# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-004908
**Filing Date:** 2026-2
**Character Count:** 31327
**Document Hash:** 0cef82f553f087b0bd23ab19aaaa0bcc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004908.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000894189-26-004908

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26677738

**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:** 2025-12-31

**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:** $270810965.49

**Total Liabilities:** $2872436.94

**Net Assets:** $267938528.55

**Amount of Assets Invested in Other Investment Companies:** $17728262.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021365 | 4.78%                | -1.88%               | -3.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $125436.88               | $-568065.98                                |
| Month 2  | $21.03                   | $-18563184.47                              |
| Month 3  | $757.99                  | $-3309225.59                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AutoNation Inc                       | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $2064.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bakkt Holdings Inc/US                | Bakkt Holdings Inc/US                         | CUSIP: 05759B305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32000 | NS      | $321280.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Grayscale Ethereum Classic Tru       | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $77.83        | 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      | $46.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I       | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   1612000 | NS      | $19827600.00  | 7.40%             |  |  |  | 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   | 2.24%             |  |  |  | No            |                  3 | On Loan: No      |
| BIGLEAGUE                            | BIGLEAGUE                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2455 | NS      | $148723.90    | 0.06%             |  |  |  | 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      | $3948257.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold.com Inc                         | Gold.com Inc                                  | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |      3200 | NS      | $108960.00    | 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      | $54773.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                         | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     29000 | NS      | $1491299.01   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                   | Anglo American PLC                            | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      7045 | NS      | $145761.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Associated Capital Group Inc         | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     77000 | NS      | $2910600.00   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Co       | Booz Allen Hamilton Holding Corp              | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       144 | NS      | $12147.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions       | Broadridge Financial Solutions Inc            | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      9000 | NS      | $2008530.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt       | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |       806 | NS      | $42226.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc              | Cboe Global Markets Inc                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      8000 | NS      | $2008000.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                        | CME Group Inc                                 | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      5800 | NS      | $1583864.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        36 | NS      | $7225.02      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc               | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       300 | NS      | $159843.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc            | Circle Internet Group Inc                     | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |       800 | NS      | $63440.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc           | Core Natural Resources Inc                    | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |         2 | NS      | $177.02       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                  | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |         4 | NS      | $826.72       | 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      | $3816.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                            | Fermi Inc                                     | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     10000 | NS      | $80000.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Franco-Nevada Corp                   | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     14600 | NS      | $3026288.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                  | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     58600 | NS      | $1427496.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc                   | Galaxy Digital Inc                            | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    110000 | NS      | $2459600.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co              | Arthur J Gallagher & Co                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       400 | NS      | $103516.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF          | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    598874 | NS      | $40939026.64  | 15.28%            |  |  |  | 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      | $4638847.02   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Ltd                              | ASX Ltd                                       | CUSIP: N/A<br>LEI: 549300VSBVYUCBIQKT71       | Long             | EC               | CORP              | AU        |      4400 | NS      | $151045.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                   | Deutsche Boerse AG                            | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1800 | NS      | $473205.47    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                             | 99GRAYSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    300000 | NS      | $3000000.00   | 1.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Euronext NV                          | Euronext NV                                   | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2520 | NS      | $379072.06    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AlphaPolis Co Ltd                    | AlphaPolis Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $2092.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp          | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     84200 | NS      | $1455818.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Wealth Solutions Lt       | Brookfield Wealth Solutions Ltd               | CUSIP: N/A<br>LEI: 9845004583U3B8E06924       | Long             | EC               | CORP              | CA        |      6925 | NS      | $318203.75    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Valterra Platinum Ltd                | Valterra Platinum Ltd                         | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      2455 | NS      | $34370.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                       | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       764 | NS      | $350412.42    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     52200 | NS      | $369284.91    | 0.14%             |  |  |  | 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      | $772434.54    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc        | Intercontinental Exchange Inc                 | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     12900 | NS      | $2089284.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Exchange Group Inc             | Japan Exchange Group Inc                      | CUSIP: 471059105<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |      8200 | NS      | $87412.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                    | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    166000 | NS      | $8132340.00   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc             | MarketAxess Holdings Inc                      | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |        48 | NS      | $8700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                       | Mastercard Inc                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1000 | NS      | $570880.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                         | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41482 | NS      | $1597886.64   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Miami International Holdings I       | Miami International Holdings Inc              | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     99224 | NS      | $4403561.12   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                                 | Hong Kong Exchanges & Clearing Ltd            | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |       100 | NS      | $5237.26      | 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      | $6958.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                           | Nasdaq Inc                                    | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7200 | NS      | $699336.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                              | NZX Ltd                                       | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |    400202 | NS      | $359450.46    | 0.13%             |  |  |  | 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      | $9716.55      | 0.00%             |  |  |  | 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      | $2164101.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Pure Cycle Corp                      | Pure Cycle Corp                               | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $35168.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                        | RB Global Inc                                 | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |      1400 | NS      | $144018.00    | 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      | $59052.67     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati       | Science Applications International Corp       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       200 | NS      | $20132.00     | 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      | $179778.00    | 0.07%             |  |  |  | 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      | $93907153.44  | 35.05%            |  |  |  | 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        |  25058005 | NS      | $25058004.72  | 9.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                             | Visa Inc                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4000 | NS      | $1402840.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC       | WaterBridge Infrastructure LLC                | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    416632 | NS      | $8336806.32   | 3.11%             |  |  |  | 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      | $1602199.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp         | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     32000 | NS      | $3760640.00   | 1.40%             |  |  |  | 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   | 0.45%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                      | TXSE Group, Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17390 | NS      | $399970.00    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| IG Port Inc                          | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4000 | NS      | $33452.50     | 0.01%             |  |  |  | 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      | $72400.82     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                          | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |    428400 | NS      | $2855895.96   | 1.07%             |  |  |  | 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      | $621.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                        | TMX Group Ltd                                 | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |     18000 | NS      | $684958.65    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                          | Investor AB                                   | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     17000 | NS      | $610090.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd               | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |       200 | NS      | $3938.65      | 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      | $5706677.35   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS INC     | MIAMI INTERNATIONAL HOLDINGS INC              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     47500 | NS      | $2108050.00   | 0.79%             |  |  |  | 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        |      7235 | NS      | $213577.20    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| OTC Markets Group Inc                | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |      2800 | NS      | $143640.00    | 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      | $272136.01    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L         | Partners Value Investments LP                 | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |     43506 | NS      | $792430.15    | 0.30%             |  |  |  | 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      | $32637.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-02-25

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President