# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-23-011857
**Filing Date:** 2023-2
**Character Count:** 24655
**Document Hash:** 0635c9719d881711dd8c9d7c6ba8be1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-011857.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-011857

**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:** 23677097

**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 Market Opportunities Portfolio (Series ID: S000007856)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000021365 | Kinetics Market Opportunities 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 Market Opportunities Portfolio

- **b. EDGAR series identifier (if any):** S000007856

- **c. LEI of Series:** 254900AHXGD8TITML653

**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:** $142361192.99

**Total Liabilities:** $2381444.25

**Net Assets:** $139979748.74

**Amount of Assets Invested in Other Investment Companies:** $3879111.13

**Cash Not Reported:** $3484.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021365 | 14.73%               | 22.70%               | 15.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-24286.74               | $20359220.26                               |
| Month 2  | $9282.80                 | $9856536.67                                |
| Month 3  | $21537.81                | $-9706534.94                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A-Mark Precious Metals Inc           | A-Mark Precious Metals Inc                    | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      3200 | NS      | $111136.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                         | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     31100 | NS      | $1216312.44   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc         | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     75941 | NS      | $3188762.59   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkt Holdings Inc                   | Bakkt Holdings Inc                            | CUSIP: 05759B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $119.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Brookfield Corp                      | Brookfield Corp                               | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      3600 | NS      | $113256.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt       | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       906 | NS      | $25975.02     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc              | Cboe Global Markets Inc                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      7806 | NS      | $979418.82    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                        | CME Group Inc                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5800 | NS      | $975328.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc               | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       300 | NS      | $90177.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                           | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |     11466 | NS      | $356592.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd               | Crimson Wine Group Ltd                        | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2800 | NS      | $15708.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                          | Dundee Corp                                   | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |      1800 | NS      | $1872.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                             | eBay Inc                                      | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      2400 | NS      | $99528.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     17600 | NS      | $55373.71     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                   | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      9444 | NS      | $1288917.12   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                  | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     61600 | NS      | $938784.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co              | Arthur J Gallagher & Co                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       400 | NS      | $75416.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust BTC          | Grayscale Bitcoin Trust BTC                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    598874 | NS      | $4964665.46   | 3.55%             |  |  |  | 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      |
| Hellenic Exchanges - Athens St       | Hellenic Exchanges - Athens Stock Exchange SA | CUSIP: N/A<br>LEI: 549300GSRN07MNENPL97       | Long             | EC               | CORP              | GR        |       800 | NS      | $2654.71      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The               | Howard Hughes Corp/The                        | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |      2200 | NS      | $168124.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc        | Intercontinental Exchange Inc                 | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     12900 | NS      | $1323411.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc             | Japan Exchange Group Inc                      | CUSIP: 471059105<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      7200 | NS      | $51624.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| MarketAxess Holdings Inc             | MarketAxess Holdings Inc                      | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        48 | NS      | $13386.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                       | Mastercard Inc                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1000 | NS      | $347730.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                         | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32342 | NS      | $582802.84    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| ASX Ltd                              | ASX Ltd                                       | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |      4400 | NS      | $203770.55    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Group Holding Co              | Morgan Group Holding Co                       | CUSIP: 61735R203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       872 | NS      | $1744.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq Inc                           | Nasdaq Inc                                    | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7200 | NS      | $441720.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                              | NZX Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    364202 | NS      | $279790.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc                | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       400 | NS      | $22760.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                   | Deutsche Boerse AG                            | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1800 | NS      | $310985.99    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust          | Permian Basin Royalty Trust                   | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79450 | NS      | $2002140.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: —       |
| ProShares Short VIX Short-Term       | ProShares Short VIX Short-Term Futures ETF    | CUSIP: 74347W130<br>LEI: 549300Q4G1Z8K7HCIM83 | Long             | EC               | RF                | US        |       200 | NS      | $11736.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumble Inc                           | Rumble Inc                                    | CUSIP: 78137L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $2380.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| S&P Global Inc                       | S&P Global Inc                                | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       113 | NS      | $37848.22     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                   | Sandstorm Gold Ltd                            | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |     65000 | NS      | $341900.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati       | Science Applications International Corp       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       200 | NS      | $22186.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SEARS HOLDINGS CORP                  | Sears Holdings Corp                           | CUSIP: 812350AG1<br>LEI: 549300KWWR4P1RYUVG65 | Long             | DBT              | CORP              | US        |      5720 | PA      | $0.00         | 0.00%             | 2019-12-15      | None          | 8.00%                 | No            |                  3 | On Loan: No      |
| Tejon Ranch Co                       | Tejon Ranch Co                                | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     10400 | NS      | $195936.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp              | Texas Pacific Land Corp                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36328 | NS      | $85161187.44  | 60.84%            |  |  |  | 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        |  29579886 | NS      | $29579885.79  | 21.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                             | Visa Inc                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4000 | NS      | $831040.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp         | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      2000 | NS      | $78160.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                       | WisdomTree Inc                                | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |       100 | NS      | $545.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL       | London Stock Exchange Group PLC               | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       600 | NS      | $51762.66     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd             | Wilmar International Ltd                      | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |       100 | NS      | $311.33       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |    365542 | NS      | $1047491.11   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                        | TMX Group Ltd                                 | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |      3600 | NS      | $360319.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Holdings Ltd          | Galaxy Digital Holdings Ltd                   | CUSIP: N/A<br>LEI: 254900ULFH90UKBGDV65       | Long             | EC               | CORP              | US        |    114000 | NS      | $325834.56    | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| TerraVest Industries Inc             | TerraVest Industries Inc                      | CUSIP: 88105G103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       332 | NS      | $6765.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGLEAGUE                            | BIGLEAGUE                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2455 | NS      | $135025.00    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Sprott Inc                           | Sprott Inc                                    | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |      4115 | NS      | $136883.01    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DREAM Unlimited Corp                 | DREAM Unlimited Corp                          | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |      8595 | NS      | $161426.03    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd               | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |       200 | NS      | $3205.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                          | Euronext NV                                   | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2520 | NS      | $186560.76    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS I         | Partners Value Investments LP                 | CUSIP: 70214M114<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     43516 | NS      | $199260.86    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Partners Value Investments LP        | Partners Value Investments LP                 | CUSIP: 70214T119<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     43516 | NS      | $2089025.11   | 1.49%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVEST LP             | Partners Value Investments LP                 | CUSIP: 70214T101<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     11832 | NS      | $224808.01    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Brookfield Reinsurance Ltd           | Brookfield Reinsurance Ltd                    | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EP               | CORP              | CA        |        24 | NS      | $750.96       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                  | Burford Capital Ltd                           | CUSIP: G17977110<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | US        |       100 | NS      | $815.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS INC     | MIAMI INTERNATIONAL HOLDINGS INC              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     95000 | NS      | $747650.00    | 0.53%             |  |  |  | No            |                  3 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS WARRANT | MIAMI INTERNATIONAL HOLDINGS WARRANT          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     14469 | NS      | $29661.45     | 0.02%             |  |  |  | No            |                  3 | 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