# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-016192
**Filing Date:** 2026-5
**Character Count:** 31977
**Document Hash:** 168451e5ded6464381409021278dd7b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016192.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261030693

**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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $326722890.56

**Total Liabilities:** $1900666.01

**Net Assets:** $324822224.55

**Amount of Assets Invested in Other Investment Companies:** $15980596.43

**Cash Not Reported:** $4461.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021365 | 10.09%               | 30.50%               | 22.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4195885.02              | $22513489.23                               |
| Month 2  | $-1454.12                | $54275550.07                               |
| Month 3  | $725729.31               | $-21530425.68                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Permian Basin Royalty Trust        | Permian Basin Royalty Trust             | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127450 | NS      | $2742724.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Pure Cycle Corp                    | Pure Cycle Corp                         | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $32192.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                      | RB Global Inc                           | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |      1400 | NS      | $134190.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                     | S&P Global Inc                          | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       113 | NS      | $48063.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati     | Science Applications International Corp | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       200 | NS      | $18984.00     | 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        |     11400 | NS      | $214776.00    | 0.07%             |  |  |  | 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   | 0.37%             |  |  |  | No            |                  3 | On Loan: No      |
| PrairieSky Royalty Ltd             | PrairieSky Royalty Ltd                  | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |       200 | NS      | $4629.43      | 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        |    435150 | NS      | $5374075.91   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L       | Partners Value Investments LP           | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     36966 | NS      | $710833.51    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ripple Labs Inc Preferred A shares | Ripple Labs Inc Preferred A shares      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1250 | NS      | $152187.50    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Japan Exchange Group Inc           | Japan Exchange Group Inc                | CUSIP: 471059105<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      8200 | NS      | $95448.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                  | Landbridge Co LLC                       | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    166000 | NS      | $11462300.00  | 3.53%             |  |  |  | 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      | $70393.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JSE Ltd                            | JSE Ltd                                 | CUSIP: N/A<br>LEI: 213800MZ1VUQEBWRFO39       | Long             | EC               | CORP              | ZA        |       200 | NS      | $1888.16      | 0.00%             |  |  |  | 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      | $6540.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp            | Texas Pacific Land Corp                 | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    326952 | NS      | $155158341.12 | 47.77%            |  |  |  | No            |                  1 | On Loan: No      |
| TXSE Group, Inc                    | TXSE Group, Inc                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17390 | NS      | $399970.00    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| TMX Group Ltd                      | TMX Group Ltd                           | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |     18000 | NS      | $638300.63    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                     | J G Boswell Co                          | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       764 | NS      | $420200.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc      | Intercontinental Exchange Inc           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     12900 | NS      | $2028912.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                               | Hong Kong Exchanges & Clearing Ltd      | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |       100 | NS      | $4955.87      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                        | IG Port Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4000 | NS      | $31126.93     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                        | Investor AB                             | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     17000 | NS      | $636244.08    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                       | Clarkson PLC                            | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     29000 | NS      | $1769509.74   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                     | AutoNation Inc                          | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $1952.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkt Inc                          | Bakkt Inc                               | CUSIP: 05759B305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $235520.00    | 0.07%             |  |  |  | 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      | $11236.32     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions     | Broadridge Financial Solutions Inc      | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     10400 | NS      | $1689792.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt     | Brookfield Asset Management Ltd         | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |       806 | NS      | $35826.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao        | B3 SA - Brasil Bolsa Balcao             | CUSIP: 11778E106<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |       100 | NS      | $1078.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc            | Cboe Global Markets Inc                 | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      8000 | NS      | $2248560.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                      | CME Group Inc                           | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5800 | NS      | $1713030.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc              | CRA International Inc                   | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        36 | NS      | $5827.68      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc             | CACI International Inc                  | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       300 | NS      | $163161.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc          | Circle Internet Group Inc               | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      4000 | NS      | $381640.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc         | Core Natural Resources Inc              | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |         2 | NS      | $209.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Canton Strategic Holdings Inc      | Canton Strategic Holdings Inc           | CUSIP: 432705309<br>LEI: 52990040X8C60JYNXZ70 | Long             | EC               | CORP              | US        |       600 | NS      | $1962.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                            | ASX Ltd                                 | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |      4400 | NS      | $158771.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLT DATA & ENERGY INC.            | BOLT DATA & ENERGY INC.                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1200000 | NS      | $6000000.00   | 1.85%             |  |  |  | No            |                  3 | On Loan: No      |
| BIGLEAGUE                          | BIGLEAGUE                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2455 | NS      | $150049.60    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Brookfield Wealth Solutions Lt     | Brookfield Wealth Solutions Ltd         | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EC               | CORP              | CA        |      6925 | NS      | $286695.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Burford Capital Ltd                | Burford Capital Ltd                     | CUSIP: N/A<br>LEI: 549300FUKUWFYJMT2277       | Long             | EC               | CORP              | US        |      2800 | NS      | $12656.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                 | Anglo American PLC                      | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      7045 | NS      | $152312.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc       | Associated Capital Group Inc            | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     77000 | NS      | $3026100.00   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Arthur J Gallagher & Co            | Arthur J Gallagher & Co                 | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       400 | NS      | $86632.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd                  | AlphaPolis Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $1436.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                | Eagle Materials Inc                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |         4 | NS      | $757.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                 | Deutsche Boerse AG                      | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1800 | NS      | $522423.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                        | Euronext NV                             | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      5200 | NS      | $832447.18    | 0.26%             |  |  |  | No            |                  3 | On Loan: No      |
| Euronext NV                        | Euronext NV                             | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2520 | NS      | $403416.71    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold.com Inc                       | Gold.com Inc                            | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      3200 | NS      | $128256.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc      | Affiliated Managers Group Inc           | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       190 | NS      | $52573.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd     | Fairfax Financial Holdings Ltd          | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3404.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                          | Fermi Inc                               | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     84000 | NS      | $490560.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Franco-Nevada Corp                 | Franco-Nevada Corp                      | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      4800 | NS      | $1185840.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                | GAMCO Investors Inc                     | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     58600 | NS      | $1406400.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc                 | Galaxy Digital Inc                      | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    110000 | NS      | $2029500.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF        | Grayscale Bitcoin Trust ETF             | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    598874 | NS      | $31596592.24  | 9.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru     | Grayscale Ethereum Classic Trust        | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $52.80        | 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      | $32.64        | 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        |    119774 | NS      | $3592022.26   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I     | Hawaiian Electric Industries Inc        | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   1612000 | NS      | $23922080.00  | 7.36%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                           | 99GRAYSC                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    300000 | NS      | $3000000.00   | 0.92%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp        | Fairfax India Holdings Corp             | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     84200 | NS      | $1351410.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd              | Valterra Platinum Ltd                   | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      2455 | NS      | $34713.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                             | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     54400 | NS      | $375806.20    | 0.12%             |  |  |  | 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        |  23079284 | NS      | $23079283.66  | 7.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                           | Visa Inc                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4000 | NS      | $1208960.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC     | WaterBridge Infrastructure LLC          | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    416632 | NS      | $11161571.28  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP      | Western Midstream Partners LP           | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40562 | NS      | $1669937.54   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp       | Wheaton Precious Metals Corp            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      8000 | NS      | $1048080.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                             | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |    428400 | NS      | $2663834.38   | 0.82%             |  |  |  | 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      | $502.47       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc           | MarketAxess Holdings Inc                | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        48 | NS      | $7919.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                     | Mastercard Inc                          | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1000 | NS      | $499660.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                       | Mesabi Trust                            | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41482 | NS      | $1306683.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I     | Miami International Holdings Inc        | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |    152607 | NS      | $5939464.44   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                         | Nasdaq Inc                              | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7200 | NS      | $611208.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                            | NZX Ltd                                 | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |    400202 | NS      | $301268.61    | 0.09%             |  |  |  | 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      | $7956.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc              | OTC Markets Group Inc                   | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |      2800 | NS      | $149884.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVEST LP           | Partners Value Investments LP           | CUSIP: EP0604140<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     11832 | NS      | $260304.01    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVEST LP           | Partners Value Investments LP           | CUSIP: 70214W203<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     43516 | NS      | $32637.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS INC   | MIAMI INTERNATIONAL HOLDINGS INC        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     47500 | NS      | $1848700.00   | 0.57%             |  |  |  | No            |                  3 | On Loan: No      |
| White Mountains Insurance Grou     | White Mountains Insurance Group Ltd     | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      1900 | NS      | $4174224.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President