# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-23-011860
**Filing Date:** 2023-2
**Character Count:** 22463
**Document Hash:** 080ad533ebd8d0449f4a1436d0cc97ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-011860.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-011860

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229
- **IRS NUMBER:** 223723753
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 23677095

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 9147036904

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

## Series and Classes Contracts Data

### Kinetics Paradigm Portfolio (Series ID: S000007853)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000021362 | Kinetics Paradigm Portfolio |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Kinetics Portfolios Trust

- **b. Investment Company Act file number:** 811-09923

- **c. CIK number of Registrant:** 0001113229

- **d. LEI of Registrant:** 254900ZCVXM48Q9D2T43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 470 Park Avenue South

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

  - **Telephone number:** 800-930-3828

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kinetics Paradigm Portfolio

- **b. EDGAR series identifier (if any):** S000007853

- **c. LEI of Series:** 254900GDEKCQIC3UD831

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1115825644.12

**Total Liabilities:** $2144706.10

**Net Assets:** $1113680938.02

**Amount of Assets Invested in Other Investment Companies:** $18006894.61

**Cash Not Reported:** $177664.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021362 | 28.52%               | 40.67%               | 29.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1152193.35              | $186231186.86                              |
| Month 2  | $2317643.09              | $102834833.02                              |
| Month 3  | $2028759.67              | $-98683382.93                              |

### Schedule of Portfolio Investments

| Name                           | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Civeo Corp                     | Civeo Corp                             | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    309200 | NS      | $9616120.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd         | Crimson Wine Group Ltd                 | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52762 | NS      | $295994.82    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                               | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     10000 | NS      | $414700.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp                          | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |     97600 | NS      | $1627968.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                            | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      7500 | NS      | $23596.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc        | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     99000 | NS      | $6395400.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                      | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $700800.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                     | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    170550 | NS      | $23276664.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                    | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |      7500 | NS      | $114300.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust BTC    | Grayscale Bitcoin Trust BTC            | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |   1946400 | NS      | $16135656.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust       | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $36.72        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The         | Howard Hughes Corp/The                 | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |    312050 | NS      | $23846861.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises LP           | Icahn Enterprises LP                   | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |    230650 | NS      | $11682422.50  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bollore SE                     | Bollore SE                             | CUSIP: N/A<br>LEI: 969500LEKCHH6VV86P94       | Long             | EC               | CORP              | FR        |      8300 | NS      | $46378.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc          | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       500 | NS      | $51295.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                   | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     18700 | NS      | $898909.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                 | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |      2900 | NS      | $219965.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                 | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    109900 | NS      | $8382073.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Sir | Liberty Media Corp-Liberty SiriusXM    | CUSIP: 531229409<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135100 | NS      | $5310781.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Sir | Liberty Media Corp-Liberty SiriusXM    | CUSIP: 531229607<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180650 | NS      | $7068834.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One | CUSIP: 531229854<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79400 | NS      | $4746532.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For | Liberty Media Corp-Liberty Formula One | CUSIP: 531229870<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88400 | NS      | $4723212.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    284550 | NS      | $19844517.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                    | Markel Corp                            | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       100 | NS      | $131749.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                           | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28500 | NS      | $513570.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| GMO internet group Inc         | GMO internet group Inc                 | CUSIP: N/A<br>LEI: 529900BFZEY3BESHBW90       | Long             | EC               | CORP              | JP        |     18000 | NS      | $338220.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Group Holding Co        | Morgan Group Holding Co                | CUSIP: 61735R203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5841 | NS      | $11682.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: —       |
| Onex Corp                      | Onex Corp                              | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |     83300 | NS      | $4007563.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumble Inc                     | Rumble Inc                             | CUSIP: 78137L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $4760.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| S&P Global Inc                 | S&P Global Inc                         | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       340 | NS      | $113879.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd             | Sandstorm Gold Ltd                     | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |     90000 | NS      | $473400.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                         | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |      1600 | NS      | $30144.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325836 | NS      | $763834526.28 | 68.59%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        | 108705156 | NS      | $108705155.93 | 9.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc              | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    178800 | NS      | $1695024.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                 | Wendy's Co/The                         | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    419400 | NS      | $9491022.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp           | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     48200 | NS      | $1883656.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                            | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      2200 | NS      | $6304.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp                    | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |      6400 | NS      | $322930.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Holdings Ltd    | Galaxy Digital Holdings Ltd            | CUSIP: N/A<br>LEI: 254900ULFH90UKBGDV65       | Long             | EC               | CORP              | US        |      1400 | NS      | $4001.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| DREAM Unlimited Corp           | DREAM Unlimited Corp                   | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |    153700 | NS      | $2886699.41   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                 | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     60000 | NS      | $961595.27    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS I   | Partners Value Investments LP          | CUSIP: 70214M114<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |       800 | NS      | $3663.22      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Partners Value Investments LP  | Partners Value Investments LP          | CUSIP: 70214T119<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       800 | NS      | $38404.73     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVEST LP       | Partners Value Investments LP          | CUSIP: 70214T101<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |       217 | NS      | $4123.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Brookfield Business Partners L | Brookfield Business Partners LP        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      3500 | NS      | $59360.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Part | Brookfield Infrastructure Partners LP  | CUSIP: N/A<br>LEI: 549300WEH5R2OODI7Y90       | Long             | EC               | CORP              | CA        |     51750 | NS      | $1603732.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Siem Industries Inc            | Siem Industries Inc                    | CUSIP: N/A<br>LEI: 549300N2HGK6EBHM3F03       | Long             | EC               | CORP              | KY        |     26300 | NS      | $604900.00    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Core Laboratories NV           | Core Laboratories NV                   | CUSIP: N/A<br>LEI: 724500MDYY5VBSAF5W50       | Long             | EC               | CORP              | NL        |       400 | NS      | $8108.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd            | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |      8000 | NS      | $395440.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                           | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |    101500 | NS      | $3969637.07   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc           | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    260290 | NS      | $10929577.10  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                        | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    820750 | NS      | $25820795.00  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp | Brookfield Infrastructure Corp         | CUSIP: 11275Q107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      7350 | NS      | $285915.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd        | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    205187 | NS      | $5882711.29   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     63200 | NS      | $7929704.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      9600 | NS      | $1614336.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                 | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     46150 | NS      | $13872228.50  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                          | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    150400 | NS      | $1212224.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President