# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-25-052151
**Filing Date:** 2025-8
**Character Count:** 27883
**Document Hash:** 371d31378a57154337b6b9548e4b0386
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052151.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052151

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**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:** 251238863

**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 |  |

## 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:** 2025-06-30

**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:** $71033059.36

**Total Liabilities:** $1203294.00

**Net Assets:** $69829765.36

**Amount of Assets Invested in Other Investment Companies:** $3320033.89

**Cash Not Reported:** $28944.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021361 | 5.49%                | 6.37%                | 7.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-46.25                  | $1611361.95                                |
| Month 2  | $-840.42                 | $391301.97                                 |
| Month 3  | $23989.46                | $549575.37                                 |

**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      | $403352.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                 | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |        54 | NS      | $29430.00     | 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      | $46642.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       200 | NS      | $55124.00     | 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      | $41221.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       100 | NS      | $47670.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      4200 | NS      | $118104.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      5400 | NS      | $124686.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc          | Core Laboratories Inc                         | CUSIP: 21867A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2304.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |        12 | NS      | $699.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       418 | NS      | $84481.98     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     26010 | NS      | $628141.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    153520 | NS      | $13023101.60  | 18.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        24 | NS      | $198.00       | 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      | $1466116.00   | 2.10%             |  |  |  | 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        |    300400 | NS      | $2119604.68   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |    254000 | NS      | $2700020.00   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                 | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       500 | NS      | $91735.00     | 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      | $39468.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34600 | NS      | $2338268.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                            | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2296.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20918 | NS      | $501195.28    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                        | NZX Ltd                                       | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |     38000 | NS      | $34512.82     | 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      | $580882.61    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc          | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       400 | NS      | $22800.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                            | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |       600 | NS      | $195705.18    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     83200 | NS      | $1262978.37   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon BS Broadcasting Corp    | Nippon BS Broadcasting Corp                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2000 | NS      | $12832.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                    | Investor AB                                   | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     67200 | NS      | $1987041.40   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                    | Euronext NV                                   | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      1120 | NS      | $191431.57    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVEST LP       | Partners Value Investments LP                 | CUSIP: EP0604140<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |       515 | NS      | $10042.50     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L   | Partners Value Investments LP                 | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |      3493 | NS      | $52584.17     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTNERS VALUE INVEST LP       | Partners Value Investments LP                 | CUSIP: 70214W203<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |      2193 | NS      | $1578.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                    | Kinnevik AB                                   | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |       200 | NS      | $1768.96      | 0.00%             |  |  |  | No            |                  1 | 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      | $40560.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd              | Elbit Systems Ltd                             | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32       | Long             | EC               | CORP              | IL        |        10 | NS      | $4495.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC             | Anglo American PLC                            | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      2113 | NS      | $31145.62     | 0.04%             |  |  |  | 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      | $132440.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     13300 | NS      | $498750.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        40 | NS      | $7946.00      | 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      | $166608.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                               | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      4000 | NS      | $247400.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |       400 | NS      | $22112.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                        | ASX Ltd                                       | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |       800 | NS      | $36730.05     | 0.05%             |  |  |  | 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      | $80285.66     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGLEAGUE                      | BIGLEAGUE                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1818 | NS      | $99990.00     | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| AlphaPolis Co Ltd              | AlphaPolis Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     36400 | NS      | $379911.81    | 0.54%             |  |  |  | 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      | $14332.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd                         | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |       736 | NS      | $5468.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     66800 | NS      | $308062.42    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         4 | NS      | $7226.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      4800 | NS      | $786816.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                            | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     54000 | NS      | $1182600.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Toei Animation Co Ltd          | Toei Animation Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     14000 | NS      | $319363.91    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Resonac Holdings Corp          | Resonac Holdings Corp                         | CUSIP: N/A<br>LEI: 5493006AIPA1V92YPP18       | Long             | EC               | CORP              | JP        |       600 | NS      | $13953.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc                   | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |        30 | NS      | $5154.30      | 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      | $498400.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $8576.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                                 | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |       200 | NS      | $21238.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd             | Sandstorm Gold Ltd                            | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |     90000 | NS      | $846000.00    | 1.21%             |  |  |  | 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      | $13568.00     | 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      | $9120871.26   | 13.06%            |  |  |  | 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        |  18802565 | NS      | $18802565.42  | 26.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     20000 | NS      | $1796000.00   | 2.57%             |  |  |  | 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    | 0.72%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     51600 | NS      | $240995.78    | 0.35%             |  |  |  | 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      | $2484.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     27200 | NS      | $471792.91    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Value Investments LP  | Partners Value Investments LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      2193 | NS      | $220548.08    | 0.32%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |    154600 | NS      | $2874014.00   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Siem Industries Inc            | Siem Industries Inc                           | CUSIP: N/A<br>LEI: 549300N2HGK6EBHM3F03       | Long             | EC               | CORP              | KY        |      5500 | NS      | $137500.00    | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd           | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1444 | NS      | $2593019.68   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $62628.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-20

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President