# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-25-052152
**Filing Date:** 2025-8
**Character Count:** 29019
**Document Hash:** 9b353455a7bacc96b761721838d0297a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052152.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052152

**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:** 251238864

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

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

## Series and Classes Contracts Data

### Kinetics Market Opportunities Portfolio (Series ID: S000007856)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

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

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

- **a. Name of Series:** Kinetics Market Opportunities Portfolio

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

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

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

- **a. Date of fiscal year-end:** 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:** $324484595.42

**Total Liabilities:** $13586874.46

**Net Assets:** $310897720.96

**Amount of Assets Invested in Other Investment Companies:** $19078533.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021365 | 10.55%               | 7.01%                | 6.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90527.44                | $1513541.46                                |
| Month 2  | $77.14                   | $-12666439.83                              |
| Month 3  | $144832.41               | $-3786460.87                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Valterra Platinum Ltd                | Valterra Platinum Ltd                         | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      2455 | NS      | $18240.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     44800 | NS      | $206604.74    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc             | MarketAxess Holdings Inc                      | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        48 | NS      | $10720.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                       | Mastercard Inc                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1000 | NS      | $561940.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                         | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41482 | NS      | $993908.72    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd                | Toei Animation Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       400 | NS      | $9124.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                           | Nasdaq Inc                                    | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7200 | NS      | $643824.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                              | NZX Ltd                                       | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |    400202 | NS      | $363476.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Television Holdings Inc       | Nippon Television Holdings Inc                | CUSIP: N/A<br>LEI: 353800QI43C3H97E4W63       | Long             | EC               | CORP              | JP        |       400 | NS      | $9294.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc                | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |      2000 | NS      | $114000.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust          | Permian Basin Royalty Trust                   | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127450 | NS      | $1588027.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                      | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $34304.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                        | RB Global Inc                                 | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |      1400 | NS      | $148666.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                       | S&P Global Inc                                | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       113 | NS      | $59583.77     | 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        |    108984 | NS      | $115129607.76 | 37.03%            |  |  |  | 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        |  77966075 | NS      | $77966075.19  | 25.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                             | Visa Inc                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4000 | NS      | $1420200.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp         | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     32000 | NS      | $2873600.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL       | London Stock Exchange Group PLC               | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       600 | NS      | $87588.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |    421000 | NS      | $1966264.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Partners Group Ltd             | Value Partners Group Ltd                      | CUSIP: N/A<br>LEI: 549300RYVTCSHFKXHB81       | Long             | EC               | CORP              | HK        |      2000 | NS      | $496.82       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                        | TMX Group Ltd                                 | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |     18000 | NS      | $762959.43    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd               | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |       200 | NS      | $3469.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Value Investments LP        | Partners Value Investments LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |     43516 | NS      | $4376365.85   | 1.41%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVEST LP             | Partners Value Investments LP                 | CUSIP: EP0604140<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     11832 | NS      | $230724.01    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L         | Partners Value Investments LP                 | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     43516 | NS      | $655096.75    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTNERS VALUE INVEST LP             | Partners Value Investments LP                 | CUSIP: 70214W203<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     43516 | NS      | $31331.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| White Mountains Insurance Grou       | White Mountains Insurance Group Ltd           | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1804 | NS      | $3239478.88   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS INC     | MIAMI INTERNATIONAL HOLDINGS INC              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     95000 | NS      | $1120050.00   | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS WARRANT | MIAMI INTERNATIONAL HOLDINGS WARRANT          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     14469 | NS      | $57586.62     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| A-Mark Precious Metals Inc           | A-Mark Precious Metals Inc                    | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      3200 | NS      | $70976.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc        | Affiliated Managers Group Inc                 | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       190 | NS      | $37386.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                   | Anglo American PLC                            | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      7045 | NS      | $103843.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc             | Aris Water Solutions Inc                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64900 | NS      | $1534885.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc         | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     77000 | NS      | $2887500.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co              | Arthur J Gallagher & Co                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       400 | NS      | $128048.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                              | ASX Ltd                                       | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |      4400 | NS      | $202015.26    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd                    | AlphaPolis Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $2087.43      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                       | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $1986.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkt Holdings Inc                   | Bakkt Holdings Inc                            | CUSIP: 05759B305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $446400.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Booz Allen Hamilton Holding Co       | Booz Allen Hamilton Holding Corp              | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       144 | NS      | $14994.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru       | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $99.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust             | Grayscale Litecoin Trust                      | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |         8 | NS      | $53.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Exchanges - Athens St       | Hellenic Exchanges - Athens Stock Exchange SA | CUSIP: N/A<br>LEI: 549300GSRN07MNENPL97       | Long             | EC               | CORP              | GR        |    104000 | NS      | $733817.86    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I       | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   1612000 | NS      | $17135560.00  | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                                 | Hong Kong Exchanges & Clearing Ltd            | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |       100 | NS      | $5335.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGLEAGUE                            | BIGLEAGUE                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2455 | NS      | $135025.00    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Intercontinental Exchange Inc        | Intercontinental Exchange Inc                 | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     12900 | NS      | $2366763.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                          | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4000 | NS      | $60720.11     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                         | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     29000 | NS      | $1299689.78   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions       | Broadridge Financial Solutions Inc            | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      2000 | NS      | $486060.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt       | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |       806 | NS      | $44555.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc              | Cboe Global Markets Inc                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      8000 | NS      | $1865680.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                        | CME Group Inc                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5800 | NS      | $1598596.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        36 | NS      | $6745.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc               | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       300 | NS      | $143010.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc           | Core Natural Resources Inc                    | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |         2 | NS      | $139.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                  | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |         4 | NS      | $808.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd       | Fairfax Financial Holdings Ltd                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3613.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                   | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     14600 | NS      | $2393232.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                  | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     58600 | NS      | $1415190.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc                   | Galaxy Digital Inc                            | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    110000 | NS      | $2409000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Grayscale Bitcoin Trust ETF          | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    598874 | NS      | $50802481.42  | 16.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E       | Grayscale Bitcoin Mini Trust ETF              | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |    119774 | NS      | $5719208.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                   | Deutsche Boerse AG                            | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1800 | NS      | $587115.55    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                          | Euronext NV                                   | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2520 | NS      | $430721.03    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp          | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     84000 | NS      | $1561560.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Wealth Solutions Lt       | Brookfield Wealth Solutions Ltd               | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EC               | CORP              | CA        |      4617 | NS      | $285238.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| J G Boswell Co                       | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       656 | NS      | $357520.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc             | Japan Exchange Group Inc                      | CUSIP: 471059105<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      8200 | NS      | $82984.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                    | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    154600 | NS      | $10447868.00  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati       | Science Applications International Corp       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       200 | NS      | $22522.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEARS HOLDINGS CORP                  | Sears Holdings Corp                           | CUSIP: 812350AG1<br>LEI: 549300KWWR4P1RYUVG65 | Long             | DBT              | CORP              | US        |      5720 | PA      | $0.00         | 0.00%             | 2019-12-15      | None          | 8.00%                 | No            |                  3 | On Loan: No      |
| Tejon Ranch Co                       | Tejon Ranch Co                                | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     11000 | NS      | $186560.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc                    | SB Technology Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     69727 | NS      | $1200001.67   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| Investor AB                          | Investor AB                                   | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |      5000 | NS      | $147845.34    | 0.05%             |  |  |  | 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