# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-25-013910
**Filing Date:** 2025-11
**Character Count:** 55366
**Document Hash:** c5ad2afa8040a26afba0e7fc3d5c83b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013910.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0000894189-25-013910

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229

**ORGANIZATION NAME:**
- **EIN:** 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:** 251493434

**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 Global Portfolio (Series ID: S000007852)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021361 | Kinetics Global Portfolio |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Kinetics Global Portfolio** | **Kinetics Global Portfolio** | **Kinetics Global Portfolio** | **Kinetics Global Portfolio** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 58.9%** | **COMMON STOCKS - 58.9%** | **Shares** | **Value**  |
| **Accommodation - 0.2%** | **Accommodation - 0.2%** | **Accommodation - 0.2%** | |
| Civeo Corp. | Civeo Corp. | 5400 | $124200 |
| **Administrative and Support Services - 0.0%<sup>(a)</sup>** | **Administrative and Support Services - 0.0%<sup>(a)</sup>** | **Administrative and Support Services - 0.0%<sup>(a)</sup>** |  |
| RB Global, Inc. | RB Global, Inc. | 200 | 21672 |
| **Aerospace and Defense - 0.3%** | **Aerospace and Defense - 0.3%** | **Aerospace and Defense - 0.3%** |  |
| Booz Allen Hamilton Holding Corp. | Booz Allen Hamilton Holding Corp. | 1600 | 159920 |
| Elbit Systems Ltd. | Elbit Systems Ltd. | 10 | 5098 |
|  |  |  | 165018 |
| **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(a)</sup>** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(a)</sup>** | **Agencies, Brokerages, and Other Insurance Related Activities - 0.0%<sup>(a)</sup>** |  |
| Brookfield Wealth Solutions Ltd. | Brookfield Wealth Solutions Ltd. | 232 | 15890 |
| **Asset Management - 3.2%** | **Asset Management - 3.2%** | **Asset Management - 3.2%** |  |
| Investor AB <sup>(b)</sup> | Investor AB <sup>(b)</sup> | 67200 | 2098929 |
| **Chemical Manufacturing - 0.0%<sup>(a)</sup>** | **Chemical Manufacturing - 0.0%<sup>(a)</sup>** | **Chemical Manufacturing - 0.0%<sup>(a)</sup>** |  |
| Resonac Holdings Corp. | Resonac Holdings Corp. | 600 | 20371 |
| **Diversified Real Estate Activities - 0.8%** | **Diversified Real Estate Activities - 0.8%** | **Diversified Real Estate Activities - 0.8%** |  |
| PrairieSky Royalty Ltd. | PrairieSky Royalty Ltd. | 27200 | 504638 |
| **Electric Power Generation, Transmission and Distribution - 4.4%** | **Electric Power Generation, Transmission and Distribution - 4.4%** | **Electric Power Generation, Transmission and Distribution - 4.4%** |  |
| Hawaiian Electric Industries, Inc. <sup>(b)</sup> | Hawaiian Electric Industries, Inc. <sup>(b)</sup> | 260000 | 2870400 |
| **Entertainment - 1.3%** | **Entertainment - 1.3%** | **Entertainment - 1.3%** |  |
| IG Port, Inc. | IG Port, Inc. | 83200 | 863590 |
| **Financial Services - 3.7%** | **Financial Services - 3.7%** | **Financial Services - 3.7%** |  |
| Hellenic Exchanges - Athens Stock Exchange SA | Hellenic Exchanges - Athens Stock Exchange SA | 310400 | 2419790 |
| Kinnevik AB <sup>(b)</sup> | Kinnevik AB <sup>(b)</sup> | 200 | 1776 |
| Value Partners Group Ltd. | Value Partners Group Ltd. | 10000 | 3392 |
|  |  |  | 2424958 |
| **Funds, Trusts, and Other Financial Vehicles - 0.9%** | **Funds, Trusts, and Other Financial Vehicles - 0.9%** | **Funds, Trusts, and Other Financial Vehicles - 0.9%** |  |
| Mesabi Trust <sup>(c)</sup> | Mesabi Trust <sup>(c)</sup> | 20918 | 612270 |
| **Global Exchanges - 0.8%** | **Global Exchanges - 0.8%** | **Global Exchanges - 0.8%** |  |
| ASX Ltd. | ASX Ltd. | 800 | 31015 |
| B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | 30000 | 75250 |
| Deutsche Boerse AG | Deutsche Boerse AG | 600 | 160681 |
| Euronext NV <sup>(d)</sup> | Euronext NV <sup>(d)</sup> | 1120 | 167524 |
| Japan Exchange Group, Inc. - ADR <sup>(c)</sup> | Japan Exchange Group, Inc. - ADR <sup>(c)</sup> | 3900 | 43290 |
| NZX Ltd. | NZX Ltd. | 38000 | 30512 |
|  |  |  | 508272 |
| **Hospitality and Tourism - 0.4%** | **Hospitality and Tourism - 0.4%** | **Hospitality and Tourism - 0.4%** |  |
| Carnival Corp. <sup>(b)</sup> | Carnival Corp. <sup>(b)</sup> | 4200 | 121422 |
| Norwegian Cruise Line Holdings Ltd. <sup>(b)</sup> | Norwegian Cruise Line Holdings Ltd. <sup>(b)</sup> | 2000 | 49260 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | 200 | 64716 |
|  |  |  | 235398 |
| **Insurance Carriers - 0.0%<sup>(a)</sup>** | **Insurance Carriers - 0.0%<sup>(a)</sup>** | **Insurance Carriers - 0.0%<sup>(a)</sup>** |  |
| Fairfax Financial Holdings Limited | Fairfax Financial Holdings Limited | 4 | 6993 |
| **Legal Services - 0.1%** | **Legal Services - 0.1%** | **Legal Services - 0.1%** |  |
| CRA International, Inc. | CRA International, Inc. | 220 | 45877 |
| **Live Sports (Spectator Sports) - 0.2%** | **Live Sports (Spectator Sports) - 0.2%** | **Live Sports (Spectator Sports) - 0.2%** |  |
| BIGLEAGUE <sup>(b)(e)</sup> | BIGLEAGUE <sup>(b)(e)</sup> | 1818 | 110116 |
| **Management of Companies and Enterprises - 8.6%** | **Management of Companies and Enterprises - 8.6%** | **Management of Companies and Enterprises - 8.6%** |  |
| Associated Capital Group, Inc. - Class A | Associated Capital Group, Inc. - Class A | 13300 | 445949 |
| Fairfax India Holdings Corp. <sup>(b)(d)</sup> | Fairfax India Holdings Corp. <sup>(b)(d)</sup> | 157200 | 2711700 |
| Valterra Platinum Ltd. - ADR | Valterra Platinum Ltd. - ADR | 736 | 8685 |
| White Mountains Insurance Group Ltd. | White Mountains Insurance Group Ltd. | 1458 | 2437076 |
|  |  |  | 5603410 |
| **Management, Scientific, and Technical Consulting Services - 0.1%** | **Management, Scientific, and Technical Consulting Services - 0.1%** | **Management, Scientific, and Technical Consulting Services - 0.1%** |  |
| CACI International, Inc. - Class A <sup>(b)</sup> | CACI International, Inc. - Class A <sup>(b)</sup> | 100 | 49878 |
| **Media - 2.1%** | **Media - 2.1%** | **Media - 2.1%** |  |
| AlphaPolis Co. Ltd. | AlphaPolis Co. Ltd. | 36400 | 392343 |
| Nippon BS Broadcasting Corp. | Nippon BS Broadcasting Corp. | 2000 | 14173 |
| Nippon Television Holdings, Inc. | Nippon Television Holdings, Inc. | 25000 | 667072 |
| Toei Animation Co. Ltd. | Toei Animation Co. Ltd. | 14000 | 288738 |
|  |  |  | 1362326 |
| **Mining (except Oil and Gas) - 6.8%** | **Mining (except Oil and Gas) - 6.8%** | **Mining (except Oil and Gas) - 6.8%** |  |
| Franco-Nevada Corp. | Franco-Nevada Corp. | 4800 | 1069968 |
| Sandstorm Gold Ltd. | Sandstorm Gold Ltd. | 90000 | 1126800 |
| Wheaton Precious Metals Corp. | Wheaton Precious Metals Corp. | 20000 | 2236800 |
|  |  |  | 4433568 |
| **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0%<sup>(a)</sup>** |  |
| AutoNation, Inc. <sup>(b)</sup> | AutoNation, Inc. <sup>(b)</sup> | 40 | 8751 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | 30 | 5217 |
|  |  |  | 13968 |
| **Nonmetallic Mineral Mining and Quarrying - 0.1%** | **Nonmetallic Mineral Mining and Quarrying - 0.1%** | **Nonmetallic Mineral Mining and Quarrying - 0.1%** |  |
| Anglo American PLC - ADR | Anglo American PLC - ADR | 2113 | 40126 |
| **Nonmetallic Mineral Product Manufacturing - 0.2%** | **Nonmetallic Mineral Product Manufacturing - 0.2%** | **Nonmetallic Mineral Product Manufacturing - 0.2%** |  |
| Eagle Materials, Inc. | Eagle Materials, Inc. | 418 | 97411 |
| **Oil and Gas Extraction - 13.6%** | **Oil and Gas Extraction - 13.6%** | **Oil and Gas Extraction - 13.6%** |  |
| EQT Corp. | EQT Corp. | 12 | 653 |
| Permian Basin Royalty Trust <sup>(c)</sup> | Permian Basin Royalty Trust <sup>(c)</sup> | 40000 | 730000 |
| Texas Pacific Land Corp. | Texas Pacific Land Corp. | 8634 | 8061048 |
|  |  |  | 8791701 |
| **Other Crop Farming - 0.0%<sup>(a)</sup>** | **Other Crop Farming - 0.0%<sup>(a)</sup>** | **Other Crop Farming - 0.0%<sup>(a)</sup>** |  |
| J G Boswell Co. | J G Boswell Co. | 54 | 26986 |
| **Other Financial Investment Activities - 3.8%** | **Other Financial Investment Activities - 3.8%** | **Other Financial Investment Activities - 3.8%** |  |
| Galaxy Digital, Inc. - Class A <sup>(b)</sup> | Galaxy Digital, Inc. - Class A <sup>(b)</sup> | 54000 | 1825740 |
| GAMCO Investors, Inc. - Class A | GAMCO Investors, Inc. - Class A | 26010 | 604212 |
|  |  |  | 2429952 |
| **Other Investment Pools and Funds - 1.5%** | **Other Investment Pools and Funds - 1.5%** | **Other Investment Pools and Funds - 1.5%** |  |
| Partners Value Investments LP <sup>(b)</sup> | Partners Value Investments LP <sup>(b)</sup> | 21930 | 283481 |
| Urbana Corp. | Urbana Corp. | 72960 | 398955 |
| Urbana Corp. - Class A | Urbana Corp. - Class A | 57400 | 301085 |
|  |  |  | 983521 |
| **Real Estate - 0.0%<sup>(a)</sup>** | **Real Estate - 0.0%<sup>(a)</sup>** | **Real Estate - 0.0%<sup>(a)</sup>** |  |
| Tejon Ranch Co. <sup>(b)</sup> | Tejon Ranch Co. <sup>(b)</sup> | 800 | 12784 |
| **Securities and Commodities Exchanges - 0.4%** | **Securities and Commodities Exchanges - 0.4%** | **Securities and Commodities Exchanges - 0.4%** |  |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | 200 | 49050 |
| CME Group, Inc. | CME Group, Inc. | 200 | 54038 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | 500 | 84240 |
| TXSE Group, Inc. <sup>(b)(e)</sup> | TXSE Group, Inc. <sup>(b)(e)</sup> | 4350 | 100050 |
|  |  |  | 287378 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.5%** |  |
| Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | 400 | 22776 |
| Brookfield Corp. | Brookfield Corp. | 4000 | 274320 |
| OTC Markets Group, Inc. - Class A | OTC Markets Group, Inc. - Class A | 400 | 21200 |
|  |  |  | 318296 |
| **Support Activities for Mining - 0.2%** | **Support Activities for Mining - 0.2%** | **Support Activities for Mining - 0.2%** |  |
| Aris Water Solutions, Inc. - Class A | Aris Water Solutions, Inc. - Class A | 5600 | 138096 |
| Core Laboratories, Inc. | Core Laboratories, Inc. | 200 | 2472 |
| Liberty Energy, Inc. | Liberty Energy, Inc. | 200 | 2468 |
|  |  |  | 143036 |
| **Support Activities for Water Transportation - 3.9%** | **Support Activities for Water Transportation - 3.9%** | **Support Activities for Water Transportation - 3.9%** |  |
| Clarkson PLC | Clarkson PLC | 9000 | 444220 |
| Landbridge Co. LLC - Class A | Landbridge Co. LLC - Class A | 35000 | 1867250 |
| Siem Industries, Inc. <sup>(b)</sup> | Siem Industries, Inc. <sup>(b)</sup> | 5500 | 192500 |
|  |  |  | 2503970 |
| **Technology Services and Software - 0.8%** | **Technology Services and Software - 0.8%** | **Technology Services and Software - 0.8%** |  |
| SB Technology, Inc. <sup>(b)(e)</sup> | SB Technology, Inc. <sup>(b)(e)</sup> | 29053 | 500002 |
| **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** | **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** | **Water, Sewage and Other Systems - 0.0%<sup>(a)</sup>** |  |
| Pure Cycle Corp. <sup>(b)</sup> | Pure Cycle Corp. <sup>(b)</sup> | 800 | 8856 |
| **TOTAL COMMON STOCKS** (Cost $25,820,432) | **TOTAL COMMON STOCKS** (Cost $25,820,432) | **TOTAL COMMON STOCKS** (Cost $25,820,432) | 38235761 |
| **UNIT INVESTMENT TRUSTS - 23.7%** | **UNIT INVESTMENT TRUSTS - 23.7%** | **Shares** | **Value**  |
| Grayscale Bitcoin Mini Trust ETF <sup>(b)</sup> | Grayscale Bitcoin Mini Trust ETF <sup>(b)</sup> | 30704 | 1554544 |
| Grayscale Bitcoin Trust ETF <sup>(b)</sup> | Grayscale Bitcoin Trust ETF <sup>(b)</sup> | 153520 | 13781490 |
| Grayscale Ethereum Classic Trust <sup>(b)</sup> | Grayscale Ethereum Classic Trust <sup>(b)</sup> | 24 | 227 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $343,860) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $343,860) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $343,860) | 15336261 |
| **WARRANTS - 0.1%** | **WARRANTS - 0.1%** | **Contracts** | **Value**  |
| **Other Investment Pools and Funds *-* 0.1%** | **Other Investment Pools and Funds *-* 0.1%** | **Other Investment Pools and Funds *-* 0.1%** |  |
| Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(b)</sup> | Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(b)</sup> | 3493 | 82450 |
| **TOTAL WARRANTS** (Cost $19,638) | **TOTAL WARRANTS** (Cost $19,638) | **TOTAL WARRANTS** (Cost $19,638) | 82450 |
| **PREFERRED STOCKS - 0.0%<sup>(a)</sup>** | **PREFERRED STOCKS - 0.0%<sup>(a)</sup>** | **Shares** | **Value**  |
| **Financial Services - 0.0%<sup>(a)</sup>** | **Financial Services - 0.0%<sup>(a)</sup>** | **Financial Services - 0.0%<sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 4.50%, Perpetual <sup>(b)</sup> | Partners Value Investments LP, Series 1\*, 4.50%, Perpetual <sup>(b)</sup> | 515 | 11974 |
| **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** | **Other Investment Pools and Funds - 0.0%<sup>(a)</sup>** |  |
|  Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 <sup>(b)</sup> | Partners Value Investments LP, Series 1\*, 0.16%, 11/27/2030 <sup>(b)</sup> | 2193 | 1623 |
| **TOTAL PREFERRED STOCKS** (Cost $12,301) | **TOTAL PREFERRED STOCKS** (Cost $12,301) | **TOTAL PREFERRED STOCKS** (Cost $12,301) | 13597 |
| **CONVERTIBLE BONDS - 0.0%<sup>(a)</sup>** | **CONVERTIBLE BONDS - 0.0%<sup>(a)</sup>** | **Par** | **Value**  |
| **Department Stores - 0.0%<sup>(a)</sup>** | **Department Stores - 0.0%<sup>(a)</sup>** | **Department Stores - 0.0%<sup>(a)</sup>** | **Department Stores - 0.0%<sup>(a)</sup>** |
|  Sears Holdings Corp., 8.00%, 12/15/2019 <sup>(e)(f)</sup> | Sears Holdings Corp., 8.00%, 12/15/2019 <sup>(e)(f)</sup> | 41080 | 0 |
| **TOTAL CONVERTIBLE BONDS** (Cost $41,080) | **TOTAL CONVERTIBLE BONDS** (Cost $41,080) | **TOTAL CONVERTIBLE BONDS** (Cost $41,080) | 0 |
| **TOTAL INVESTMENTS - 82.7% (**Cost $26,237,311**)** | **TOTAL INVESTMENTS - 82.7% (**Cost $26,237,311**)** | **TOTAL INVESTMENTS - 82.7% (**Cost $26,237,311**)** | 53668069 |
| Money Market Deposit Account - 18.4% <sup>(g)(h)</sup> | Money Market Deposit Account - 18.4% <sup>(g)(h)</sup> | Money Market Deposit Account - 18.4% <sup>(g)(h)</sup> | 11910958 |
| Liabilities in Excess of Other Assets - (1.1)% | Liabilities in Excess of Other Assets - (1.1)% | Liabilities in Excess of Other Assets - (1.1)% | (706529) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $64872498 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

(a) Represents less than 0.05% of net assets.

(b) Non-income producing security.

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $653,892.

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $2,879,224 or 4.4% of the Fund's net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $710,168 or 1.1% of net assets as of September 30, 2025.

(f) Issuer is currently in default.

(g) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.99%.

(h) All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of September 30, 2025 is $664,819
 which represented 1.0% of net assets.

------

#### Security Valuation

Master Portfolios and Spin-off Fund equity securities that are listed on a securities exchange for which market quotations are readily available are valued at the last quoted sale price on the day the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded. All equity securities, including exchange-traded funds, that are traded using the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") are valued using the NASDAQ Official Closing Price ("NOCP"). In the event market quotations are not readily available or if events occur that may materially affect the value of a particular security between the time trading ends on a particular security and the close of regular trading on the New York Stock Exchange ("NYSE"), "fair value" will be determined. Unlisted equity securities and listed equity securities not traded on the valuation date for which market quotations are readily available are valued at the last bid price. Futures, options on futures and swap contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or over-the-counter markets and are freely transferable will be valued at the composite price, using the National Best Bid and Offer quotes ("NBBO"). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace.

Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. If a composite option price is not available, then a quote provided by one of the authorized pricing vendors will be used. If neither a composite price nor a quote from an authorized pricing provider is available, and it is the day of expiration or post-expiration, expiring options will be priced at intrinsic value. Non-exchange-traded options for which over-the-counter quotations are not readily available are valued at the mean between the last bid and asked quotations. Debt obligations (including convertible securities) that are either investment grade or below investment grade and irrespective of days to maturity are valued at evaluated mean by one of the authorized third party pricing agents which rely on various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Certain instruments, such as repurchase agreements and demand notes, do not have values from third parties and are valued at amortized cost. Investments in registered open-end investment companies (including money market funds), other than exchange-traded funds, are valued at their reported net asset value ("NAV").

Other assets and securities for which no quotations are readily available (including restricted securities) will be valued in good faith at fair value using methods determined by the Board of Trustees of the Master Portfolios and the Board of Directors of the Spin-off Fund. In determining the fair value of a security, the Board of Trustees/Directors shall take into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of the portfolio manager of the Portfolios with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by third parties independent of the Adviser; (vii) the liquidity or illiquidity of the market for the security; and (viii) the value of a foreign security traded on other foreign markets. At September 30, 2025, 2.35%, 1.09%, 0.23%, 0.82%, 1.21% and 0.45% of the net assets of The Internet Portfolio, The Global Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Market Opportunities Portfolio and The Kinetics Spin-Off and Corporate Restructuring Fund , respectively, were fair valued securities. The other Master Portfolio did not hold any fair-valued securities at September 30, 2025.

#### Summary of Fair Value Exposure

Various inputs are used in determining the value of Master Portfolio's and Spin-off Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that Master Portfolio's and Spin-off Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Master Portfolio's and Spin-off Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value the Global Portfolio's net assets as of September 30, 2025: |
| **<u>Assets^</u>** | **Level 1** |  | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $37525593 |  | $– | $710168 | $38235761 |
| Unit Investment Trust | 15336261 |  | – | – | 15336261 |
| Warrants | 82450 |  | – | – | 82450 |
| Preferred Stocks | – |  | 13597 | – | 13597 |
| Convertible Bonds | – |  | – | –<br> \* | – |
| Total Investments in Securities | $52944304 |  | $13597 | $710168 | $53668069 |
| During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. | During the period ended September 30, 2025, there were no transfers into or out of Level 3. |  |  |
| Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: | Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
| **<u>Description</u>** | **Investments in**<br> **Securities** |  |  |  |  |
| Balance as of December 31, 2024 | $99990 |  |  |  |  |
| Accrued discounts/premiums | - |  |  |  |  |
| Realized gain (loss) | - |  |  |  |  |
| Change in unrealized appreciation (depreciation) | 10126 | \*\*\* |  |  |  |
| Net purchases and/or acquisitions | 600052 |  |  |  |  |
| Net sales and/or write-offs | - |  |  |  |  |
| Transfer in and/or out of Level 3 | - |  |  |  |  |
| Balance as of September 30, 2025 | $710168 |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at**<br> **6/30/2025** | **Valuation**<br> **Techniques** | **Unobservable**<br> **Input** | **Range\*\*** |
| Common Stocks | $110116 | Cost Approach | Precedent Transaction | $55.00 - $60.57 |
| Convertible Bonds | $-<br> \* | Asset Liquidation Analysis | Liquidation Proceeds | $0.00 - $0.00 |
| Common Stocks | $500002 | Cost Approach | Precedent Transaction | $17.21 - $17.21 |
| Common Stocks | $100050 | Cost Approach | Precedent Transaction | $23.00 - $23.00 |

---

---

| | |
|:---|:---|
| ^ | See Consolidated Portfolio of Investments for breakout of investments by industry classification. |
| \* | Amount is less than $0.50. |
| \*\* | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| \*\*\* | Total change in unrealized appreciation/depreciation) relating to Level 3 investment assets and investment liabilities still held by the Fund at September 30, 2025 is $10,126. |

---

## 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 Global Portfolio

- **b. EDGAR series identifier (if any):** S000007852

- **c. LEI of Series:** 254900060RMJNL198823

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $65783641.81

**Total Liabilities:** $911196.94

**Net Assets:** $64872444.87

**Amount of Assets Invested in Other Investment Companies:** $3758364.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021361 | 8.23%                | 7.60%                | 9.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1752.84                 | $525511.01                                 |
| Month 2  | $-135.69                 | $-284079.88                                |
| Month 3  | $20.50                   | $980880.06                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clarkson PLC                   | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |      9000 | NS      | $444220.29    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC             | Anglo American PLC                            | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      2113 | NS      | $40125.87     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc       | Aris Water Solutions Inc                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5600 | NS      | $138096.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     13300 | NS      | $445949.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        40 | NS      | $8750.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp              | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      1600 | NS      | $159920.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                 | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |        54 | NS      | $26985.96     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                               | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      4000 | NS      | $274320.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |       400 | NS      | $22776.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       200 | NS      | $49050.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       200 | NS      | $54038.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       220 | NS      | $45876.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       100 | NS      | $49878.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      4200 | NS      | $121422.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      5400 | NS      | $124200.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc          | Core Laboratories Inc                         | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2472.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |        12 | NS      | $653.16       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       418 | NS      | $97410.72     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         4 | NS      | $6993.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      4800 | NS      | $1069968.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     26010 | NS      | $604212.30    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                            | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     54000 | NS      | $1825740.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    153520 | NS      | $13781490.40  | 21.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        24 | NS      | $226.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E | Grayscale Bitcoin Mini Trust ETF              | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |     30704 | NS      | $1554543.52   | 2.40%             |  |  |  | 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        |    310400 | NS      | $2419789.84   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |    260000 | NS      | $2870400.00   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                 | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       500 | NS      | $84240.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc       | Japan Exchange Group Inc                      | CUSIP: 471059105<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      3900 | NS      | $43290.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC              | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $1867250.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                            | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2468.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                        | ASX Ltd                                       | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |       800 | NS      | $31015.18     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                            | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |       600 | NS      | $160680.95    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83200 | NS      | $863589.95    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                   | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |     30000 | NS      | $75250.13     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGLEAGUE                      | BIGLEAGUE                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1818 | NS      | $110116.26    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| Investor AB                    | Investor AB                                   | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     67200 | NS      | $2098929.30   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                    | Euronext NV                                   | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      1120 | NS      | $167523.33    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinnevik AB                    | Kinnevik AB                                   | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |       200 | NS      | $1776.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd              | AlphaPolis Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     36400 | NS      | $392342.70    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |    157200 | NS      | $2711700.00   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Wealth Solutions Lt | Brookfield Wealth Solutions Ltd               | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EC               | CORP              | CA        |       232 | NS      | $15889.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd              | Elbit Systems Ltd                             | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32       | Long             | EC               | CORP              | IL        |        10 | NS      | $5098.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20918 | NS      | $612269.86    | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| NZX Ltd                        | NZX Ltd                                       | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |     38000 | NS      | $30512.27     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Television Holdings Inc | Nippon Television Holdings Inc                | CUSIP: N/A<br>LEI: 353800QI43C3H97E4W63       | Long             | EC               | CORP              | JP        |     25000 | NS      | $667072.39    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc          | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       400 | NS      | $21200.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc                   | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |        30 | NS      | $5217.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust    | Permian Basin Royalty Trust                   | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $730000.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Nippon BS Broadcasting Corp    | Nippon BS Broadcasting Corp                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2000 | NS      | $14173.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Value Investments LP  | Partners Value Investments LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     21930 | NS      | $283481.14    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTNERS VALUE INVEST LP       | Partners Value Investments LP                 | CUSIP: EP0604140<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |       515 | NS      | $11973.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L   | Partners Value Investments LP                 | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |      3493 | NS      | $82449.56     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVEST LP       | Partners Value Investments LP                 | CUSIP: 70214W203<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |      2193 | NS      | $1622.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2000 | NS      | $49260.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd           | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1458 | NS      | $2437076.16   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd                         | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |       736 | NS      | $8684.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     72960 | NS      | $398954.95    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd          | Toei Animation Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     14000 | NS      | $288737.87    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Resonac Holdings Corp          | Resonac Holdings Corp                         | CUSIP: N/A<br>LEI: 5493006AIPA1V92YPP18       | Long             | EC               | CORP              | JP        |       600 | NS      | $20371.23     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $8856.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                                 | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |       200 | NS      | $21672.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd             | Sandstorm Gold Ltd                            | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |     90000 | NS      | $1126800.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SEARS HOLDINGS CORP            | Sears Holdings Corp                           | CUSIP: 812350AG1<br>LEI: 549300KWWR4P1RYUVG65 | Long             | DBT              | CORP              | US        |     41080 | 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        |       800 | NS      | $12784.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8634 | NS      | $8061047.76   | 12.43%            |  |  |  | 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        |  12056317 | NS      | $12056316.56  | 18.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     20000 | NS      | $2236800.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc              | SB Technology Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     29053 | NS      | $500002.13    | 0.77%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                | TXSE Group, Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4350 | NS      | $100050.00    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     57400 | NS      | $301085.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Partners Group Ltd       | Value Partners Group Ltd                      | CUSIP: N/A<br>LEI: 549300RYVTCSHFKXHB81       | Long             | EC               | CORP              | HK        |     10000 | NS      | $3392.47      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     27200 | NS      | $504637.49    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Siem Industries Inc            | Siem Industries Inc                           | CUSIP: N/A<br>LEI: 549300N2HGK6EBHM3F03       | Long             | EC               | CORP              | KY        |      5500 | NS      | $192500.00    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $64716.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President