDAQ OMX Group, Inc.
    6,400       149,088  
NYX
 
NYSE Euronext^
    20,920       515,678  
                  664,766  
   
Utilities - 0.23%
               
BIP
 
Brookfield Infrastructure Partners LP^
    2,816       100,109  
                     
   
TOTAL COMMON STOCKS
               
   
(cost $37,072,252 )
            39,003,209  
                     
                     
   
MUTUAL FUNDS - 0.02%
               
   
Funds, Trusts, and Other Financial Vehicles - 0.02%
               
PFN
 
PIMCO Income Strategy Fund II
    760       8,679  
   
TOTAL MUTUAL FUNDS
               
   
(cost $6,726 )
            8,679  
                     
                     
   
RIGHTS - 0.03%
               
   
General Merchandise Stores - 0.02%
               
SHOSR
 
Sears Hometown and Outlet Stores Inc.
               
   
Expiration Date: 10/08/2012
               
   
Strike Price: $15.00*
    2,800       7,616  
                     
   
Holding Company - 0.01%
               
LVNAR
 
Liberty Ventures
               
   
Expiration Date: 10/09/2012
               
   
Strike Price: $35.99*
    374       5,064  
   
TOTAL RIGHTS
               
   
(cost $5,474 )
            12,680  
                     
                     
   
SHORT-TERM INVESTMENTS - 9.87%
 
Principal Amount
         
   
Commercial Paper - 4.96%
               
   
U.S. Bank N.A.
               
035017743  
0.020%, 10/01/2012
  $ 2,145,000       2,145,000  
                     
   
Money Market Funds - 4.91%
 
Shares
         
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.01% b
    2,123,000       2,123,000  
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $4,268,000)
            4,268,000  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 22.76%
         
   
Investment Companies - 22.76%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio, 0.29% b
    9,842,689       9,842,689  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
         
   
(cost $9,842,689 )
            9,842,689  
                     
                     
   
TOTAL INVESTMENTS - 122.86%
               
   
(cost $51,195,141) (a)
          $ 53,135,257  
                 
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, 2012. Total loaned securities had a market value of $9,469,401 at September 30, 2012.
 
+
 
- Security is considered illiquid and was fair valued. The aggregate value of such securities is $0 or 0.00% of net assets.
         
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
ADR
 
- American Depository Receipt.
               
GDR
 
- Global Depository Receipt.
               
REIT
 
- Real Estate Investment Trust.
               
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :
               
 
Cost of investments
  $ 53,550,230          
 
Gross unrealized appreciation
            6,529,802  
 
Gross unrealized depreciation
            (6,944,775 )
 
Net unrealized depreciation
  $ (414,973 )        
                   
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Water Infrastructure Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
COMMON STOCKS - 5.91%
 
Shares
   
Value
 
   
Administrative and Support Services - 0.18%
           
TRIT
 
Tri-Tech Holding Inc.*^
    6,000     $ 22,680  
                     
   
Machinery Manufacturing - 1.19%
               
ERII
 
Energy Recovery Inc.*^
    51,108       151,280  
                     
   
Utilities - 4.54%
               
CDZI
 
Cadiz Inc.*^
    52,500       509,775  
CWCO
 
Consolidated Water Co., Ltd.
    7,875       65,126  
                  574,901  
   
TOTAL COMMON STOCKS
               
   
(cost $988,497)
            748,861  
                     
                     
       
Principal
         
   
CONVERTIBLE BONDS - 23.62%
 
Amount
         
   
Holding Company - 10.83%
               
451102AB3
 
Icahn Enterprises LP
               
   
4.000%, 08/15/2013#
  $ 1,370,000       1,372,055  
   
Oil and Gas Extraction - 12.79%
               
165167CB1
 
Chesapeake Energy Corporation
               
   
2.250%, 12/15/2038#
    2,000,000       1,621,250  
   
TOTAL CONVERTIBLE BONDS
               
   
(cost $2,994,774)
            2,993,305  
                     
   
CORPORATE BONDS - 29.97%
               
   
Fabricated Metal Product Manufacturing - 18.29%
               
624758AB4
 
Mueller Water Products, Inc.
               
   
7.375%, 06/01/2017#
    2,250,000       2,317,500  
   
Utilities - 11.68%
               
7594777  
Veolia Environnement
               
   
4.875%, 05/28/2013#
    1,121,000       1,480,864  
   
TOTAL CORPORATE BONDS
               
   
(cost $3,732,450)
            3,798,364  
                     
                     
   
WARRANTS - 0.00%
 
Shares
         
   
Utilities - 0.00%
               
CHC/WS
 
China Hydroelectric Corporation
    40,000       596  
   
Expiration Date:  1/25/2014
               
   
Exercise Price:  $15.00*
               
   
TOTAL WARRANTS
               
   
(cost $48,000)
            596  
                     
                     
   
SHORT-TERM INVESTMENTS - 0.26%
               
   
Money Market Funds - 0.26%
               
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.010% b
    33,000       33,000  
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $33,000)
            33,000  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 2.86%
               
   
Investment Companies - 2.86%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio
               
   
Prime Portfolio, 0.29% b
    361,957       361,957  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $361,957)
            361,957  
                     
                     
   
TOTAL INVESTMENTS - 62.62%
               
   
(cost $8,158,678) (a)
          $ 7,936,083  
                 
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, 2012. Total loaned securities had a market value of $315,789 at September 30, 2012.
 
#
 
- All or a portion of the shares have been committed as collateral for written option contracts.
               
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows @ :
               
 
Cost of investments
  $ 8,270,523          
 
Gross unrealized appreciation
          $ 205,567  
 
Gross unrealized depreciation
          $ (540,007 )
 
Net unrealized depreciation
  $ (334,440 )        
                   
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Water Infrastructure Portfolio
           
Portfolio of Options Written - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
PUT OPTIONS WRITTEN
 
Contracts*
   
Value
 
   
Chemical Manufacturing
           
   
Calgon Carbon Corporation
           
CCC   121020P00012500
 
Expiration: October 2012, Exercise Price: $12.50
    85     $ 425  
                     
   
Computer and Electronic Product Manufacturing
               
   
Itron, Inc.
               
ITRI  130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    100       3,750  
                     
   
Electrical Equipment, Appliance, and Component Manufacturing
               
   
Franklin Electric Co., Inc.
               
FELE  121222P00045000
 
Expiration: December 2012, Exercise Price: $45.00
    25       938  
                     
   
Fabricated Metal Product Manufacturing
               
   
Danaher Corporation
               
DHR   130119P00047000
 
Expiration: January 2013, Exercise Price: $47.00
    40       2,200  
   
Pentair, Ltd.
               
PNR   121117P00030000
 
Expiration: November 2012, Exercise Price: $30.00
    32       4,240  
                  6,440  
   
Funds, Trusts, and Other Financial Vehicles
               
   
PowerShares Water Resources ETF
               
PHO   121222P00016000
 
Expiration: December 2012, Exercise Price: $16.00
    350       2,625  
PHO   121222P00017000
 
Expiration: December 2012, Exercise Price: $17.00
    450       4,500  
                  7,125  
   
Heavy and Civil Engineering Construction
               
   
Aegion Corp.
               
AEGN  121222P00015000
 
Expiration: December 2012, Exercise Price: $15.00
    75       2,625  
                     
   
Machinery Manufacturing
               
   
Donaldson Company, Inc.
               
DCI   121117P00030000
 
Expiration: November 2012, Exercise Price: $30.00
    50       1,375  
   
Lindsay Corporation
               
LNN   121222P00050000
 
Expiration: December 2012, Exercise Price: $50.00
    40       1,800  
   
Pall Corporation
               
PLL   121222P00050000
 
Expiration: December 2012, Exercise Price: $50.00
    40       1,200  
                  4,375  
   
Professional, Scientific & Technical Services
               
   
Xylem, Inc.
               
XYL   121020P00025000
 
Expiration: October 2012, Exercise Price: $25.00
    95       4,275  
                     
   
Utilities
               
   
The Empire District Electric Company
               
EDE   121222P00020000
 
Expiration: December 2012, Exercise Price: $20.00
    20       500  
   
PICO Holdings, Inc.
               
PICO  130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    100       2,250  
                  2,750  
   
Waste Management
               
   
Clean Harbors, Inc.
               
CLH   130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    38       28,690  
                     
   
TOTAL PUT OPTIONS WRITTEN
               
   
(premiums received ($236,493))
          $ 61,393  
                 
  *  
- 100 Shares Per Contract.
               
  ETF  
- Exchange Traded Fund.
               
 
 
 
 
 
 
Disclosures about Derivative Instruments and Hedging Activities at September 30, 2012
 
The Portfolio has adopted enhanced disclosure regarding derivatives and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
 
As Would Be Reflected in the Statement of Assets and Liabilities
The following is a summary of the fair values of derivative instruments as of September 30, 2012:
 
 
Assets
 
Liabilities
Equity Contracts
Description
Fair Value
 
Description
 
Fair Value
Written Options
     
Written option contracts, at value
   
   
                              -
   
 $                   61,393
Total
 
 $                           -
     
 $                   61,393
 
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Multi-Disciplinary Portfolio
           
Portfolio of Investments - September 30, 2012 (Unaudited)
           
             
                 
                 
Identifier
 
CONVERTIBLE BONDS - 60.62%
 
Principal Amount
   
Value
 
   
Administrative and Support Services - 6.99%
           
   
WebMD Health Corporation
           
94770VAH5
 
2.250%, 03/31/2016#
  $ 400,000     $ 372,000  
94770VAF9
 
2.500%, 01/31/2018#
    3,875,000       3,218,672  
                  3,590,672  
   
Computer and Electronic Product Manufacturing - 8.89%
               
458660AB3
 
InterDigital, Inc.
               
   
2.500%, 03/15/2016#
    2,000,000       2,093,750  
502413AW7
 
L-3 Communications Holdings, Inc.
               
   
3.000%, 08/01/2035#
    2,450,000       2,468,375  
                  4,562,125  
   
Holding Company - 6.63%
               
451102AB3
 
Icahn Enterprises LP
               
   
4.000%, 08/15/2013#
    3,400,000       3,405,100  
                     
   
Mining (except Oil and Gas) - 4.20%
               
496902AD9
 
Kinross Gold Corporation
               
   
1.750%, 03/15/2028#
    1,100,000       1,106,188  
608753AA7
 
Molycorp Inc.
               
   
3.250%, 06/15/2016#
    1,500,000       1,050,000  
                  2,156,188  
   
Nonmetallic Mineral Product Manufacturing - 5.12%
               
69073TAQ6
 
Owens-Brockway Glass Container, Inc.
               
   
3.000%, 06/01/2015, Acquired 7/06/2011-5/01/2012 at $2,628,045■#
    2,670,000       2,629,950  
                     
   
Oil and Gas Extraction - 13.02%
               
   
Arcan Resources Ltd.
               
B4MT4X3
 
6.250%, 02/28/2016#
    987,000       737,916  
B57ZB98
 
6.500%, 10/31/2018#
    167,000       128,252  
   
Chesapeake Energy Corporation
               
165167BW6
 
2.750%, 11/15/2035#
    650,000       621,969  
165167CB1
 
2.250%, 12/15/2038#
    1,630,000       1,321,319  
B5N86Y1  
PetroBakken Energy Ltd.
               
   
3.125%, 02/08/2016, Acquired 2/7/12-5/4/12 at $3,879,438■#
    3,900,000       3,876,600  
                  6,686,056  
   
Performing Arts, Spectator Sports, and Related Industries - 4.23%
               
538034AB5
 
Live Nation Entertainment, Inc.
               
   
2.875%, 07/15/2027#
    2,200,000       2,169,750  
                     
   
Professional, Scientific, and Technical Services - 0.20%
               
159864AB3
 
Charles River Laboratories International, Inc.
               
   
2.250%, 06/15/2013#
    100,000       102,062  
                     
   
Publishing Industries (except Internet) - 2.23%
               
285512AA7
 
Electronic Arts, Inc.
               
   
0.750%, 07/15/2016#
    1,250,000       1,146,875  
                     
   
Real Estate - 7.92%
               
029169AA7
 
American Real Estate
               
   
4.000%, 08/15/2013, Acquired 6/24/2011-10/26/2011 at $339,934■#
    350,000       350,525  
   
Forest City Enterprises, Inc.
               
345550AK3
 
3.625%, 10/15/2014#
    300,000       354,375  
345550AP2
 
4.250%, 08/15/2018#
    3,200,000       3,364,000  
                  4,068,900  
   
U.S. Equity Exchanges - 1.19%
               
631103AA6
 
The NASDAQ OMX Group, Inc.
               
   
2.500%, 08/15/2013#
    605,000       611,806  
   
TOTAL CONVERTIBLE BONDS
               
   
(cost $31,454,298)
            31,129,484  
                     
   
CORPORATE BONDS - 25.20%
               
   
Administrative and Support Services - 0.51%
               
   
Corrections Corp. of America
               
22025YAJ9
 
6.750%, 01/31/2014#
    26,000       26,026  
22025YAK6
 
7.750%, 06/01/2017#
    220,000       237,050  
                  263,076  
   
Ambulatory Health Care Services - 5.64%
               
23918KAL2
 
DaVita, Inc.
               
   
6.375%, 11/01/2018#
    2,710,000       2,899,700  
                     
   
Chemical Manufacturing - 0.52%
               
785583AC9
 
Sabine Pass LNG L P
               
   
7.250%, 11/30/2013#
    250,000       267,500  
                     
   
Lessors of Nonresidential Buildings (except Miniwarehouses) - 1.58%
               
   
The Rouse Company LP
               
U77928AA4
 
6.750%, 05/01/2013#
    200,000       205,000  
779273AG6
 
5.375%, 11/26/2013#
    590,000       604,750  
                  809,750  
   
Mining (except Oil and Gas) - 5.42%
               
20854PAD1
 
Consol Energy, Inc.
               
   
8.000%, 04/01/2017#
    1,495,000       1,569,750  
   
Peabody Energy Corporation
               
704549AJ3
 
6.000%, 11/15/2018, Acquired 4/24/2012-4/25/2012 at $957,954■#
    950,000       954,750  
704549AH7
 
6.500%, 09/15/2020#
    250,000       256,875  
                  2,781,375  
   
Oil and Gas Extraction - 2.12%
               
   
Harvest Operations Corp.
               
B45KCB7
 
7.250%, 09/30/2013#
    200,000       206,083  
B45H5R5  
7.500%, 05/31/2015#
    830,000       881,247  
                  1,087,330  
   
Satellite Telecommunications - 3.00%
               
25470XAF2
 
Dish DBS Corporation
               
   
4.625%, 07/15/2017, Acquired 9/10/2012 at $1,540,898■#
    1,500,000       1,541,250  
                     
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.14%
               
52107QAC9
 
Lazard Group LLC
               
   
7.125%, 05/15/2015#
    67,000       73,933  
                     
   
Utilities - 6.27%
               
131347BP0
 
Calpine Corp.
               
   
7.250%, 10/15/2017, Acquired 11/15/2011-4/13/2012 at $3,121,313■#
    3,000,000       3,217,500  
   
TOTAL CORPORATE BONDS
               
   
(cost $12,665,878)
            12,941,414  
                     
   
MUNICIPAL BONDS - 1.50%
               
   
Air Transportation - 1.50%
               
   
Branson Missouri Regional Airport Transportation Development District
               
105459AB7
 
6.000%, 07/01/2025*#
    2,000,000       440,000  
105459AC5
 
6.000%, 07/01/2037*#
    1,500,000       330,000  
                  770,000  
   
TOTAL MUNICIPAL BONDS
               
   
(cost $2,245,112)
            770,000  
                     
                     
   
EXCHANGE TRADED FUNDS - 2.41%
 
Shares
         
   
Funds, Trusts, and Other Financial Vehicles - 2.41%
               
BOND
 
PIMCO Total Return ETF#
    11,400       1,240,662  
   
TOTAL EXCHANGE TRADED FUNDS
               
   
(cost $1,211,972)
            1,240,662  
                     
                     
   
MUTUAL FUNDS - 0.46%
               
   
Funds, Trusts, and Other Financial Vehicles - 0.46%
               
TLI
 
LMP Corporate Loan Fund Inc.^
    12,569       168,550  
NSL
 
Nuveen Senior Income Fund#
    9,300       69,471  
   
TOTAL MUTUAL FUNDS
               
   
(cost $221,410)
            238,021  
                     
                     
   
SHORT-TERM INVESTMENTS - 2.64%
 
Principal Amount
         
   
Commercial Paper - 1.33%
               
035017743  
U.S. Bank N.A.
               
   
0.020%, 10/01/2012#
  $ 685,000       685,000  
                     
   
Money Market Funds - 1.31%
 
Shares
         
FIGXX
 
Fidelity Institutional Government Portfolio - Class I, 0.010%# b
    670,000       670,000  
   
TOTAL SHORT-TERM INVESTMENTS
               
   
(cost $1,355,000)
            1,355,000  
                     
   
INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 0.09%
               
   
Investment Companies - 0.09%
               
   
Mount Vernon Securities Lending Trust - Prime Portfolio, 0.29% b
    44,800       44,800  
   
TOTAL INVESTMENTS PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING
               
   
(cost $44,800)
            44,800  
                     
                     
   
TOTAL INVESTMENTS - 92.92%
               
   
(cost $49,198,470) (a)
          $ 47,719,381  
                 
Percentages are stated as a percent of net assets.
               
 
■
 
- Restricted Security restricted to institutional investors (144a Securities); the percentage of net assets comprised of 144a securities was 24.48%.
         
#
 
- All or a portion of the shares have been committed as collateral for written option contracts.
               
^
 
- This security or a portion of this security was out on loan at September 30, 2012. Total loaned securities had a market value of $42,912 at Septemeber 30, 2012.
 
b
 
- The rate quoted is the annualized seven-day yield as of September 30, 2012.
               
*
 
- The security missed January 1, 2012 interest payment and has ceased to accrue income. A forbearance agreement is currently in place.
         
                     
 
(a) The cost basis of investments for federal tax purposes at September 30, 2012 was as follows :@
               
 
Cost of investments
    48,635,766          
 
Gross unrealized appreciation
            1,070,297  
 
Gross unrealized depreciation
            (1,986,682 )
 
Net unrealized depreciation
    (916,385 )        
                   
 
@ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.
For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent semi-annual or annual report.
 
 
 
 
 
 
 
KINETICS PORTFOLIOS TRUST - MASTER INVESTMENT PORTFOLIOS
           
The Multi-Disciplinary Portfolio
           
Portfolio of Options Written - September 30, 2012 (Unaudited)
           
             
                 
Identifier
 
PUT OPTIONS WRITTEN
 
Contracts*
   
Value
 
   
Accommodation
           
   
Royal Caribbean Cruises Ltd.
           
RCL 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    30     $ 1,365  
RCL 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    42       3,108  
                  4,473  
   
Administrative and Support Services
               
   
Expedia, Inc.
               
EXPE1 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    45       563  
EXPE 140118P00050000
 
Expiration: January 2014, Exercise Price: $50.00
    2       1,560  
                  2,123  
   
Asset Management
               
   
Affiliated Managers Group, Inc.
               
AMG 121222P00090000
 
Expiration: December 2012, Exercise Price: $90.00
    17       723  
   
AllianceBernstein Holding LP
               
AB 121020P00012500
 
Expiration: October 2012, Exercise Price: $12.50
    45       563  
   
BlackRock, Inc.
               
BLK 130119P00150000
 
Expiration: January 2013, Exercise Price: $150.00
    5       1,125  
BLK 130119P00160000
 
Expiration: January 2013, Exercise Price: $160.00
    3       1,140  
BLK 130119P00165000
 
Expiration: January 2013, Exercise Price: $165.00
    3       1,500  
BLK 140118P00160000
 
Expiration: January 2014, Exercise Price: $160.00
    15       28,275  
   
The Blackstone Group LP
               
BX 130119P00010000
 
Expiration: January 2013, Exercise Price: $10.00
    144       1,224  
BX 130119P00017500
 
Expiration: January 2013, Exercise Price: $17.50
    21       7,298  
BX 140118P00010000
 
Expiration: January 2014, Exercise Price: $10.00
    200       17,900  
   
Brookfield Asset Management Inc. - Class A
               
BAM 121222P00030000
 
Brookfield Asset Management Inc. - Class A
    40       1,200  
BAM 130316P00030000
 
Expiration: March 2013, Exercise Price: $30.00
    25       1,687  
   
Cohen & Steers, Inc.
               
CNS 121222P00025000
 
Expiration: December 2012, Exercise Price: $25.00
    30       1,875  
   
Federated Investors, Inc. - Class B
               
FII 121020P00017500
 
Expiration: October 2012, Exercise Price: $17.50
    87       653  
FII 121020P00020000
 
Expiration: October 2012, Exercise Price: $20.00
    71       2,307  
FII 130119P00017500
 
Expiration: January 2013, Exercise Price: $17.50
    25       1,375  
   
Franklin Resources, Inc.
               
BEN 130119P00093000
 
Expiration: January 2013, Exercise Price: $93.00
    2       115  
BEN 130119P00095000
 
Expiration: January 2013, Exercise Price: $95.00
    10       650  
BEN 130119P00110000
 
Expiration: January 2013, Exercise Price: $110.00
    10       1,950  
   
KKR & Co. L.P.
               
KKR 130119P00011000
 
Expiration: January 2013, Exercise Price: $11.00
    120       1,500  
   
Legg Mason, Inc.
               
LM 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    99       11,385  
LM 130119P00024000
 
Expiration: January 2013, Exercise Price: $24.00
    6       930  
LM 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    63       12,600  
LM 130216P00020000
 
Expiration: February 2013, Exercise Price: $20.00
    5       337  
LM 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    44       15,180  
   
Oaktree Capital Group LLC
               
OAK 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    25       437  
                  113,929  
   
Beverage and Tobacco Product Manufacturing
               
   
PepsiCo, Inc.
               
PEP 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    10       110  
PEP 130119P00057500
 
Expiration: January 2013, Exercise Price: $57.50
    19       342  
PEP 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    20       480  
PEP 140118P00060000
 
Expiration: January 2014, Exercise Price: $60.00
    25       6,400  
   
Philip Morris International, Inc.
               
PM 130119P00090000
 
Expiration: January 2013, Exercise Price: $90.00
    2       740  
PM 130316P00087500
 
Expiration: March 2013, Exercise Price: $87.50
    22       7,590  
PM 140118P00087500
 
Expiration: January 2014, Exercise Price: $87.50
    20       17,600  
PM 140118P00090000
 
Expiration: January 2014, Exercise Price: $90.00
    1       1,015  
                  34,277  
   
Broadcasting (except Internet)
               
   
Cablevision Systems Corporation - Class A
               
CVC 130119P00013000
 
Expiration: January 2013, Exercise Price: $13.00
    50       1,250  
   
Comcast Corporation - Class A
               
CMCSA 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    115       575  
CMCSA 130119P00022500
 
Expiration: January 2013, Exercise Price: $22.50
    8       64  
CMCSK 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    24       240  
   
Discovery Communications, Inc. - Class A
               
DISCA 121020P00045000
 
Expiration: October 2012, Exercise Price: $45.00
    20       50  
   
Liberty Media Corporation - Liberty Capital - Series A
               
LMCA 130119P00095000
 
Expiration: January 2013, Exercise Price: $95.00
    1       243  
   
Time Warner Cable Inc.
               
TWC 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    17       127  
TWC 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    21       210  
TWC 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    16       360  
   
Time Warner, Inc.
               
TWX 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    59       12,302  
TWX 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    47       16,215  
   
Viacom Inc. - Class B
               
VIAB 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    4       230  
VIAB 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    30       10,950  
VIAB 140118P00047000
 
Expiration: January 2014, Exercise Price: $47.00
    43       18,705  
   
The Walt Disney Company
               
DIS 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    15       90  
DIS 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    52       572  
DIS 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    25       5,238  
DIS 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    2       680  
                  68,101  
   
Building Material and Garden Equipment and Supplies Dealers
               
   
Lowes Companies, Inc.
               
LOW 130119P00024000
 
Expiration: January 2013, Exercise Price: $24.00
    6       192  
LOW 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    25       4,062  
LOW 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    4       870  
                  5,124  
   
Chemical Manufacturing
               
   
The Clorox Company
               
CLX 130119P00062500
 
Expiration: January 2013, Exercise Price: $62.50
    60       2,250  
   
The Estee Lauder Companies Inc. - Class A
               
EL 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    54       810  
EL 130119P00046250
 
Expiration: January 2013, Exercise Price: $46.25
    4       140  
EL 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    9       1,237  
EL 140118P00047500
 
Expiration: January 2014, Exercise Price: $47.50
    29       9,135  
   
LyondellBasell Industries NV - Class A
               
LYB 130119P00032000
 
Expiration: January 2013, Exercise Price: $32.00
    42       1,155  
LYB 130119P00033500
 
Expiration: January 2013, Exercise Price: $33.50
    20       550  
LYB 130119P00035500
 
Expiration: January 2013, Exercise Price: $35.50
    12       450  
   
Monsanto Company
               
MON 130119P00085000
 
Expiration: January 2013, Exercise Price: $85.00
    2       549  
MON 140118P00085000
 
Expiration: January 2014, Exercise Price: $85.00
    1       955  
   
OPKO Health, Inc.
               
OPK 121222P00004000
 
Expiration: December 2012, Exercise Price: $4.00
    335       11,725  
   
The Procter & Gamble Company
               
PG 130119P00057500
 
Expiration: January 2013, Exercise Price: $57.50
    30       780  
PG 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    35       1,295  
PG 140118P00057500
 
Expiration: January 2014, Exercise Price: $57.50
    4       828  
   
Sigma-Aldrich Corporation
               
SIAL 121020P00065000
 
Expiration: October 2012, Exercise Price: $65.00
    44       550  
SIAL 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    6       690  
                  33,099  
   
Clothing and Clothing Accessories Stores
               
   
Limited Brands, Inc.
               
LTD 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    2       300  
LTD 140118P00044000
 
Expiration: January 2014, Exercise Price: $44.00
    15       7,650  
LTD 140118P00047000
 
Expiration: January 2014, Exercise Price: $47.00
    2       1,290  
   
Tiffany & Company
               
TIF 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    27       459  
TIF 130119P00047500
 
Expiration: January 2013, Exercise Price: $47.50
    21       1,355  
TIF 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    15       1,432  
TIF 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    26       3,653  
TIF 130216P00047500
 
Expiration: February 2013, Exercise Price: $47.50
    20       1,800  
TIF 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    22       7,700  
TIF 140118P00057500
 
Expiration: January 2014, Exercise Price: $57.50
    2       1,620  
                  27,259  
   
Computer and Electronic Product Manufacturing
               
   
Anaren, Inc.
               
ANEN 121020P00017500
 
Expiration: October 2012, Exercise Price: $17.50
    113       28,250  
   
Rockwell Collins, Inc.
               
COL 121020P00050000
 
Expiration: October 2012, Exercise Price: $50.00
    20       450  
COL 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    15       863  
                  29,563  
   
Construction of Buildings
               
   
Lennar Corporation - Class A
               
LEN 130119P00029000
 
Expiration: January 2013, Exercise Price: $29.00
    4       416  
LEN 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    3       1,282  
                  1,698  
   
Couriers and Messengers
               
   
FedEx Corp.
               
FDX 130119P00075000
 
Expiration: January 2013, Exercise Price: $75.00
    13       1,671  
FDX 130119P00080000
 
Expiration: January 2013, Exercise Price: $80.00
    31       7,564  
FDX 140118P00075000
 
Expiration: January 2014, Exercise Price: $75.00
    10       6,525  
FDX 140118P00077500
 
Expiration: January 2014, Exercise Price: $77.50
    10       7,425  
   
United Parcel Service - Class B
               
UPS 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    12       426  
UPS 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    12       1,044  
UPS 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    23       5,060  
UPS 130119P00075000
 
Expiration: January 2013, Exercise Price: $75.00
    10       4,950  
UPS 140118P00070000
 
Expiration: January 2014, Exercise Price: $70.00
    11       7,837  
UPS 140118P00072500
 
Expiration: January 2014, Exercise Price: $72.50
    4       3,360  
                  45,862  
   
Credit Intermediation and Related Activities
               
   
American Express Company
               
AXP 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    18       630  
   
Annaly Capital Management Inc.
               
NLY 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    105       1,943  
   
Bank of America Corporation
               
BAC 130119P00005000
 
Expiration: January 2013, Exercise Price: $5.00
    60       210  
BAC 130119P00007500
 
Expiration: January 2013, Exercise Price: $7.50
    135       3,443  
   
The Bank Of New York Mellon Corporation
               
BK 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    100       4,700  
BK 130119P00022000
 
Expiration: January 2013, Exercise Price: $22.00
    84       8,652  
   
M&T Bank Corporation
               
MTB 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    15       375  
MTB 130119P00075000
 
Expiration: January 2013, Exercise Price: $75.00
    19       855  
MTB 130119P00080000
 
Expiration: January 2013, Exercise Price: $80.00
    17       1,190  
MTB 130119P00085000
 
Expiration: January 2013, Exercise Price: $85.00
    6       780  
   
Northern Trust Corp.
               
NTRS 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    6       150  
NTRS 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    41       2,767  
NTRS 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    30       9,750  
   
State Street Corporation
               
STT 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    10       210  
STT 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    62       3,162  
STT 130119P00037000
 
Expiration: January 2013, Exercise Price: $37.00
    10       780  
STT 130119P00042000
 
Expiration: January 2013, Exercise Price: $42.00
    11       2,563  
STT 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    11       3,492  
   
U.S. Bancorp
               
USB 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    40       140  
USB 130119P00022000
 
Expiration: January 2013, Exercise Price: $22.00
    40       240  
   
Wells Fargo & Company
               
WFC 130119P00033000
 
Expiration: January 2013, Exercise Price: $33.00
    4       464  
WFC 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    30       8,355  
WFC 140118P00032000
 
Expiration: January 2014, Exercise Price: $32.00
    3       1,065  
                  55,916  
   
Data Processing, Hosting and Related Services
               
   
CoreLogic, Inc.
               
CLGX 121020P00012500
 
Expiration: October 2012, Exercise Price: $12.50
    80       600  
                     
   
Defense
               
   
CACI International Inc. - Class A
               
CACI 121222P00050000
 
Expiration: December 2012, Exercise Price: $50.00
    24       4,920  
CACI 130316P00050000
 
Expiration: March 2013, Exercise Price: $50.00
    75       24,750  
   
Northrop Grumman Corporation
               
NOC 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    22       550  
NOC 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    5       162  
NOC 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    22       990  
NOC 130216P00057500
 
Expiration: February 2013, Exercise Price: $57.50
    4       370  
NOC 140118P00060000
 
Expiration: January 2014, Exercise Price: $60.00
    20       10,000  
                  41,742  
   
Depository Credit Intermediation
               
   
HDFC Bank Ltd. - ADR
               
HDB 121020P00030000
 
Expiration: October 2012, Exercise Price: $30.00
    38       855  
                     
   
E-Commerce
               
   
IAC/InterActiveCorp
               
IACI 121020P00040000
 
Expiration: October 2012, Exercise Price: $40.00
    20       100  
IACI 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    53       2,252  
IACI 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    2       475  
                  2,827  
   
Fabricated Metal Product Manufacturing
               
   
Danaher Corporation
               
DHR 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    2       300  
DHR 140118P00052500
 
Expiration: January 2014, Exercise Price: $52.50
    2       1,020  
   
McDermott International, Inc.
               
MDR 130119P00007500
 
Expiration: January 2013, Exercise Price: $7.50
    200       1,500  
MDR 130119P00009000
 
Expiration: January 2013, Exercise Price: $9.00
    121       2,722  
MDR 130119P00010000
 
Expiration: January 2013, Exercise Price: $10.00
    155       6,200  
                  11,742  
   
Food Manufacturing
               
   
Archer-Daniels-Midland Company
               
ADM 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    152       9,728  
ADM 130119P00028000
 
Expiration: January 2013, Exercise Price: $28.00
    5       950  
ADM 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    10       1,845  
ADM 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    11       2,871  
   
Bunge Limited
               
BG 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    31       1,473  
BG 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    6       1,500  
BG 140118P00055000
 
Expiration: January 2014, Exercise Price: $55.00
    46       17,480  
BG 140118P00062500
 
Expiration: January 2014, Exercise Price: $62.50
    1       635  
   
ConAgra Foods, Inc.
               
CAG 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    12       120  
CAG 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    102       2,805  
   
Dean Foods Company
               
DF 130119P00007500
 
Expiration: January 2013, Exercise Price: $7.50
    40       400  
   
Kellogg Company
               
K 130119P00047500  
Expiration: January 2013, Exercise Price: $47.50
    62       2,480  
   
Kraft Foods Group, Inc.
               
KFT 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    4       430  
KFT 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    30       3,690  
KFT 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    2       569  
   
Mead Johnson Nutrition Company
               
MJN 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    15       4,462  
MJN 130216P00070000
 
Expiration: February 2013, Exercise Price: $70.00
    20       7,050  
MJN 140118P00070000
 
Expiration: January 2014, Exercise Price: $70.00
    12       10,020  
   
Unilever NV
               
UN 121117P00030000
 
Expiration: November 2012, Exercise Price: $30.00
    41       513  
UN 130216P00030000
 
Expiration: February 2013, Exercise Price: $30.00
    10       300  
                  69,321  
   
Food Services and Drinking Places
               
   
Starbucks Corporation
               
SBUX 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    118       20,945  
SBUX 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    2       930  
                  21,875  
   
Funds, Trusts, and Other Financial Vehicles
               
   
Entertainment Properties Trust
               
EPR 121020P00045000
 
Expiration: October 2012, Exercise Price: $45.00
    20       2,200  
   
iShares MSCI Japan Index Fund
               
EWJ 130119P00009000
 
Expiration: January 2013, Exercise Price: $9.00
    443       14,176  
EWJ 140118P00009000
 
Expiration: January 2014, Exercise Price: $9.00
    110       9,350  
   
iShares Russell 2000 Value Index Fund
               
IWM 130119P00077000
 
Expiration: January 2013, Exercise Price: $77.00
    2       370  
IWM 130216P00069000
 
Expiration: February 2013, Exercise Price: $69.00
    25       2,475  
IWM 140118P00079000
 
Expiration: January 2014, Exercise Price: $79.00
    1       856  
   
Market Vectors Gold Miners ETF
               
GDX 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    47       1,739  
GDX 130119P00043000
 
Expiration: January 2013, Exercise Price: $43.00
    23       1,506  
GDX 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    11       1,056  
GDX 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    14       3,185  
GDX 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    5       1,438  
   
Market Vectors Junior Gold Miners ETF
               
GDXJ 130119P00020630
 
Expiration: January 2013, Exercise Price: $20.63
    10       800  
GDXJ 130119P00021630
 
Expiration: January 2013, Exercise Price: $21.63
    30       3,150  
GDXJ 130119P00024630
 
Expiration: January 2013, Exercise Price: $24.63
    15       3,450  
GDXJ 130119P00027630
 
Expiration: January 2013, Exercise Price: $27.63
    15       6,300  
   
SPDR S&P 500 EFT Trust
               
SPY 130119P00138000
 
Expiration: January 2013, Exercise Price: $138.00
    2       631  
SPY 130316P00139000
 
Expiration: March 2013, Exercise Price: $139.00
    10       5,155  
SPY 140118P00138000
 
Expiration: January 2014, Exercise Price: $138.00
    20       23,750  
SPY 141220P00140000
 
Expiration: December 2014, Exercise Price: $140.00
    1       1,877  
                  83,464  
   
Gaming
               
   
Las Vegas Sands Corp.
               
LVS 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    36       2,268  
LVS 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    22       3,278  
LVS 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    70       18,130  
LVS 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    32       12,960  
LVS 140118P00038000
 
Expiration: January 2014, Exercise Price: $38.00
    3       1,530  
   
Wynn Resorts Limited
               
WYNN 140118P00070000
 
Expiration: January 2014, Exercise Price: $70.00
    46       14,950  
WYNN 140118P00075000
 
Expiration: January 2014, Exercise Price: $75.00
    12       4,920  
WYNN 140118P00080000
 
Expiration: January 2014, Exercise Price: $80.00
    8       4,220  
WYNN 140118P00095000
 
Expiration: January 2014, Exercise Price: $95.00
    4       3,860  
                  66,116  
   
General Merchandise Stores
               
   
J.C. Penney Company, Inc.
               
JCP 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    32       9,920  
JCP 130119P00029000
 
Expiration: January 2013, Exercise Price: $29.00
    35       20,300  
JCP 140118P00018000
 
Expiration: January 2014, Exercise Price: $18.00
    20       5,630  
   
Sears Holdings Corporation
               
SHLD1 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    12       7,740  
SHLD2 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    14       8,330  
SHLD2 140118P00052500
 
Expiration: January 2014, Exercise Price: $52.50
    27       37,327  
SHLD2 140621P00052500
 
Expiration: June 2014, Exercise Price: $52.50
    2       3,235  
                  92,482  
   
Holding Company
               
   
Berkshire Hathaway Inc. - Class B
               
BRKB 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    10       285  
BRKB 130119P00072500
 
Expiration: January 2013, Exercise Price: $72.50
    31       1,070  
BRKB 130119P00075000
 
Expiration: January 2013, Exercise Price: $75.00
    14       602  
BRKB 140118P00080000
 
Expiration: January 2014, Exercise Price: $80.00
    14       5,810  
   
Leucadia National Corporation
               
LUK 121222P00020000
 
Expiration: December 2012, Exercise Price: $20.00
    55       2,337  
LUK 121222P00022500
 
Expiration: December 2012, Exercise Price: $22.50
    13       1,690  
LUK 130316P00022500
 
Expiration: March 2013, Exercise Price: $22.50
    100       18,250  
                  30,044  
   
Insurance Carriers and Related Activities
               
   
American International Group, Inc.
               
AIG 130119P00022500
 
Expiration: January 2013, Exercise Price: $22.50
    30       495  
AIG 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    93       3,069  
AIG 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    30       3,495  
   
China Life Insurance Co., Ltd. - ADR
               
LFC 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    32       1,840  
   
Loews Corporation
               
L 121222P00035000  
Expiration: December 2012, Exercise Price: $35.00
    15       338  
L 130316P00035000  
Expiration: March 2013, Exercise Price: $35.00
    6       300  
L 130316P00040000  
Expiration: March 2013, Exercise Price: $40.00
    40       5,900  
   
Marsh & McLennan Companies, Inc.
               
MMC 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    70       2,275  
MMC 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    16       1,360  
   
The Progressive Corporation
               
PGR 130119P00017500
 
Expiration: January 2013, Exercise Price: $17.50
    29       435  
PGR 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    40       2,300  
PGR 130216P00019000
 
Expiration: February 2013, Exercise Price: $19.00
    36       1,710  
PGR 130216P00020000
 
Expiration: February 2013, Exercise Price: $20.00
    110       8,800  
                  32,317  
   
Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
               
   
Hugoton Royalty Trust
               
HGT 121117P00012500
 
Expiration: November 2012, Exercise Price: $12.50
    70       41,300  
HGT 130216P00007500
 
Expiration: February 2013, Exercise Price: $7.50
    70       9,100  
   
San Juan Basin Royalty Trust
               
SJT 121020P00015000
 
Expiration: October 2012, Exercise Price: $15.00
    153       18,360  
SJT 130119P00012500
 
Expiration: January 2013, Exercise Price: $12.50
    15       1,162  
SJT 130420P00012500
 
Expiration: April 2013, Exercise Price: $12.50
    100       10,000  
                  79,922  
   
Lessors of Nonresidential Buildings (except Miniwarehouses)
               
   
The Howard Hughes Corporation
               
HHC 121020P00055000
 
Expiration: October 2012, Exercise Price: $55.00
    18       135  
HHC 130119P00055000
 
Expiration: January 2013, Exercise Price: $55.00
    2       105  
                  240  
   
Machinery Manufacturing
               
   
Lindsay Corporation
               
LNN 130316P00060000
 
Expiration: March 2013, Exercise Price: $60.00
    60       15,900  
                     
   
Management of Companies and Enterprises
               
   
The Goldman Sachs Group, Inc.
               
GS 130119P00090000
 
Expiration: January 2013, Exercise Price: $90.00
    5       640  
GS 130119P00095000
 
Expiration: January 2013, Exercise Price: $95.00
    11       2,030  
   
JPMorgan Chase & Co.
               
JPM 130119P00028000
 
Expiration: January 2013, Exercise Price: $28.00
    15       307  
JPM 130119P00034000
 
Expiration: January 2013, Exercise Price: $34.00
    11       693  
JPM 130119P00037000
 
Expiration: January 2013, Exercise Price: $37.00
    21       2,541  
JPM 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    100       21,100  
JPM 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    12       4,320  
                  31,631  
   
Manufactured Brands
               
   
Jarden Corporation
               
JAH 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    10       175  
                     
   
Merchant Wholesalers, Nondurable Goods
               
   
Molson Coors Brewing Company - Class B
               
TAP 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    6       360  
                     
   
Mining (except Oil and Gas)
               
   
Barrick Gold Corporation
               
ABX 130119P00038000
 
Expiration: January 2013, Exercise Price: $38.00
    30       4,380  
ABX 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    53       11,607  
ABX 130119P00043000
 
Expiration: January 2013, Exercise Price: $43.00
    8       2,960  
ABX 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    11       4,235  
ABX 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    25       15,375  
ABX 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    9       8,168  
   
Cameco Corporation
               
CCJ 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    14       315  
CCJ 130119P00018000
 
Expiration: January 2013, Exercise Price: $18.00
    99       8,662  
CCJ 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    51       9,053  
CCJ 130119P00021000
 
Expiration: January 2013, Exercise Price: $21.00
    4       960  
CCJ 130119P00022000
 
Expiration: January 2013, Exercise Price: $22.00
    40       12,600  
   
Freeport-McMoRan Copper & Gold Inc.
               
FCX 130119P00029500
 
Expiration: January 2013, Exercise Price: $29.50
    30       1,410  
FCX 130119P00033000
 
Expiration: January 2013, Exercise Price: $33.00
    65       6,630  
FCX 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    11       1,678  
FCX 140118P00035000
 
Expiration: January 2014, Exercise Price: $35.00
    2       1,070  
   
Harry Winston Diamond Corporation
               
HWD 121117P00012500
 
Expiration: November 2012, Exercise Price: $12.50
    163       18,338  
HWD 130216P00010000
 
Expiration: February 2013, Exercise Price: $10.00
    155       8,525  
HWD 130216P00012500
 
Expiration: February 2013, Exercise Price: $12.50
    100       15,250  
HWD 130518P00010000
 
Expiration: May 2013, Exercise Price: $10.00
    30       2,100  
   
Newmont Mining Corporation
               
NEM 130119P00046000
 
Expiration: January 2013, Exercise Price: $46.00
    29       1,929  
NEM 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    5       697  
NEM 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    39       8,365  
NEM 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    10       6,100  
NEM 140118P00050000
 
Expiration: January 2014, Exercise Price: $50.00
    18       10,980  
   
NovaGold Resources Inc.
               
NG 140118P00005000
 
Expiration: January 2014, Exercise Price: $5.00
    420       51,450  
NG1 140118P00005000
 
Expiration: January 2014, Exercise Price: $5.00
    150       16,125  
NG1 140118P00007000
 
Expiration: January 2014, Exercise Price: $7.00
    285       67,687  
   
Rio Tinto PLC - ADR
               
RIO 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    22       12,320  
RIO 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    20       14,700  
RIO 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    12       16,020  
RIO 140118P00032500
 
Expiration: January 2014, Exercise Price: $32.50
    35       10,937  
   
Royal Gold, Inc.
               
RGLD 130119P00060000
 
Expiration: January 2013, Exercise Price: $60.00
    4       30  
RGLD 130119P00062500
 
Expiration: January 2013, Exercise Price: $62.50
    4       60  
   
Vale SA
               
VALE 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    80       60,800  
                  411,516  
   
Miscellaneous Manufacturing
               
   
3M Co.
               
MMM 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    10       170  
MMM 130119P00067500
 
Expiration: January 2013, Exercise Price: $67.50
    23       494  
   
International Game Technology
               
IGT 130119P00011000
 
Expiration: January 2013, Exercise Price: $11.00
    95       3,088  
IGT 130119P00012500
 
Expiration: January 2013, Exercise Price: $12.50
    118       9,145  
IGT 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    81       18,630  
                  31,527  
   
Motion Picture and Sound Recording Industries
               
   
DreamWorks Animation SKG, Inc. - Class A
               
DWA 121222P00017500
 
Expiration: December 2012, Exercise Price: $17.50
    80       5,600  
DWA 130316P00017500
 
Expiration: March 2013, Exercise Price: $17.50
    196       22,540  
                  28,140  
   
Motor Vehicle and Parts Dealers
               
   
AutoNation, Inc.
               
AN 121020P00029000
 
Expiration: October 2012, Exercise Price: $29.00
    80       600  
                     
   
Non-Store Retailers
               
   
Amazon.com, Inc.
               
AMZN 130119P00150000
 
Expiration: January 2013, Exercise Price: $150.00
    5       300  
AMZN 130119P00165000
 
Expiration: January 2013, Exercise Price: $165.00
    2       185  
AMZN 130119P00170000
 
Expiration: January 2013, Exercise Price: $170.00
    2       212  
AMZN 130119P00180000
 
Expiration: January 2013, Exercise Price: $180.00
    4       592  
   
eBay, Inc.
               
EBAY 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    60       630  
EBAY 130119P00043000
 
Expiration: January 2013, Exercise Price: $43.00
    2       278  
EBAY 140118P00045000
 
Expiration: January 2014, Exercise Price: $45.00
    2       1,210  
   
Liberty Interactive Corporation - Class A
               
LINTA 121020P00017000
 
Expiration: October 2012, Exercise Price: $17.00
    6       60  
   
Sotheby's
               
BID 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    55       5,088  
BID 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    45       10,350  
BID 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    20       5,400  
                  24,305  
   
Oil and Gas and Consumable Fuels
               
   
China Petroleum and Chemical Corporation - ADR
               
SNP 121020P00100000
 
Expiration: October 2012, Exercise Price: $100.00
    37       28,675  
   
PetroChina Company Ltd. - ADR
               
PTR 130119P00115000
 
Expiration: January 2013, Exercise Price: $115.00
    14       3,745  
PTR 130119P00125000
 
Expiration: January 2013, Exercise Price: $125.00
    16       8,640  
                  41,060  
   
Oil and Gas Extraction
               
   
Canadian Natural Resources Ltd.
               
CNQ 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    78       15,990  
CNQ 130119P00031000
 
Expiration: January 2013, Exercise Price: $31.00
    13       3,315  
CNQ 130119P00033000
 
Expiration: January 2013, Exercise Price: $33.00
    26       9,620  
CNQ 130119P00037000
 
Expiration: January 2013, Exercise Price: $37.00
    12       8,040  
CNQ 140118P00028000
 
Expiration: January 2014, Exercise Price: $28.00
    25       10,250  
CNQ 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    3       1,500  
   
Cenovus Energy Inc.
               
CVE 130316P00030000
 
Expiration: March 2013, Exercise Price: $30.00
    100       12,750  
   
CNOOC Ltd. - ADR
               
CEO 121222P00175000
 
Expiration: December 2012, Exercise Price: $175.00
    3       720  
CEO 121222P00180000
 
Expiration: December 2012, Exercise Price: $180.00
    5       1,700  
CEO 130316P00180000
 
Expiration: March 2013, Exercise Price: $180.00
    22       14,850  
   
Encana Corporation
               
ECA 130119P00017500
 
Expiration: January 2013, Exercise Price: $17.50
    205       7,688  
ECA 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    13       4,940  
ECA 140118P00018000
 
Expiration: January 2014, Exercise Price: $18.00
    50       10,750  
ECA 140118P00020000
 
Expiration: January 2014, Exercise Price: $20.00
    9       2,722  
ECA 140118P00022000
 
Expiration: January 2014, Exercise Price: $22.00
    5       2,050  
   
EXCO Resources,  Inc.
               
XCO 130316P00006000
 
Expiration: March 2013, Exercise Price: $6.00
    250       8,125  
   
Occidental Petroleum Corporation
               
OXY 140118P00055000
 
Expiration: January 2014, Exercise Price: $55.00
    82       25,010  
   
Penn West Petroleum Ltd.
               
PWE 121222P00012000
 
Expiration: December 2012, Exercise Price: $12.00
    110       2,750  
PWE 121222P00014000
 
Expiration: December 2012, Exercise Price: $14.00
    172       13,760  
PWE 130316P00013000
 
Expiration: March 2013, Exercise Price: $13.00
    60       5,400  
   
Petroleo Brasileiro S.A. - ADR
               
PBR 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    41       7,606  
PBR 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    101       31,310  
PBR 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    8       9,920  
   
Sasol Ltd. - ADR
               
SSL 121222P00040000
 
Expiration: December 2012, Exercise Price: $40.00
    24       3,780  
SSL 121222P00045000
 
Expiration: December 2012, Exercise Price: $45.00
    15       5,100  
SSL 130316P00040000
 
Expiration: March 2013, Exercise Price: $40.00
    50       8,500  
   
StatoilHydro ASA - ADR
               
STO 130119P00022500
 
Expiration: January 2013, Exercise Price: $22.50
    24       900  
   
Suncor Energy, Inc.
               
SU 130119P00028000
 
Expiration: January 2013, Exercise Price: $28.00
    9       576  
SU 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    6       666  
SU 130119P00032000
 
Expiration: January 2013, Exercise Price: $32.00
    85       15,555  
SU 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    12       2,574  
SU 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    43       16,985  
   
Total SA - ADR
               
TOT 130119P00045000
 
Expiration: January 2013, Exercise Price: $45.00
    84       9,030  
TOT 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    14       3,815  
TOT 140118P00042500
 
Expiration: January 2014, Exercise Price: $42.50
    16       5,840  
   
WPX Energy Inc.
               
WPX 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    141       11,632  
WPX 140118P00012500
 
Expiration: January 2014, Exercise Price: $12.50
    100       21,000  
                  316,719  
   
Performing Arts, Spectator Sports, and Related Industries
               
   
The Madison Square Garden Company
               
MSG 130216P00037000
 
Expiration: February 2013, Exercise Price: $37.00
    2       350  
                     
   
Personal and Laundry Services
               
   
Weight Watchers International, Inc.
               
WTW 121020P00065000
 
Expiration: October 2012, Exercise Price: $65.00
    40       48,800  
                     
   
Petroleum and Coal Products Manufacturing
               
   
Exxon Mobile Corporation
               
XOM 130119P00085000
 
Expiration: January 2013, Exercise Price: $85.00
    2       239  
XOM 140118P00082500
 
Expiration: January 2014, Exercise Price: $82.50
    20       10,750  
XOM 140118P00087500
 
Expiration: January 2014, Exercise Price: $87.50
    1       723  
                  11,712  
   
Pharmaceuticals and Biotechnology
               
   
Novartis AG - ADR
               
NVS 130119P00047500
 
Expiration: January 2013, Exercise Price: $47.50
    22       220  
NVS 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    20       300  
NVS 130119P00052500
 
Expiration: January 2013, Exercise Price: $52.50
    30       600  
   
Sanofi - ADR
               
SNY 121222P00034000
 
Expiration: December 2012, Exercise Price: $34.00
    79       1,383  
SNY 130316P00040000
 
Expiration: March 2013, Exercise Price: $40.00
    35       5,075  
                  7,578  
   
Pipeline Transportation
               
   
The Williams Companies, Inc.
               
WMB1 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    80       1,040  
WMB1 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    15       360  
WMB 130216P00025000
 
Expiration: February 2013, Exercise Price: $25.00
    65       1,268  
                  2,668  
   
Primary Metal Manufacturing
               
   
Commercial Metals Company
               
CMC 130316P00012000
 
Expiration: March 2013, Exercise Price: $12.00
    230       19,550  
   
Mueller Industries, Inc.
               
MLI 121222P00035000
 
Expiration: December 2012, Exercise Price: $35.00
    20       3,100  
MLI 130316P00045000
 
Expiration: March 2013, Exercise Price: $45.00
    15       4,500  
                  27,150  
   
Professional, Scientific, and Technical Services
               
   
Automatic Data Processing, Inc.
               
ADP 130119P00050000
 
Expiration: January 2013, Exercise Price: $50.00
    32       1,120  
ADP 140118P00052500
 
Expiration: January 2014, Exercise Price: $52.50
    3       1,080  
                  2,200  
   
Publishing Industries (except Internet)
               
   
News Corporation - Class A
               
NWSA 130119P00017500
 
Expiration: January 2013, Exercise Price: $17.50
    225       1,687  
                     
   
Rail Transportation
               
   
Canadian National Railway Company
               
CNI 130119P00075000
 
Expiration: January 2013, Exercise Price: $75.00
    6       480  
CNI 130420P00080000
 
Expiration: April 2013, Exercise Price: $80.00
    42       12,075  
   
Canadian Pacific Railway Limited
               
CP 121222P00065000
 
Expiration: December 2012, Exercise Price: $65.00
    26       845  
CP 121222P00070000
 
Expiration: December 2012, Exercise Price: $70.00
    30       1,800  
CP 130316P00075000
 
Expiration: March 2013, Exercise Price: $75.00
    15       3,675  
   
CSX Corporation
               
CSX 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    178       15,753  
CSX 140118P00017500
 
Expiration: January 2014, Exercise Price: $17.50
    36       5,994  
CSX 140118P00020000
 
Expiration: January 2014, Exercise Price: $20.00
    45       12,150  
   
Norfolk Southern Corporation
               
NSC 130119P00062500
 
Expiration: January 2013, Exercise Price: $62.50
    15       4,200  
NSC 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    32       13,120  
NSC 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    15       11,400  
NSC 140118P00065000
 
Expiration: January 2014, Exercise Price: $65.00
    15       14,475  
   
Union Pacific Corporation
               
UNP 130119P00090000
 
Expiration: January 2013, Exercise Price: $90.00
    4       180  
UNP 130119P00097500
 
Expiration: January 2013, Exercise Price: $97.50
    7       623  
UNP 130119P00100000
 
Expiration: January 2013, Exercise Price: $100.00
    26       2,938  
UNP 140118P00095000
 
Expiration: January 2014, Exercise Price: $95.00
    11       7,205  
UNP 140118P00100000
 
Expiration: January 2014, Exercise Price: $100.00
    5       3,975  
                  110,888  
   
Real Estate
               
   
Boston Properties, Inc.
               
BXP 130119P00077500
 
Expiration: January 2013, Exercise Price: $77.50
    2       55  
BXP 130119P00095000
 
Expiration: January 2013, Exercise Price: $95.00
    8       700  
   
CBRE Group, Inc. - Class A
               
CBG 121222P00017000
 
Expiration: December 2012, Exercise Price: $17.00
    105       8,137  
CBG 130316P00014000
 
Expiration: March 2013, Exercise Price: $14.00
    60       3,150  
   
General Growth Properties, Inc.
               
GGP 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    90       1,710  
   
Jones Lang LaSalle Inc.
               
JLL 121222P00060000
 
Expiration: December 2012, Exercise Price: $60.00
    6       465  
JLL 121222P00070000
 
Expiration: December 2012, Exercise Price: $70.00
    4       1,010  
JLL 130316P00060000
 
Expiration: March 2013, Exercise Price: $60.00
    15       2,925  
   
Vornado Realty Trust - REIT
               
VNO 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    11       770  
VNO 130119P00080000
 
Expiration: January 2013, Exercise Price: $80.00
    33       10,230  
VNO 130316P00075000
 
Expiration: March 2013, Exercise Price: $75.00
    6       1,470  
VNO 140118P00080000
 
Expiration: January 2014, Exercise Price: $80.00
    1       960  
   
Washington - REIT
               
WRE 121020P00025000
 
Expiration: October 2012, Exercise Price: $25.00
    30       225  
WRE 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    30       1,650  
                  33,457  
   
Restaurants
               
   
The Wendy's Company
               
WEN 130119P00005000
 
Expiration: January 2013, Exercise Price: $5.00
    750       45,000  
WEN 130216P00005000
 
Expiration: February 2013, Exercise Price: $5.00
    170       10,625  
                  55,625  
   
Satellite Telecommunication
               
   
DISH Network Corp. - Class A
               
DISH 130119P00026000
 
Expiration: January 2013, Exercise Price: $26.00
    25       1,937  
DISH 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    3       1,500  
                  3,437  
                     
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
               
   
CBOE Holdings Inc.
               
CBOE 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    122       2,745  
CBOE 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    25       3,438  
CBOE 140118P00027000
 
Expiration: January 2014, Exercise Price: $27.00
    60       12,300  
   
The Charles Schwab Corporation
               
SCHW 130119P00010000
 
Expiration: January 2013, Exercise Price: $10.00
    50       500  
SCHW 130119P00012500
 
Expiration: January 2013, Exercise Price: $12.50
    201       13,567  
SCHW 130119P00015000
 
Expiration: January 2013, Exercise Price: $15.00
    50       12,000  
   
CME Group Inc.
               
CME 130119P00044000
 
Expiration: January 2013, Exercise Price: $44.00
    10       300  
CME 130119P00048000
 
Expiration: January 2013, Exercise Price: $48.00
    40       2,400  
CME 130119P00052000
 
Expiration: January 2013, Exercise Price: $52.00
    30       3,450  
CME 140118P00048000
 
Expiration: January 2014, Exercise Price: $48.00
    10       4,100  
CME 140118P00052000
 
Expiration: January 2014, Exercise Price: $52.00
    2       1,100  
   
Interactive Brokers Group, Inc. - Class A
               
IBKR 130119P00013210
 
Expiration: January 2013, Exercise Price: $13.21
    50       1,875  
IBKR 140118P00013000
 
Expiration: January 2014, Exercise Price: $13.00
    180       20,700  
   
Invesco Ltd.
               
IVZ 130119P00019000
 
Expiration: January 2013, Exercise Price: $19.00
    55       1,238  
IVZ 130420P00023000
 
Expiration: April 2013, Exercise Price: $23.00
    47       7,402  
                  87,115  
   
Support Activities for Mining
               
   
Halliburton Company
               
HAL 130119P00032000
 
Expiration: January 2013, Exercise Price: $32.00
    11       1,804  
HAL 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    70       21,350  
HAL 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    45       16,650  
                  39,804  
   
Support Activities for Transportation
               
   
The Brink's Company
               
BCO 130316P00025000
 
Expiration: March 2013, Exercise Price: $25.00
    150       30,000  
   
Expeditors International of Washington, Inc.
               
EXPD 130119P00037500
 
Expiration: January 2013, Exercise Price: $37.50
    78       21,450  
EXPD 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    53       23,850  
   
Grupo Aeroportuario del Pacifico SAB de CV - ADR
               
PAC 121020P00035000
 
Expiration: October 2012, Exercise Price: $35.00
    25       313  
                  75,613  
   
Telecommunications
               
   
China Unicom (Hong Kong) Limited - ADR
               
CHU 121020P00016000
 
Expiration: October 2012, Exercise Price: $16.00
    57       1,995  
   
DIRECTV
               
DTV 140118P00050000
 
Expiration: January 2014, Exercise Price: $50.00
    2       1,020  
   
Verizon Communications Inc.
               
VZ 130119P00044000
 
Expiration: January 2013, Exercise Price: $44.00
    4       526  
VZ 130420P00040000
 
Expiration: April 2013, Exercise Price: $40.00
    45       4,343  
VZ 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    28       7,868  
VZ 140118P00042000
 
Expiration: January 2014, Exercise Price: $42.00
    23       8,280  
   
Vodafone Group PLC - ADR
               
VOD1 130119P00022500
 
Expiration: January 2013, Exercise Price: $22.50
    45       337  
VOD 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    49       613  
VOD 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    43       860  
VOD1 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    25       500  
VOD 130119P00026000
 
Expiration: January 2013, Exercise Price: $26.00
    3       112  
VOD 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    22       2,750  
                  29,204  
   
Transportation Equipment Manufacturing
               
   
The Boeing Company
               
BA 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    5       910  
BA 130119P00067500
 
Expiration: January 2013, Exercise Price: $67.50
    19       5,007  
BA 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    7       2,625  
BA 130216P00067500
 
Expiration: February 2013, Exercise Price: $67.50
    2       670  
BA 140118P00062500
 
Expiration: January 2014, Exercise Price: $62.50
    31       18,057  
BA 140118P00070000
 
Expiration: January 2014, Exercise Price: $70.00
    12       11,070  
BA 140118P00072500
 
Expiration: January 2014, Exercise Price: $72.50
    1       1,060  
   
Federal-Mogul Corporation
               
FDML 121020P00012500
 
Expiration: October 2012, Exercise Price: $12.50
    72       23,940  
FDML 121020P00015000
 
Expiration: October 2012, Exercise Price: $15.00
    50       29,250  
FDML 130420P00010000
 
Expiration: April 2013, Exercise Price: $10.00
    180       27,450  
   
General Dynamics Corporation
               
GD 130119P00062500
 
Expiration: January 2013, Exercise Price: $62.50
    22       4,015  
GD 130119P00065000
 
Expiration: January 2013, Exercise Price: $65.00
    30       8,100  
GD 140118P00060000
 
Expiration: January 2014, Exercise Price: $60.00
    10       5,550  
   
Lear Corporation
               
LEA 130316P00035000
 
Expiration: March 2013, Exercise Price: $35.00
    30       7,425  
   
Oshkosh Corporation
               
OSK 130119P00019000
 
Expiration: January 2013, Exercise Price: $19.00
    20       600  
OSK 130119P00020000
 
Expiration: January 2013, Exercise Price: $20.00
    75       3,000  
OSK 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    85       12,113  
   
Toyota Motor Corporation - ADR
               
TM 130119P00067500
 
Expiration: January 2013, Exercise Price: $67.50
    21       1,754  
TM 130119P00070000
 
Expiration: January 2013, Exercise Price: $70.00
    11       1,325  
TM 130119P00072500
 
Expiration: January 2013, Exercise Price: $72.50
    10       1,725  
TM 140118P00070000
 
Expiration: January 2014, Exercise Price: $70.00
    16       9,640  
TM 140118P00075000
 
Expiration: January 2014, Exercise Price: $75.00
    14       10,150  
                  185,436  
   
U.S. Equity Exchanges
               
   
The NASDAQ OMX Group, Inc.
               
NDAQ 130119P00022000
 
Expiration: January 2013, Exercise Price: $22.00
    55       4,400  
NDAQ 130119P00024000
 
Expiration: January 2013, Exercise Price: $24.00
    32       5,520  
NDAQ 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    66       15,510  
NDAQ 140118P00020000
 
Expiration: January 2014, Exercise Price: $20.00
    30       6,300  
   
NYSE Euronext
               
NYX 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    16       1,240  
NYX 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    141       22,701  
NYX 140118P00023000
 
Expiration: January 2014, Exercise Price: $23.00
    16       4,656  
NYX 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    4       1,590  
                  61,917  
   
Utilities
               
   
Cadiz Inc.
               
CDZI 121117P00007500
 
Expiration: November 2012, Exercise Price: $7.50
    232       6,380  
CDZI 121117P00010000
 
Expiration: November 2012, Exercise Price: $10.00
    45       5,288  
   
FirstEnergy Corp.
               
FE 130119P00035000
 
Expiration: January 2013, Exercise Price: $35.00
    10       100  
FE 130119P00038000
 
Expiration: January 2013, Exercise Price: $38.00
    28       630  
FE 130119P00040000
 
Expiration: January 2013, Exercise Price: $40.00
    45       1,800  
FE 130119P00043000
 
Expiration: January 2013, Exercise Price: $43.00
    31       3,720  
FE 140118P00040000
 
Expiration: January 2014, Exercise Price: $40.00
    13       4,193  
   
Huaneng Power International, Inc. - ADR
               
HNP 121117P00020000
 
Expiration: November 2012, Exercise Price: $20.00
    165       7,425  
HNP 121117P00022500
 
Expiration: November 2012, Exercise Price: $22.50
    11       2,310  
HNP 130216P00025000
 
Expiration: February 2013, Exercise Price: $25.00
    10       625  
   
National Grid PLC - ADR
               
NGG 121222P00050000
 
Expiration: December 2012, Exercise Price: $50.00
    20       850  
NGG 130316P00050000
 
Expiration: March 2013, Exercise Price: $50.00
    20       1,850  
   
PICO Holdings, Inc.
               
PICO 121020P00022500
 
Expiration: October 2012, Exercise Price: $22.50
    137       4,452  
   
Utilities Select Sector SPDR Fund
               
XLU 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    30       240  
XLU 130119P00031000
 
Expiration: January 2013, Exercise Price: $31.00
    12       2,550  
XLU 130119P00032000
 
Expiration: January 2013, Exercise Price: $32.00
    50       1,075  
   
Veolia Environnement - ADR
               
VE 121020P00012500
 
Expiration: October 2012, Exercise Price: $12.50
    219       36,682  
VE 130119P00010000
 
Expiration: January 2013, Exercise Price: $10.00
    25       1,250  
VE 130420P00010000
 
Expiration: April 2013, Exercise Price: $10.00
    140       10,850  
                  92,270  
   
Waste Management and Remediation Services
               
   
Republic Services, Inc.
               
RSG 121020P00025000
 
Expiration: October 2012, Exercise Price: $25.00
    100       750  
RSG 121020P00030000
 
Expiration: October 2012, Exercise Price: $30.00
    7       1,855  
RSG 130119P00025000
 
Expiration: January 2013, Exercise Price: $25.00
    42       1,785  
   
Waste Management, Inc.
               
WM 130119P00030000
 
Expiration: January 2013, Exercise Price: $30.00
    83       5,188  
WM 140118P00025000
 
Expiration: January 2014, Exercise Price: $25.00
    35       4,200  
WM 140118P00030000
 
Expiration: January 2014, Exercise Price: $30.00
    57       15,817  
                  29,595  
   
Water Transportation
               
   
Carnival Corporation
               
CCL 130119P00023000
 
Expiration: January 2013, Exercise Price: $23.00
    60       450  
                     
   
TOTAL PUT OPTIONS WRITTEN
               
   
(premiums received ($4,535,171))
          $ 2,763,860  
   
*
 
- 100 Shares Per Contract.
ADR
 
- American Depository Receipt.
ETF
 
- Exchange Traded Fund.
REIT
 
- Real Estate Investment Trust.
 
 
 
 
 
 
Disclosures about Derivative Instruments and Hedging Activities at September 30, 2012
 
The Portfolio has adopted enhanced disclosure regarding derivatives and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
 
 
 
As Would Be Reflected in the Statement of Assets and Liabilities
The following is a summary of the fair values of derivative instruments as of September 30, 2012:
 
Equity Contracts
Assets
 
Liabilities
 
Description
Fair Value
 
Description
 
Fair Value
Written Options
     
Written option contracts, at value
   
Total
 
-
     
$                  2,763,860
   
$                         -
     
$                  2,763,860
 
 
 
 
 
 
 
Summary of Fair Value Exposure  at September 30, 2012
 
Security Valuation
 
Master Portfolio securities that are listed on a U.S. 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 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 NYSE, “fair value” will be determined. Unlisted U.S. securities and listed U.S. securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Exchange traded options are 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 the composite option price is not available, the mean between the highest bid and the lowest asked quotations at the close of the exchanges will be used. If none of the above are available, exchange traded options are valued at the last quoted sales price. Non-exchange traded options for which over-the-counter quotations are not readily available are valued at the mean of the current bid and asked prices. Fixed-income securities (other than obligations having a maturity of 60 days or less) are normally valued on the basis of quotes obtained from pricing services, which take into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. 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. In determining the fair value of a security, the Board of Trustees 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 Advisor 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 Advisor; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets.
 
Various inputs are used in determining the value of the Master Portfolios' 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 a Master Portfolio 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 a Master Portfolio'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 Internet Portfolio
 
The following is a summary of the inputs used to value the The Internet Portfolio's net assets as of September 30, 2012:
 
Assets^
 
Level 1
   
Level 2
     
Level 3
     
Total
 
Common Stocks
  $ 114,398,798     $ 939,538 (1)     $ – * (2)     $ 115,338,336  
Escrow Notes
    –       –         – *       –  
Rights
    957,432       –         –         957,432  
Short-Term Investments
    32,530       955,000 +       –         987,530  
Investments Purchased with the Cash
                                   
   Proceeds from Securities Lending
    32,949,113       –         –         32,949,113  
Total Investments in Securities
  $ 148,337,873     $ 1,894,538       $ – *     $ 150,232,411  
   
(1) The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:
Administrative and Support Services
  $ 1,650  
Rental and Leasing Services
    933,120  
Telecommunications
    4,768  
    $ 939,538  
         
Transfer into Level 2
  $ 933,120  
 
Transfers were made out of Level 1 into Level 2 due to a decrease in market activity.
Transfers between levels are recognized at the end of the reporting period.
 
 
(2)      The Common Stocks Level 3 balance consists of the market value of the associated Level 3 investments in the following industry:    
         Special Purpose Entity
$                        –
*
         
 
 
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, 2011
  $ 25  
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    (25 )
Net purchases
    -  
Net sales
    -  
Transfer in and/or out of Level 3
    -  
Balance as of September 30, 2012
  $ - *
 
 
Description
 
Fair Value at 9/30/2012
   
Valuation Techniques
 
Unobservable Input
 
Range
 
Common Stocks
  $ - *  
Conservative Value Assigned Pending Bankruptcy Litigation Proceedings/Market Comparables
 
No active market
  $ 0.00-$0.00  
Escrow Notes
    - *  
Conservative Value Assigned Pending Bankruptcy Litigation Proceedings/Market Comparables
 
No active market
  $ 0.00-$0.00  
                         
There is no active market for the Level 3 securities, so a conservative value is being assigned until such time as a market exists
       
 
 
 
 
 
 
 
 
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, 2012:
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
  $ 5,960,336     $ –     $ –     $ 5,960,336  
Preferred Stocks
    257       –       –       257  
Rights
    7,956       –       – *     7,956  
Warrants
    312       –       –       312  
Short-Term Investments
    259,000       280,000 +     –       539,000  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    1,252,834       –       –       1,252,834  
Total Investments in Securities
  $ 7,480,695     $ 280,000     $ – *   $ 7,760,695  
 
For the period ended September 30, 2012, there were no transfers into or out of Level 1 or Level 2.
       
Transfers between levels are recognized at the end of the reporting period.
         
 
 
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, 2011
  $ 2,226  
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    (315 )
Net purchases
    - *
Net sales
    -  
Transfer in and/or out of Level 3
    (1,911 )
Balance as of September 30, 2012
  $ - *
 
Transfers were made out of Level 3 into Level 1 due to an increase in market activity.
           
 
 
Description
 
Fair Value at 9/30/2012
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Rights
  $ -  
Conservative Value Assigned/Market Comparables
 
No active market/Market Comparables
  $ 0.00-$0.00  
 
There is no active market for the Level 3 securities, so a conservative value is being assigned until such time as a market exists
       
 
 
 
 
 
 
 
The Paradigm Portfolio
 
The following is a summary of the inputs used to value the The Paradigm Portfolio's net assets as of September 30, 2012:
 
Assets^
 
Level 1
   
Level 2
         
Level 3
     
Total
 
Common Stocks
  $ 809,178,218     $ 25,548 (1)         $ – *(2)     $ 809,203,766  
Preferred Stocks
    45,152       –             –         45,152  
Convertible Bonds
    –       4,725,000             –         4,725,000  
Corporate Bonds
    –       –             – *       –  
Rights
    1,385,029       –             –         1,385,029  
Short-Term Investments
    14,965,202       40,000,000 +           –         54,965,202  
Investments Purchased with the Cash
                                       
   Proceeds from Securities Lending
    205,861,814       –             –         205,861,814  
Total Investments in Securities
  $ 1,031,435,415     $ 44,750,548           $ – *     $ 1,076,185,963  
   
 (1)     The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:
          Merchant Wholesalers, Nondurable Goods   $ 25,548  
   
   
(2)      The Common Stocks Level 3 balance consists of the market value of the associated Level 3 investments in the following industry:
     Credit Intermediation and Related Activities   $ – *
          Transfers out of Level 2 into Level 3   $ – *
 
Transfers were made out of Level 2 and into Level 3 due to a decrease in market activity.
Transfers between levels are recognized at the end of the reporting period.
 
 
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, 2011
  $ 390,177  
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    (54,893 )
Net purchases
    -  
Net sales
    -  
Transfer in and/or out of Level 3
    (335,284 )
Balance as of September 30, 2012
  $ - *
 
Transfers were made out of Level 3 into Level 1 due to an increase in market activity.
 
 
Description
 
Fair Value at 9/30/2012
   
Valuation Techniques
 
Unobservable Input
 
Range
 
Common Stocks
  $ - *  
Delisted-Acquired by the U.S. Government/Market Comparables
 
No active market/Market Comparables
  $ 0.00-$0.00  
Corporate Bonds
  $ - *  
Defaulted/Market Comparables
 
No active market/Market Comparables
  $ 0.00-$0.00  
 
There is no active market for the Level 3 securities, so a conservative value is being assigned until such time as a market exists
   
 
 
 
 
 
 
 
The Medical Portfolio
 
The following is a summary of the inputs used to value the The Medical Portfolio's net assets as of September 30, 2012:
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
  $ 19,025,099     $ –     $ –     $ 19,025,099  
Rights
    26,104       840       –       26,944  
Short-Term Investments
    37,749       185,000 +     –       222,749  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    6,971,137       –       –       6,971,137  
Total Investments in Securities
  $ 26,060,089     $ 185,840     $ –     $ 26,245,929  
 
For the period ended September 30, 2012, there were no transfers into or out of Level 1 or Level 2.
       
Transfers between levels are recognized at the end of the reporting period.
           
 
 
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, 2011
  $ - *
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    -  
Net purchases
    -  
Net sales
    - *
Transfer in and/or out of Level 3
    -  
Balance as of September 30, 2012
  $ -  
 
 
 
 
 
 
 
The Small Cap Opportunities Portfolio
 
The following is a summary of the inputs used to value the The Small Cap Opportunities Portfolio's net assets as of September 30, 2012:
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
  $ 79,846,058     $ 1,867,039 (1)   $ –     $ 81,713,097  
Corporate Bonds
    –       –       – *     –  
Rights
    422,610       –       –       422,610  
Short-Term Investments
    22,670       180,000   +     –       202,670  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    19,614,449       –       –       19,614,449  
Total Investments in Securities
  $ 99,905,787     $ 2,047,039     $ – *   $ 101,952,826  
   
(1) The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:  
 
Asset Management
  $ 1,787,961  
 
Oil and Gas Extraction
    930  
 
Rental and Leasing Services
    36,288  
 
Telecommunications
    41,860  
      $ 1,867,039  
           
 
Transfers into Level 2 from Level 1
  $ 36,288  
 
Transfers out of Level 2 into Level 1
    (45,248 )
 
Net transfers in and/or out of Level 2
  $ (8,960 )
 
Transfers were made into Level 2 from Level 1 due to a lack of market activity.
           
Transfers were made out of Level 2 and into Level 1 due to an increase in market activity.
           
Transfers between levels are recognized at the end of the reporting period.
           
 
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, 2011
  $ 3  
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    (3 )
Net purchases
    -  
Net sales
    -  
Transfer in and/or out of Level 3
    -  
Balance as of September 30, 2012
  $ - *
 
 
Description
 
Fair Value at 9/30/2012
   
Valuation Techniques
 
Unobservable Input
 
Range
 
Corporate Bonds
  $ - *  
Defaulted/Market Comparables
 
No active market/Market Comparables
  $ 0.00-$0.00  
 
There is no active market for the Level 3 securities, so a conservative value is being assigned until such time as a market exists
   
 
 
 
 
 
 
The Market Opportunities Portfolio
 
The following is a summary of the inputs used to value the The Market Opportunities Portfolio's net assets as of September 30, 2012:
 
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
  $ 38,310,857     $ 692,352 (1)   $ –  * (2)   $ 39,003,209  
Mutual Funds
    8,679       –       –       8,679  
Rights
    12,680       –       –       12,680  
Short-Term Investments
    2,123,000       2,145,000 +     –       4,268,000  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    9,842,689       –       –       9,842,689  
Total Investments in Securities
  $ 50,297,905     $ 2,837,352     $ –  *   $ 53,135,257  
   
(1) The Common Stocks Level 2 balance consists of the market value of the associated Level 2 investments in the following industries:
  Asset Management
  $ 688,094  
  Merchant Wholesalers, Nondurable Goods
    4,258  
    $ 692,352  
   
 (2) The Common Stocks Level 3 balance consists of the market value of the associated Level 3 investments in the following industry:
Credit Intermediation and Related Activities
  $ – *
Transfers out of Level 2 into Level 3
  $ – *
Transfers out of Level 2 into Level 1
    (336,222 )
Net transfers in and/or out of Level 2
  $ (336,222 )
 
Transfers between levels are recognized at the end of the reporting period.
           
Transfers were made out of Level 2 and into Level 1 due to an increase in market activity.
           
Transfers were made out of Level 2 and into Level 3 due to a decrease in market activity.
           
 
 
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, 2011
  $ -  
Accrued discounts/premiums
    -  
Realized gain (loss)
    -  
Change in unrealized appreciation (depreciation)
    -  
Net purchases
    -  
Net sales
    -  
Transfer in and/or out of Level 3
    - *
Balance as of September 30, 2012
  $ - *
 
 
Description
 
Fair Value at 9/30/2012
   
Valuation Techniques
 
Unobservable Input
 
Range
 
Common Stocks
  $ - *  
Delisted-Acquired by the U.S. Government/Market Comparables
 
No active market/Market Comparables
  $ 0.00-$0.00  
 
There is no active market for the Level 3 securities, so a conservative value is being assigned until such time as a market exists
   
 
 
 
 
 
 
 
The Water Infrastructure Portfolio
 
The following is a summary of the inputs used to value the The Water Infrastructure Portfolio's net assets as of September 30, 2012:
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
  $ 748,861     $ –     $ –     $ 748,861  
Convertible Bonds
    –       2,993,305       –       2,993,305  
Corporate Bonds
    –       3,798,364       –       3,798,364  
Warrants
    596       –       –       596  
Short-Term Investments
    33,000       –       –       33,000  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    361,957       –       –       361,957  
Total Investments in Securities
  $ 1,144,414     $ 6,791,669     $ –     $ 7,936,083  
 
Liabilities
                       
Written Options
  $ –     $ 61,393     $ –     $ 61,393  
                                 
Transfers out of Level 2 into Level 1
  $ 596                          
                                 
Transfers between levels are recognized at the end of the reporting period.
                         
 
 
 
 
 
 
 
The Multi-Disciplinary Portfolio
 
The following is a summary of the inputs used to value the The Multi-Disciplinary Portfolio's net assets as of September 30, 2012:
 
 
Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Convertible Bonds
  $ –     $ 31,129,484     $ –     $ 31,129,484  
Corporate Bonds
    –       12,941,414       –       12,941,414  
Municipal Bonds
    –       770,000       –       770,000  
Exchange Traded Funds
    1,240,662       –       –       1,240,662  
Mutual Funds
    238,021       –       –       238,021  
Short-Term Investments
    670,000       685,000 +     –       1,355,000  
Investments Purchased with the Cash
                               
   Proceeds from Securities Lending
    44,800       –       –       44,800  
Total Investments in Securities
  $ 2,193,483     $ 45,525,898     $ –     $ 47,719,381  
 
Liabilities
                       
Put Options Written
  $ –     $ 2,763,860     $ –     $ 2,763,860  
                                     
For the period ended September 30, 2012, there were no transfers into or out of Level 1 or Level 2.
                 
Transfers between levels are recognized at the end of the reporting period.
                         
                                 
*  
Amount is less than $0.50.
                               
^
 
See Portfolio of Investments for breakout of investments by industry classification.
                         
+  
Priced at amortized cost.
                               
 
 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).   Filed herewith.
 
 
 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)   Kinetics Mutual Funds, Inc. & Kinetics Portfolios Trust

By (Signature and Title)*  /s/ Peter B. Doyle                                                                                                            
   Peter B. Doyle, President

Date  November 29, 2012                                                                              



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*  /s/ Peter B. Doyle                                                                                                                    
   Peter B. Doyle, President

Date  November 29, 2012                                                                              

 
By (Signature and Title)*  /s/ Leonid Polyakov                                                                                              
   Leonid Polyakov, Treasurer

Date  November 29, 2012                                                                               
 

* Print the name and title of each signing officer under his or her signature.
 
 
 
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