# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-25-013918
**Filing Date:** 2025-11
**Character Count:** 33777
**Document Hash:** b0cb03c9cbc3078a1c3ffbc990083b25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013918.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0000894189-25-013918

**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:** 251493441

**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 Multi-Disciplinary Income Portfolio (Series ID: S000021885)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000062762 | Kinetics Multi-Disciplinary Income Portfolio |  |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **The Multi-Disciplinary Portfolio** | **The Multi-Disciplinary Portfolio** | **The Multi-Disciplinary Portfolio** | **The Multi-Disciplinary 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)** |
| **COLLATERALIZED LOAN OBLIGATIONS - 96.3%** | **COLLATERALIZED LOAN OBLIGATIONS - 96.3%** | **Par** | **Value**  |
|  ArrowMark Colorado Holdings LLC, Series 2013-1A, Class BR3, 6.12% (3 mo. Term SOFR + 1.90%), 07/25/2038 <sup>(a)</sup> | ArrowMark Colorado Holdings LLC, Series 2013-1A, Class BR3, 6.12% (3 mo. Term SOFR + 1.90%), 07/25/2038 <sup>(a)</sup> | 750000 | $752357 |
|  Atlas Senior Loan Fund Ltd., Series 2019-14A, Class BR, 6.54% (3 mo. Term SOFR + 2.21%), 07/20/2032 <sup>(a)</sup> | Atlas Senior Loan Fund Ltd., Series 2019-14A, Class BR, 6.54% (3 mo. Term SOFR + 2.21%), 07/20/2032 <sup>(a)</sup> | 500000 | 501989 |
|  Battery Park CLO, Series 2022-1A, Class AR, 5.83% (3 mo. Term SOFR + 1.50%), 10/20/2037 <sup>(a)</sup> | Battery Park CLO, Series 2022-1A, Class AR, 5.83% (3 mo. Term SOFR + 1.50%), 10/20/2037 <sup>(a)</sup> | 500000 | 501683 |
| BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
| &nbsp;&nbsp; Series 2021-33A, Class BR, 0.00% (3 mo. Term SOFR + 1.70%), 10/20/2038 <sup>(a)</sup> | &nbsp;&nbsp; Series 2021-33A, Class BR, 0.00% (3 mo. Term SOFR + 1.70%), 10/20/2038 <sup>(a)</sup> | 750000 | 750000 |
| &nbsp;&nbsp; Series 2022-35A, Class BR, 6.18% (3 mo. Term SOFR + 1.85%), 10/22/2037 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-35A, Class BR, 6.18% (3 mo. Term SOFR + 1.85%), 10/22/2037 <sup>(a)</sup> | 500000 | 501839 |
| Brant Point CLO Ltd. | Brant Point CLO Ltd. | Brant Point CLO Ltd. | Brant Point CLO Ltd. |
| &nbsp;&nbsp; Series 2024-4A, Class B, 6.28% (3 mo. Term SOFR + 1.95%), 07/20/2037 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-4A, Class B, 6.28% (3 mo. Term SOFR + 1.95%), 07/20/2037 <sup>(a)</sup> | 1000000 | 1005863 |
| &nbsp;&nbsp; Series 2024-6A, Class A2, 5.95% (3 mo. Term SOFR + 1.63%), 01/15/2038 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-6A, Class A2, 5.95% (3 mo. Term SOFR + 1.63%), 01/15/2038 <sup>(a)</sup> | 500000 | 500283 |
|  Bryant Park Funding Ltd., Series 2023-21A, Class B, 7.08% (3 mo. Term SOFR + 2.75%), 10/18/2036 <sup>(a)</sup> | Bryant Park Funding Ltd., Series 2023-21A, Class B, 7.08% (3 mo. Term SOFR + 2.75%), 10/18/2036 <sup>(a)</sup> | 250000 | 250173 |
|  Carlyle Global Market Strategies, Series 2023-3A, Class B, 6.92% (3 mo. Term SOFR + 2.60%), 10/15/2036 <sup>(a)</sup> | Carlyle Global Market Strategies, Series 2023-3A, Class B, 6.92% (3 mo. Term SOFR + 2.60%), 10/15/2036 <sup>(a)</sup> | 450000 | 450000 |
|  CIFC Funding Ltd., Series 2021-6A, Class B, 6.23% (3 mo. Term SOFR + 1.91%), 10/15/2034 <sup>(a)</sup> | CIFC Funding Ltd., Series 2021-6A, Class B, 6.23% (3 mo. Term SOFR + 1.91%), 10/15/2034 <sup>(a)</sup> | 500000 | 501500 |
|  Eaton Vance Management, Series 2013-1A, Class BR4, 6.03% (3 mo. Term SOFR + 1.75%), 10/15/2038 <sup>(a)</sup> | Eaton Vance Management, Series 2013-1A, Class BR4, 6.03% (3 mo. Term SOFR + 1.75%), 10/15/2038 <sup>(a)</sup> | 750000 | 752403 |
|  Eldridge CLO Ltd., Series 2025-1A, Class B, 0.00% (3 mo. Term SOFR + 1.65%), 10/20/2038 <sup>(a)</sup> | Eldridge CLO Ltd., Series 2025-1A, Class B, 0.00% (3 mo. Term SOFR + 1.65%), 10/20/2038 <sup>(a)</sup> | 500000 | 500000 |
|  Fort Washington CLO, Series 2019-1A, Class BR2, 6.23% (3 mo. Term SOFR + 1.90%), 10/20/2037 <sup>(a)</sup> | Fort Washington CLO, Series 2019-1A, Class BR2, 6.23% (3 mo. Term SOFR + 1.90%), 10/20/2037 <sup>(a)</sup> | 500000 | 502107 |
|  Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.82% (3 mo. Term SOFR + 2.50%), 10/25/2036 <sup>(a)</sup> | Golub Capital Partners CLO Ltd., Series 2023-70A, Class B, 6.82% (3 mo. Term SOFR + 2.50%), 10/25/2036 <sup>(a)</sup> | 250000 | 250263 |
|  Halsey Point CLO Ltd., Series 2021-4A, Class B, 6.34% (3 mo. Term SOFR + 2.01%), 04/20/2034 <sup>(a)</sup> | Halsey Point CLO Ltd., Series 2021-4A, Class B, 6.34% (3 mo. Term SOFR + 2.01%), 04/20/2034 <sup>(a)</sup> | 475000 | 476300 |
|  Katayma CLO Ltd., Series 2023-1A, Class B, 6.98% (3 mo. Term SOFR + 2.65%), 10/20/2036 <sup>(a)</sup> | Katayma CLO Ltd., Series 2023-1A, Class B, 6.98% (3 mo. Term SOFR + 2.65%), 10/20/2036 <sup>(a)</sup> | 250000 | 250114 |
|  Magnetite CLO Ltd., Series 2023-37A, Class B, 6.63% (3 mo. Term SOFR + 2.30%), 10/20/2036 <sup>(a)</sup> | Magnetite CLO Ltd., Series 2023-37A, Class B, 6.63% (3 mo. Term SOFR + 2.30%), 10/20/2036 <sup>(a)</sup> | 500000 | 500040 |
|  Man GLG US CLO, Series 2023-1A, Class A, 6.63% (3 mo. Term SOFR + 2.30%), 07/20/2035 <sup>(a)</sup> | Man GLG US CLO, Series 2023-1A, Class A, 6.63% (3 mo. Term SOFR + 2.30%), 07/20/2035 <sup>(a)</sup> | 500000 | 500209 |
|  Mountain View CLO Ltd., Series 2019-2A, Class B1R, 6.47% (3 mo. Term SOFR + 2.15%), 07/15/2037 <sup>(a)</sup> | Mountain View CLO Ltd., Series 2019-2A, Class B1R, 6.47% (3 mo. Term SOFR + 2.15%), 07/15/2037 <sup>(a)</sup> | 450000 | 451156 |
|  Orion CLO Ltd., Series 2023-2A, Class B, 7.07% (3 mo. Term SOFR + 2.75%), 01/25/2037 <sup>(a)</sup> | Orion CLO Ltd., Series 2023-2A, Class B, 7.07% (3 mo. Term SOFR + 2.75%), 01/25/2037 <sup>(a)</sup> | 250000 | 250556 |
| Post CLO | Post CLO | Post CLO | Post CLO |
| &nbsp;&nbsp; Series 2022-1A, Class B, 6.23% (3 mo. Term SOFR + 1.90%), 04/20/2035 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-1A, Class B, 6.23% (3 mo. Term SOFR + 1.90%), 04/20/2035 <sup>(a)</sup> | 665000 | 667175 |
| &nbsp;&nbsp; Series 2023-1A, Class A, 6.28% (3 mo. Term SOFR + 1.95%), 04/20/2036 <sup>(a)</sup> | &nbsp;&nbsp; Series 2023-1A, Class A, 6.28% (3 mo. Term SOFR + 1.95%), 04/20/2036 <sup>(a)</sup> | 500000 | 500142 |
|  Sandstone Peak Ltd., Series 2023-1A, Class BR, 6.08% (3 mo. Term SOFR + 1.75%), 07/20/2038 <sup>(a)</sup> | Sandstone Peak Ltd., Series 2023-1A, Class BR, 6.08% (3 mo. Term SOFR + 1.75%), 07/20/2038 <sup>(a)</sup> | 500000 | 501611 |
| Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. | Sound Point CLO Ltd. |
| &nbsp;&nbsp; Series 2022-1A, Class B, 6.22% (3 mo. Term SOFR + 1.90%), 04/25/2035 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-1A, Class B, 6.22% (3 mo. Term SOFR + 1.90%), 04/25/2035 <sup>(a)</sup> | 750000 | 751031 |
| &nbsp;&nbsp; Series 2023-1A, Class A2R, 6.01% (3 mo. Term SOFR + 1.70%), 07/26/2038 <sup>(a)</sup> | &nbsp;&nbsp; Series 2023-1A, Class A2R, 6.01% (3 mo. Term SOFR + 1.70%), 07/26/2038 <sup>(a)</sup> | 600000 | 600600 |
| &nbsp;&nbsp; Series 2025-1RA, Class A2, 5.85% (3 mo. Term SOFR + 1.65%), 02/20/2038 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-1RA, Class A2, 5.85% (3 mo. Term SOFR + 1.65%), 02/20/2038 <sup>(a)</sup> | 800000 | 800927 |
| Venture CDO Ltd. | Venture CDO Ltd. | Venture CDO Ltd. | Venture CDO Ltd. |
| &nbsp;&nbsp; Series 2013-15A, Class BR3, 6.45% (3 mo. Term SOFR + 2.13%), 07/15/2032 <sup>(a)</sup> | &nbsp;&nbsp; Series 2013-15A, Class BR3, 6.45% (3 mo. Term SOFR + 2.13%), 07/15/2032 <sup>(a)</sup> | 250000 | 251060 |
| &nbsp;&nbsp; Series 2022-46A, Class A2R, 6.03% (3 mo. Term SOFR + 1.70%), 10/20/2037 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-46A, Class A2R, 6.03% (3 mo. Term SOFR + 1.70%), 10/20/2037 <sup>(a)</sup> | 500000 | 500570 |
| &nbsp;&nbsp; Series 2023-48A, Class B1, 7.08% (3 mo. Term SOFR + 2.75%), 10/20/2036 <sup>(a)</sup> | &nbsp;&nbsp; Series 2023-48A, Class B1, 7.08% (3 mo. Term SOFR + 2.75%), 10/20/2036 <sup>(a)</sup> | 500000 | 500254 |
|  Voya CLO Ltd., Series 2019-4A, Class A2R, 5.93% (3 mo. Term SOFR + 1.61%), 01/15/2035 <sup>(a)</sup> | Voya CLO Ltd., Series 2019-4A, Class A2R, 5.93% (3 mo. Term SOFR + 1.61%), 01/15/2035 <sup>(a)</sup> | 430000 | 432571 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $15,607,667) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $15,607,667) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $15,607,667) | 15654776 |
| **TOTAL INVESTMENTS - 96.3% (**Cost $15,607,667**)** | **TOTAL INVESTMENTS - 96.3% (**Cost $15,607,667**)** | **TOTAL INVESTMENTS - 96.3% (**Cost $15,607,667**)** | 15654776 |
| Money Market Deposit Account - 10.3% <sup>(c)</sup> | Money Market Deposit Account - 10.3% <sup>(c)</sup> | Money Market Deposit Account - 10.3% <sup>(c)</sup> | 1676713 |
| Liabilities in Excess of Other Assets - (6.6)% | Liabilities in Excess of Other Assets - (6.6)% | Liabilities in Excess of Other Assets - (6.6)% | (1079384) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $16252105 |
| 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. | –% |

---

LLC - Limited Liability Company <br> SOFR - Secured Overnight Financing Rate

(a) 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 $15,654,776 or 96.3% of the Fund's net assets.

(b) 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%.

------

#### 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 Multi-Disciplinary Income Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio's net assets as of September 30, 2025: | The following is a summary of the inputs used to value The Multi-Disciplinary Income Portfolio's net assets as of September 30, 2025: |
| **<u>Assets^</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Collateralized Loan Obligation | $– | $15654776 | $– | $15654776 |
| Total Investments in Securities | $– | $15654776 | $– | $15654776 |
| As of September 30, 2025, there were no investments in Level 3 securities. | As of September 30, 2025, there were no investments in Level 3 securities. |  |  |  |
| 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. |  |  |
| ^ See Consolidated Portfolio of Investments for breakout of investments by industry classification. | ^ See Consolidated Portfolio of Investments for breakout of investments by industry classification. | ^ See Consolidated Portfolio of Investments for breakout of investments by industry classification. | ^ See Consolidated Portfolio of Investments for breakout of investments by industry classification. |  |

---

## 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 Multi-Disciplinary Income Portfolio

- **b. EDGAR series identifier (if any):** S000021885

- **c. LEI of Series:** 2549002YWCPCQUOQXV90

**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:** $18015717.55

**Total Liabilities:** $1763557.98

**Net Assets:** $16252159.57

**Delayed Delivery Securities:** $1250000.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 3032.696944000000 | **1-Year:** 2893.230304000000 | **5-Year:** 233.055516000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000062762 | 3.34%                | 3.68%                | 4.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2380.07                                  |
| Month 2  | $0.00                    | $-1941.90                                  |
| Month 3  | $0.00                    | $2344.30                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Magnetite CLO Ltd              | Magnetite XXXVII Ltd                | CUSIP: 55952AAC3<br>LEI: 529900QDM2RO966NLE49 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500040.00    | 3.08%             | 2036-10-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Man Glg Us Clo 2018-2 Ltd      | MAN US CLO 2023-1 LTD               | CUSIP: 56166RAA0<br>LEI: 254900N9T03W7ZI61W42 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500209.00    | 3.08%             | 2035-07-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO              | Mountain View Clo XV Ltd            | CUSIP: 62432PAW2<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $451156.50    | 2.78%             | 2037-07-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Orion CLO Ltd.                 | Orion CLO 2023-2 Ltd                | CUSIP: 68626FAC1<br>LEI: 2138006PMRY9TD8ETL33 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250556.00    | 1.54%             | 2037-01-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                   | Post CLO 2022-1 LTD                 | CUSIP: 73742YAC9<br>LEI: 5493007CUC7FI0ONIF25 | Long             | ABS-CBDO         | CORP              | KY        |    665000 | PA      | $667175.22    | 4.11%             | 2035-04-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                   | Post CLO 2023-1 Ltd                 | CUSIP: 73743CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500142.00    | 3.08%             | 2036-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Sand Trust                     | Sandstone Peak II Ltd               | CUSIP: 80013TAQ6<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501611.00    | 3.09%             | 2038-07-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd           | BlueMountain CLO XXXIII Ltd         | CUSIP: 09630MAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750000.00    | 4.61%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd           | BlueMountain CLO XXXV Ltd           | CUSIP: 09631RAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501838.50    | 3.09%             | 2037-10-22      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Brant Point CLO Ltd            | Brant Point Clo 2024-4 Ltd          | CUSIP: 835932AC8<br>LEI: 254900UXN7ENP4VJ9L26 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1005863.00   | 6.19%             | 2037-07-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Brant Point CLO Ltd            | Brant Point Clo 2024-6 Ltd          | CUSIP: 83617JAC3<br>LEI: 254900XHQ73AT2SOPY37 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500282.50    | 3.08%             | 2038-01-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD            | Sound Point CLO XXXIII Ltd          | CUSIP: 83616KAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $751031.25    | 4.62%             | 2035-04-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD            | Sound Point CLO 2025R-1 Ltd         | CUSIP: 83617EAE0<br>LEI: 25490031SR8APTVC6E71 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800927.20    | 4.93%             | 2038-02-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   2173648 | NS      | $2173647.63   | 13.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Venture CDO Ltd                | Venture 46 Clo Ltd                  | CUSIP: 92326CBC0<br>LEI: 549300O7L2XN74VSK595 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500570.50    | 3.08%             | 2037-10-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture XV CLO Ltd                  | CUSIP: 92328XBF5<br>LEI: 549300UYHZCJPN3LMT03 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251060.50    | 1.54%             | 2032-07-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 48 CLO Ltd                  | CUSIP: 92340YAE1<br>LEI: 254900Q5GN624I1YXD24 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500254.00    | 3.08%             | 2036-10-20      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2019-4 Ltd                 | CUSIP: 92918BAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $432570.54    | 2.66%             | 2035-01-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD     | Atlas Senior Loan Fund XIV          | CUSIP: 04942CAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501989.00    | 3.09%             | 2032-07-20      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd           | Battery Park CLO II Ltd             | CUSIP: 07134CAQ0<br>LEI: 549300H738INUT5W2X22 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501683.00    | 3.09%             | 2037-10-20      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Brant Point CLO Ltd            | Brant Point CLO 2023-1 Ltd          | CUSIP: 104922AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    600000 | PA      | $600600.00    | 3.70%             | 2038-07-26      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd        | Bryant Park Funding 2023-21 Ltd     | CUSIP: 117650AE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250172.50    | 1.54%             | 2036-10-18      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd               | CIFC Funding 2021-VI Ltd            | CUSIP: 12553SAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501500.00    | 3.09%             | 2034-10-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi | Carlyle US CLO 2023-3 Ltd           | CUSIP: 14318FAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $450000.00    | 2.77%             | 2036-10-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd            | Eaton Vance CLO 2013-1 Ltd          | CUSIP: 27830BCA0<br>LEI: 5493001O5CL3BBUIEH94 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752403.00    | 4.63%             | 2038-10-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Eldridge CLO Ltd               | Eldridge CLO 2025-1 Ltd             | CUSIP: 284913AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 3.08%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd              | Elevation CLO 2013-1 Ltd            | CUSIP: 28623FAN4<br>LEI: 549300D7IKXB86IQMC13 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752356.50    | 4.63%             | 2038-07-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fort Washington CLO 2019-1     | Fort Washington CLO 2019-1          | CUSIP: 34918QBA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502107.50    | 3.09%             | 2037-10-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT | Golub Capital Partners CLO 70 B Ltd | CUSIP: 381939AC1<br>LEI: 254900Y43PI32U9YGF14 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250263.00    | 1.54%             | 2036-10-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.           | HalseyPoint CLO 4 Ltd               | CUSIP: 40637LAC4<br>LEI: 549300CMJUK1VCINNF57 | Long             | ABS-CBDO         | CORP              | KY        |    475000 | PA      | $476300.08    | 2.93%             | 2034-04-20      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Katayma CLO Ltd                | Katayma CLO I Ltd                   | CUSIP: 48585JAE0<br>LEI: 254900I6JJYMZNFX8987 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250114.00    | 1.54%             | 2036-10-20      | Floating      | 6.98%                 | No            |                  2 | 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