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        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>63078</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>63078</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005029</voteSeries>
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    <issuerName>Texas Pacific Land Corporation</issuerName>
    <cusip>88262P102</cusip>
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    <meetingDate>11/06/2025</meetingDate>
    <voteDescription>To elect the nine directors named in the Proxy Statement to serve until the 2026 Annual Meeting of Stockholders: Marguerite Woung-Chapman</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>63078</sharesVoted>
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    <vote>
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        <sharesVoted>63078</sharesVoted>
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    <cusip>88262P102</cusip>
    <isin>US88262P1021</isin>
    <meetingDate>11/06/2025</meetingDate>
    <voteDescription>To approve, by non-binding advisory vote, the executive compensation paid to the Company's named executive officers.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>63078</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>63078</sharesVoted>
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    <cusip>88262P102</cusip>
    <isin>US88262P1021</isin>
    <meetingDate>11/06/2025</meetingDate>
    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>63078</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>63078</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Texas Pacific Land Corporation</issuerName>
    <cusip>88262P102</cusip>
    <isin>US88262P1021</isin>
    <meetingDate>11/06/2025</meetingDate>
    <voteDescription>To consider a non-binding stockholder proposal to reduce the ownership threshold for stockholders to call a special stockholder meeting from 25% to 10%.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    </voteCategories>
    <voteSource>SECURITY HOLDER</voteSource>
    <sharesVoted>63078</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>63078</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
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    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Robert N. Duelks</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Melvin L. Flowers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Timothy C. Gokey</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Brett A. Keller</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Maura A. Markus</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Eileen K. Murray</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Annette L. Nazareth</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Election of eight nominees for membership on the Company's Board of Directors to serve until the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified: Amit K. Zavery</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>Advisory vote to approve the compensation of the Company's Named Executive Officers (the Say on Pay Vote);</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Broadridge Financial Solutions, Inc.</issuerName>
    <cusip>11133T103</cusip>
    <isin>US11133T1034</isin>
    <meetingDate>11/13/2025</meetingDate>
    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the Company's independent registered public accountants for the fiscal year ending June 30, 2026.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>5000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>5000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Willis J. Johnson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: A. Jayson Adair</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Matt Blunt</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Steven D. Cohan</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Daniel J. Englander</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: James E. Meeks</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Thomas N. Tryforos</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
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    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Diane M. Morefield</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Stephen Fisher</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Cherylyn Harley LeBon</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>400</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Copart, Inc.</issuerName>
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    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Carl D. Sparks</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <sharesVoted>400</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To elect the twelve nominees for director named in this proxy statement to hold office until our 2026 annual meeting of stockholders or until their respective successors have been duly elected and qualified: Jeffrey Liaw</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To approve, on an advisory (non-binding) basis, the compensation of our named executive officers for the fiscal year ended July 31, 2025.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Copart, Inc.</issuerName>
    <cusip>217204106</cusip>
    <isin>US2172041061</isin>
    <meetingDate>12/05/2025</meetingDate>
    <voteDescription>To ratify the appointment by the audit committee of our Board of Ernst &amp; Young LLP as our independent registered public accounting firm for the fiscal year ending July 31, 2026.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Madison Square Garden Entertainment Corp.</issuerName>
    <cusip>558256103</cusip>
    <isin>US5582561032</isin>
    <meetingDate>12/10/2025</meetingDate>
    <voteDescription>Election of the following nominees as directors: Martin Bandier</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4000</sharesVoted>
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        <howVoted>WITHHOLD</howVoted>
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        <managementRecommendation>AGAINST</managementRecommendation>
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    <issuerName>Madison Square Garden Entertainment Corp.</issuerName>
    <cusip>558256103</cusip>
    <isin>US5582561032</isin>
    <meetingDate>12/10/2025</meetingDate>
    <voteDescription>Election of the following nominees as directors: Donna M. Coleman</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>WITHHOLD</howVoted>
        <sharesVoted>4000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    <issuerName>Madison Square Garden Entertainment Corp.</issuerName>
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    <meetingDate>12/10/2025</meetingDate>
    <voteDescription>Election of the following nominees as directors: Frederic V. Salerno</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>WITHHOLD</howVoted>
        <sharesVoted>4000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Madison Square Garden Entertainment Corp.</issuerName>
    <cusip>558256103</cusip>
    <isin>US5582561032</isin>
    <meetingDate>12/10/2025</meetingDate>
    <voteDescription>Ratification of the appointment of our independent registered public accounting firm.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Madison Square Garden Entertainment Corp.</issuerName>
    <cusip>558256103</cusip>
    <isin>US5582561032</isin>
    <meetingDate>12/10/2025</meetingDate>
    <voteDescription>Approval of, on an advisory basis, the compensation of our named executive officers.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director Gary Baddeley</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director R. Cromwell Coulson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    </vote>
    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director Louisa Serene Schneider</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director Julia Sears</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director Andrew Wimpfheimer</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Elect Director Neal Wolkoff</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>OTC Markets Group Inc.</issuerName>
    <cusip>67106F108</cusip>
    <isin>US67106F1084</isin>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>Ratify Deloitte &amp; Touche LLP as Auditors</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>122400</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>122400</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Bakkt, Inc.</issuerName>
    <cusip>05759B305</cusip>
    <isin>US05759B3050</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the issuance of shares in accordance with Sections 312.03(b), 312.03(c), and 312.03(d) of the New York Stock Exchange Listed Company Manual.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>79200</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Bakkt, Inc.</issuerName>
    <cusip>05759B305</cusip>
    <isin>US05759B3050</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adjourn the Special Meeting, if necessary or appropriate in the view of the board of directors, including to solicit additional proxies if there are insufficient votes at the time of the Special Meeting to adopt Proposal 1.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>NZX Limited</issuerName>
    <cusip>Q7018C118</cusip>
    <isin>NZNZXE0001S7</isin>
    <meetingDate>04/23/2026</meetingDate>
    <voteDescription>Authorize Board to Fix Remuneration of the Auditors</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>NZX Limited</issuerName>
    <cusip>Q7018C118</cusip>
    <isin>NZNZXE0001S7</isin>
    <meetingDate>04/23/2026</meetingDate>
    <voteDescription>Elect Dame Paula Rebstock as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>NZX Limited</issuerName>
    <cusip>Q7018C118</cusip>
    <isin>NZNZXE0001S7</isin>
    <meetingDate>04/23/2026</meetingDate>
    <voteDescription>Elect Rachel Walsh as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <cusip>172573107</cusip>
    <isin>US1725731079</isin>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Election of Three Class I Directors: Jeremy Allaire</voteDescription>
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        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Circle Internet Group, Inc.</issuerName>
    <cusip>172573107</cusip>
    <isin>US1725731079</isin>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Election of Three Class I Directors: Craig Broderick</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Circle Internet Group, Inc.</issuerName>
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    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Election of Three Class I Directors: P. Sean Neville</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
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    <vote>
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        <howVoted>AGAINST</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    <issuerName>Circle Internet Group, Inc.</issuerName>
    <cusip>172573107</cusip>
    <isin>US1725731079</isin>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Circle Internet Group, Inc.</issuerName>
    <cusip>172573107</cusip>
    <isin>US1725731079</isin>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory vote to Approve the Frequency of Future Advisory Votes on Named Executive Officer Compensation</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>ONE YEAR</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Circle Internet Group, Inc.</issuerName>
    <cusip>172573107</cusip>
    <isin>US1725731079</isin>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Ratification of the Appointment of Deloitte &amp; Touche LLP as the Independent Registered Public Accounting Firm</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the independent registered public accounting firm of LandBridge for the fiscal year ending December 31, 2026;</voteDescription>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <cusip>05759B305</cusip>
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    <voteDescription>Election of Class II Directors: Michael Alfred</voteDescription>
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    <voteDescription>Advisory Vote to Approve Executive Compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteDescription>To ratify the selection of Grant Thornton LLC as independent auditors of the Company for the fiscal year ending December 31, 2026.</voteDescription>
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        <categoryType>AUDIT-RELATED</categoryType>
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    <cusip>22160N109</cusip>
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    <voteDescription>Proposal for the election of directors: Louise S. Sams</voteDescription>
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    <voteDescription>Approve Allocation of Income, with a Final Dividend of JPY 44</voteDescription>
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      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    <voteDescription>Elect Director Morishita, Kozo</voteDescription>
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    <voteDescription>Approve Compensation Ceiling for Directors</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>11</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>11</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005029</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>CRA International, Inc.</issuerName>
    <cusip>12618T105</cusip>
    <isin>US12618T1051</isin>
    <meetingDate>07/17/2025</meetingDate>
    <voteDescription>To consider and vote upon the election of two Class III Directors: Paul Maleh</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>124</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>124</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>CRA International, Inc.</issuerName>
    <cusip>12618T105</cusip>
    <isin>US12618T1051</isin>
    <meetingDate>07/17/2025</meetingDate>
    <voteDescription>To consider and vote upon the election of two Class III Directors: Thomas Avery</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>124</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>124</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
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  <proxyTable>
    <issuerName>CRA International, Inc.</issuerName>
    <cusip>12618T105</cusip>
    <isin>US12618T1051</isin>
    <meetingDate>07/17/2025</meetingDate>
    <voteDescription>To approve, on an advisory basis, the compensation paid to CRA's named executive officers, as disclosed in the proxy statement for the 2025 meeting of its shareholders.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>124</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>124</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>CRA International, Inc.</issuerName>
    <cusip>12618T105</cusip>
    <isin>US12618T1051</isin>
    <meetingDate>07/17/2025</meetingDate>
    <voteDescription>To ratify the appointment by our audit committee of Grant Thornton LLP as our independent registered public accountants for our fiscal year ending January 3, 2026.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>124</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>124</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: John D. Cumming</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Annette D. Alvarez-Peters</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Jennifer L. Locke</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Avraham M. Neikrug</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Colby A. Rollins</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Joseph S. Steinberg</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To elect seven (7) Directors: Luanne D. Tierney</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To ratify the selection of BPM LLP as independent registered public accounting firm of the Company for the year ending December 31, 2025.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To approve an advisory resolution approving the compensation of the Company's named executive officers (&quot;&quot;say-on-pay&quot;&quot;) as disclosed in the accompanying Proxy Statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Crimson Wine Group, Ltd.</issuerName>
    <cusip>22662X100</cusip>
    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To vote, on an advisory basis, on the frequency of future say-on-pay votes.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>21600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>ONE YEAR</howVoted>
        <sharesVoted>21600</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Joan Lordi C. Amble</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Debra L. Dial</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Michele A. Flournoy</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Mark Gaumond</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Ellen Jewett</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Arthur E. Johnson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Gretchen W. McClain</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Robert C. O'Brien</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Rory P. Read</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Charles O. Rossotti</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Horacio D. Rozanski</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Booz Allen Hamilton Holding Corporation</issuerName>
    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: William M. Thornberry</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteDescription>Elect Director R. William McFarland</voteDescription>
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    <voteDescription>Elect Director Christine N. McLean</voteDescription>
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    <voteDescription>Elect Director Brian J. Porter</voteDescription>
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    <voteDescription>Elect Director Timothy R. Price</voteDescription>
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    <voteDescription>Elect Director Lauren C. Templeton</voteDescription>
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    <voteDescription>Elect Director Benjamin P. Watsa</voteDescription>
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    <voteDescription>Elect Director V. Prem Watsa</voteDescription>
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    <voteDescription>Elect Director William C. Weldon</voteDescription>
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    <meetingDate>04/16/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers LLP as Auditors</voteDescription>
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    <voteDescription>Financed Emissions Disclosure</voteDescription>
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        <categoryType>ENVIRONMENT OR CLIMATE</categoryType>
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    <voteDescription>To re-elect Micky Arison as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <voteDescription>To re-elect Sir Jonathon Band as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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      <voteCategory>
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    <voteDescription>To re-elect Jason Glen Cahilly as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <voteDescription>To re-elect Nelda J. Connors as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <voteDescription>To re-elect Helen Deeble as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <voteDescription>To re-elect Jeffrey J. Gearhart as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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        <howVoted>FOR</howVoted>
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    <voteDescription>To re-elect Katie Lahey as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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        <howVoted>FOR</howVoted>
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    <voteDescription>To re-elect Stuart Subotnick as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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        <howVoted>FOR</howVoted>
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    <voteDescription>To re-elect Laura Weil as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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      <voteCategory>
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    <sharesVoted>215000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
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    <issuerName>Carnival Corporation</issuerName>
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    <voteDescription>To re-elect Josh Weinstein as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <sharesVoted>215000</sharesVoted>
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      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
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    <issuerName>Carnival Corporation</issuerName>
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    <voteDescription>To re-elect Randall Weisenburger as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
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    <vote>
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    <issuerName>Carnival Corporation</issuerName>
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    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve executive compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>215000</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Carnival Corporation</issuerName>
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    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve the Carnival plc Directors' Remuneration Report (in accordance with legal requirements applicable to UK companies).</voteDescription>
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      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
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    <sharesVoted>215000</sharesVoted>
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        <howVoted>FOR</howVoted>
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    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To appoint Deloitte LLP as independent auditor of Carnival plc and to ratify the selection of Deloitte &amp; Touche LLP as the independent registered public accounting firm of Carnival Corporation.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Audit Committee of Carnival plc to determine the remuneration of the independent auditor of Carnival plc (in accordance with legal requirements applicable to UK companies).</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <sharesVoted>215000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To receive the accounts and reports of the Directors and auditor of Carnival plc for the year ended November 30, 2025 (in accordance with legal requirements applicable to UK companies).</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the giving of authority for the allotment of new shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve, subject to Proposal 17 passing, the disapplication of pre-emption rights in relation to the allotment of new shares and sale of treasury shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve a general authority for Carnival plc to buy back Carnival plc ordinary shares in the open market (in accordance with legal requirements applicable to UK companies desiring to implement share buyback programs).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the DLC Unification and Redomiciliation Transactions including, with effect from the Scheme of Arrangement becoming effective, the termination of the Equalization Agreement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Boards of Directors of Carnival Corporation and Carnival plc to take all action necessary and appropriate for implementing the Scheme of Arrangement and the DLC Unification and Redomiciliation Transactions.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the passing of this resolution.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the Scheme of Arrangement becoming effective.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Memorandum of Continuance that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Carnival Corporation Ltd. Bye-Laws that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adjourn the Corporation Extraordinary General Meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the GM Proposals.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>215000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>215000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Margaret A. McKenzie</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Anna M. Alderson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Ian C. Dundas</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Anuroop S. Duggal</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director P. Jane Gavan</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Glenn A. McNamara</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Andrew M. Phillips</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Approve KPMG LLP as Auditors and Authorize Board to Fix Their Remuneration</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>60000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>60000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Antonio Carrillo</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Matthew Carter, Jr.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Heather Cox</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Elisabeth B. Donohue</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Marwan Fawaz</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Robert J. Gaudette</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NRG Energy, Inc.</issuerName>
    <cusip>629377508</cusip>
    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To elect ten directors: Sanjay Kapoor</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>NRG Energy, Inc.</issuerName>
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    <voteDescription>To elect ten directors: Alexander Pourbaix</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>148</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>148</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>NRG Energy, Inc.</issuerName>
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    <voteDescription>To elect ten directors: Alexandra Pruner</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <vote>
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        <sharesVoted>148</sharesVoted>
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    <issuerName>NRG Energy, Inc.</issuerName>
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    <voteDescription>To elect ten directors: Marcie C. Zlotnik</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <sharesVoted>148</sharesVoted>
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    <vote>
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        <sharesVoted>148</sharesVoted>
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    <issuerName>NRG Energy, Inc.</issuerName>
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    <isin>US6293775085</isin>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>To approve, on a non-binding advisory basis, NRG Energy, Inc.'s executive compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteDescription>To ratify the appointment of KPMG LLP as NRG Energy, Inc.'s independent registered public accounting firm for the 2026 fiscal year.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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        <sharesVoted>148</sharesVoted>
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    <issuerName>NRG Energy, Inc.</issuerName>
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    <voteDescription>To approve the NRG Energy, Inc. 2026 Long-Term Incentive Plan.</voteDescription>
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      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
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        <sharesVoted>148</sharesVoted>
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    <voteDescription>To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting, if properly presented at the meeting.</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>SECURITY HOLDER</voteSource>
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    <vote>
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        <sharesVoted>148</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Elect Chair of Meeting</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>200</sharesVoted>
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    <vote>
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        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Agenda of Meeting</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Acknowledge Proper Convening of Meeting</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Accept Financial Statements and Statutory Reports</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005030</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Allocation of Income and Omission of Dividends</voteDescription>
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      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
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        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Jan Berntsson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Claes Glassell</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Maria Redin</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Camilla Giesecke</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Henrik Lundin</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Rubin Ritter</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Cristina Stenbeck</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of James Anderson</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>200</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Susanna Campbell</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>200</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Harald Mix</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>200</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Cecilia Qvist</voteDescription>
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      <voteCategory>
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    <vote>
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        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of Hans Ploos van Amstel</voteDescription>
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      <voteCategory>
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    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
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        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
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    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Discharge of CEO Georgi Ganev</voteDescription>
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    <sharesVoted>200</sharesVoted>
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    <vote>
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        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
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      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Kinnevik AB</issuerName>
    <cusip>W5139V844</cusip>
    <isin>SE0022060521</isin>
    <meetingDate>05/05/2026</meetingDate>
    <voteDescription>Determine Number of Members (7) and Deputy Members (0) of Board</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
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    <voteDescription>Approve Discharge of Fred Wallenberg</voteDescription>
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    <voteDescription>Approve Discharge of Jacob Wallenberg</voteDescription>
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    <voteDescription>Approve Discharge of Marcus Wallenberg</voteDescription>
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    <voteDescription>Determine Number of Members (11) and Deputy Members (0) of Board</voteDescription>
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    <voteDescription>Determine Number of Auditors (1) and Deputy Auditors (0)</voteDescription>
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    <voteDescription>Reelect Katarina Berg as Director</voteDescription>
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    <voteDescription>Reelect Christian Cederholm as Director</voteDescription>
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    <vote>
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    <voteDescription>Reelect Magdalena Gerger as Director</voteDescription>
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    <vote>
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    <vote>
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    <voteDescription>Election of Directors: Richard A. Navarre</voteDescription>
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    <voteDescription>Election of Directors: Martin A. Lambert</voteDescription>
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    <voteDescription>Election of Directors: Constance B. Moore</voteDescription>
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    <voteDescription>Election of Directors: Bradley J. Dodson</voteDescription>
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    <voteDescription>Advisory Vote to Approve Executive Compensation We are asking that you approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the proxy statement, commonly referred to as a &quot;&quot;Say-on-Pay&quot;&quot; proposal.</voteDescription>
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    <voteDescription>Approve an Amendment to the 2014 Equity Participation Plan To approve an amendment to the 2014 Equity Participation Plan of Civeo Corporation (the &quot;&quot;EPP&quot;&quot;) to increase the number of shares available for issuance thereunder by 520,920 shares, subject to adjustment in accordance with the terms of the EPP.</voteDescription>
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    <voteDescription>Appointment of Auditors Appointment of Ernst &amp; Young LLP as Auditors of Civeo Corporation for the year ending December 31, 2026 and authorization of the directors of Civeo Corporation, acting through the Audit Committee, to determine their remuneration.</voteDescription>
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    <voteDescription>Election of Directors: John F. Brock</voteDescription>
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    <voteDescription>Election of Directors: Richard D. Fain</voteDescription>
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    <voteDescription>Election of Directors: Stephen R. Howe, Jr.</voteDescription>
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    <voteDescription>Election of Directors: Michael O. Leavitt</voteDescription>
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    <voteDescription>Election of Directors: Jason T. Liberty</voteDescription>
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    <voteDescription>Election of Directors: Amy McPherson</voteDescription>
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    <voteDescription>Election of Directors: Maritza G. Montiel</voteDescription>
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    <voteDescription>Election of Directors: Eyal M. Ofer</voteDescription>
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    <voteDescription>Election of Directors: Vagn O. Sorensen</voteDescription>
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    <voteDescription>Election of Directors: Donald Thompson</voteDescription>
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    <voteDescription>Election of Directors: Christopher Wiernicki</voteDescription>
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    <voteDescription>Election of Directors: Arne Alexander Wilhelmsen</voteDescription>
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    <voteDescription>Advisory approval of the Company's compensation of its named executive officers.</voteDescription>
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    <meetingDate>05/28/2026</meetingDate>
    <voteDescription>Ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2026.</voteDescription>
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    <voteDescription>Election of directors to serve until the Company's 2027 annual meeting of stockholders and until their successors are duly elected and qualified: Matthew M. Partridge</voteDescription>
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    <voteDescription>Election of directors to serve until the Company's 2027 annual meeting of stockholders and until their successors are duly elected and qualified: Michael A. Crawford</voteDescription>
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    <voteDescription>Election of directors to serve until the Company's 2027 annual meeting of stockholders and until their successors are duly elected and qualified: Monica S. Digilio</voteDescription>
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    <voteDescription>Elect twelve Directors: James A. Ajello</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Ty Daul</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Valerie P. Chase</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Andrea Nicolas</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the independent registered public accounting firm of LandBridge for the fiscal year ending December 31, 2026;</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal No. 2);</voteDescription>
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        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteDescription>To consider and vote upon the election of two Class III Directors: Thomas Avery</voteDescription>
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    <voteDescription>To ratify the appointment by our audit committee of Grant Thornton LLP as our independent registered public accountants for our fiscal year ending January 3, 2026.</voteDescription>
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    <voteDescription>To elect seven (7) Directors: John D. Cumming</voteDescription>
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      <voteCategory>
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    <voteDescription>To elect seven (7) Directors: Luanne D. Tierney</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <vote>
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    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To ratify the selection of BPM LLP as independent registered public accounting firm of the Company for the year ending December 31, 2025.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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        <sharesVoted>49300</sharesVoted>
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    <isin>US22662X1000</isin>
    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To approve an advisory resolution approving the compensation of the Company's named executive officers (&quot;&quot;say-on-pay&quot;&quot;) as disclosed in the accompanying Proxy Statement.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <issuerName>Crimson Wine Group, Ltd.</issuerName>
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    <meetingDate>07/22/2025</meetingDate>
    <voteDescription>To vote, on an advisory basis, on the frequency of future say-on-pay votes.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <howVoted>ONE YEAR</howVoted>
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        <managementRecommendation>AGAINST</managementRecommendation>
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    <cusip>099502106</cusip>
    <isin>US0995021062</isin>
    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Joan Lordi C. Amble</voteDescription>
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    <vote>
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    <voteDescription>Election of Directors: Debra L. Dial</voteDescription>
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    <vote>
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    <voteDescription>Ratification of the appointment of Ernst &amp; Young LLP as the Company's registered independent public accountants for fiscal year 2026.</voteDescription>
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    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve the Carnival plc Directors' Remuneration Report (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To appoint Deloitte LLP as independent auditor of Carnival plc and to ratify the selection of Deloitte &amp; Touche LLP as the independent registered public accounting firm of Carnival Corporation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Audit Committee of Carnival plc to determine the remuneration of the independent auditor of Carnival plc (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To receive the accounts and reports of the Directors and auditor of Carnival plc for the year ended November 30, 2025 (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the giving of authority for the allotment of new shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve, subject to Proposal 17 passing, the disapplication of pre-emption rights in relation to the allotment of new shares and sale of treasury shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve a general authority for Carnival plc to buy back Carnival plc ordinary shares in the open market (in accordance with legal requirements applicable to UK companies desiring to implement share buyback programs).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the DLC Unification and Redomiciliation Transactions including, with effect from the Scheme of Arrangement becoming effective, the termination of the Equalization Agreement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Boards of Directors of Carnival Corporation and Carnival plc to take all action necessary and appropriate for implementing the Scheme of Arrangement and the DLC Unification and Redomiciliation Transactions.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the passing of this resolution.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the Scheme of Arrangement becoming effective.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Memorandum of Continuance that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Carnival Corporation Ltd. Bye-Laws that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adjourn the Corporation Extraordinary General Meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the GM Proposals.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>296000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>296000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Margaret A. McKenzie</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Anna M. Alderson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Ian C. Dundas</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Anuroop S. Duggal</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director P. Jane Gavan</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Glenn A. McNamara</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Elect Director Andrew M. Phillips</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Approve KPMG LLP as Auditors and Authorize Board to Fix Their Remuneration</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PrairieSky Royalty Ltd.</issuerName>
    <cusip>739721108</cusip>
    <isin>CA7397211086</isin>
    <meetingDate>04/20/2026</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>72000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>72000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NZX Limited</issuerName>
    <cusip>Q7018C118</cusip>
    <isin>NZNZXE0001S7</isin>
    <meetingDate>04/23/2026</meetingDate>
    <voteDescription>Authorize Board to Fix Remuneration of the Auditors</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>NZX Limited</issuerName>
    <cusip>Q7018C118</cusip>
    <isin>NZNZXE0001S7</isin>
    <meetingDate>04/23/2026</meetingDate>
    <voteDescription>Elect Dame Paula Rebstock as Director</voteDescription>
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    <meetingDate>05/06/2026</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>720</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>720</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Fix Number of Directors at Six</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director Marcel Kessler</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director James Bowzer</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director Jon Faber</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director Sophia Langlois</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director Ken Mullen</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Elect Director Laura L. Schwinn</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Deloitte LLP as Auditors and Authorize Board to Fix Their Remuneration</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Pason Systems Inc.</issuerName>
    <cusip>702925108</cusip>
    <isin>CA7029251088</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>8000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>8000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect Rukia Baruti Dames as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect Christopher Bogart as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect Pamela Corrie as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect Robert Gillespie as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect Christopher Halmy as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To elect Rick Noel as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-elect John Sievwright as director.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To declare a final dividend of 6.25cents (United States cents) per ordinary share.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To re-appoint KPMG LLP as the Company's external auditor and independent registered public accounting firm.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the audit committee of the Board of Directors to agree to the compensation of the Company's external auditor.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To receive the accounts of the Company for the year ended December 31, 2025 and the report of the Board of Directors and the external auditor thereon.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the proxy statement for the 2026 annual general meeting of shareholders under &quot;&quot;Executive compensation&quot;&quot;, including the compensation discussion and analysis, the compensation tables and the related narrative discussion included therein (&quot;&quot;Say-on-Pay&quot;&quot;).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue unissued ordinary shares in the Company and grant rights to subscribe for, or to convert any security into, ordinary shares in the Company up to a specified amount.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Company to make market acquisitions of its ordinary shares up to a specified amount.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution) for an acquisition or specified capital investment.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>100</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>100</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005031</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Lisa Davis</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
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    <voteDescription>Election of Directors: Michelle J. Mathews-Spradlin</voteDescription>
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    <voteDescription>Election of Directors: Bradley G. Peltz</voteDescription>
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    <voteDescription>Election of Directors: Peter H. Rothschild</voteDescription>
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    <voteDescription>Approve an amendment to the Company's 2020 Omnibus Award Plan to increase the number of shares of common stock available for issuance under the plan.</voteDescription>
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    <voteDescription>Ratification of the appointment of Deloitte &amp; Touche LLP as the Company's independent registered public accounting firm for 2026.</voteDescription>
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    <voteDescription>Advisory resolution to approve executive compensation.</voteDescription>
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    <voteDescription>Stockholder proposal regarding a restriction on &quot;&quot;blank-check&quot;&quot; preferred stock, if properly presented at the Annual Meeting.</voteDescription>
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    <voteDescription>Election of Class II Directors to a term ending in 2029: Liam P. Caffrey</voteDescription>
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    <voteDescription>Election of Class II Directors to a term ending in 2029: Mary C. Choksi</voteDescription>
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    <voteDescription>Election of Class II Directors to a term ending in 2029: John K. Chu</voteDescription>
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    <voteDescription>Approval of the appointment of PricewaterhouseCoopers LLP as the Company's Independent Registered Public Accounting Firm for 2026</voteDescription>
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    <voteDescription>To elect seven directors of the Company to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified: G. Staley Cates</voteDescription>
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    <voteDescription>To elect seven directors of the Company to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified: Jay C. Horgen</voteDescription>
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    <voteDescription>To elect seven directors of the Company to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified: Felix V. Matos Rodriguez</voteDescription>
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    <voteDescription>To elect seven directors of the Company to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified: Tracy P. Palandjian</voteDescription>
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    <voteDescription>To elect seven directors of the Company to serve until the 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified: Loren M. Starr</voteDescription>
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    <voteDescription>To approve, by a non-binding advisory vote, the compensation of the Company's named executive officers.</voteDescription>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteDescription>To ratify the selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the current fiscal year.</voteDescription>
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    <isin>CA17878Y2078</isin>
    <meetingDate>05/27/2026</meetingDate>
    <voteDescription>Election of Directors: Richard A. Navarre</voteDescription>
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      <voteCategory>
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    <sharesVoted>558032</sharesVoted>
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    <vote>
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        <sharesVoted>558032</sharesVoted>
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    <voteDescription>Ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the year ending December 31, 2026.</voteDescription>
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    <voteDescription>Non-binding advisory vote on the compensation of the Company's named executive officers.</voteDescription>
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    <voteDescription>Non-binding advisory vote on the frequency of future advisory votes on the compensation of the Company's named executive officers.</voteDescription>
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    <voteDescription>Election of Directors: John F. Brock</voteDescription>
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    <voteDescription>Elect twelve Directors: William James Scilacci, Jr.</voteDescription>
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    <voteDescription>Ratification of the appointment of Deloitte &amp; Touche LLP as HEI's independent registered public accountant for 2026.</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Ty Daul</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Valerie P. Chase</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Andrea Nicolas</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the independent registered public accounting firm of LandBridge for the fiscal year ending December 31, 2026;</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Jason Long</voteDescription>
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    <voteDescription>Elect Director Ishizawa, Akira</voteDescription>
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    <voteDescription>Elect Director Fukuda, Hiroyuki</voteDescription>
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    <voteDescription>Elect Director Sato, Ken</voteDescription>
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    <voteDescription>Elect Director Kakizoe, Tadao</voteDescription>
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    <voteDescription>Elect Director Suwa, Takako</voteDescription>
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    <voteDescription>Appoint Statutory Auditor Yokota, Masayuki</voteDescription>
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    <voteDescription>Appoint Statutory Auditor Kitamura, Shigeru</voteDescription>
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    <voteDescription>Appoint Alternate Statutory Auditor Negishi, Toyoaki</voteDescription>
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    <voteDescription>Approve Compensation Ceiling for Directors</voteDescription>
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    <voteDescription>To approve, on an advisory basis, the compensation paid to CRA's named executive officers, as disclosed in the proxy statement for the 2025 meeting of its shareholders.</voteDescription>
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    <voteDescription>To ratify the appointment by our audit committee of Grant Thornton LLP as our independent registered public accountants for our fiscal year ending January 3, 2026.</voteDescription>
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    <meetingDate>07/23/2025</meetingDate>
    <voteDescription>Election of Directors: Charles O. Rossotti</voteDescription>
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    <voteDescription>To elect the nine directors named in the Proxy Statement to serve until the 2026 Annual Meeting of Stockholders: Robert Roosa</voteDescription>
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    <voteDescription>To elect the nine directors named in the Proxy Statement to serve until the 2026 Annual Meeting of Stockholders: Murray Stahl</voteDescription>
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    <voteDescription>To elect the nine directors named in the Proxy Statement to serve until the 2026 Annual Meeting of Stockholders: Marguerite Woung-Chapman</voteDescription>
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    <voteDescription>To approve, by non-binding advisory vote, the executive compensation paid to the Company's named executive officers.</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025.</voteDescription>
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    <voteDescription>To consider a non-binding stockholder proposal to reduce the ownership threshold for stockholders to call a special stockholder meeting from 25% to 10%.</voteDescription>
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    <voteDescription>Approve Allocation of Income, with a Final Dividend of JPY 30</voteDescription>
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    <voteDescription>Amend Articles to Amend Business Lines</voteDescription>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Sir Jonathon Band as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Jason Glen Cahilly as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Nelda J. Connors as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Helen Deeble as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Jeffrey J. Gearhart as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Katie Lahey as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Stuart Subotnick as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Laura Weil as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Josh Weinstein as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To re-elect Randall Weisenburger as a Director of Carnival Corporation and as a Director of Carnival plc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To hold a (non-binding) advisory vote to approve the Carnival plc Directors' Remuneration Report (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To appoint Deloitte LLP as independent auditor of Carnival plc and to ratify the selection of Deloitte &amp; Touche LLP as the independent registered public accounting firm of Carnival Corporation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Audit Committee of Carnival plc to determine the remuneration of the independent auditor of Carnival plc (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To receive the accounts and reports of the Directors and auditor of Carnival plc for the year ended November 30, 2025 (in accordance with legal requirements applicable to UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the giving of authority for the allotment of new shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve, subject to Proposal 17 passing, the disapplication of pre-emption rights in relation to the allotment of new shares and sale of treasury shares by Carnival plc (in accordance with customary practice for UK companies).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve a general authority for Carnival plc to buy back Carnival plc ordinary shares in the open market (in accordance with legal requirements applicable to UK companies desiring to implement share buyback programs).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To approve the DLC Unification and Redomiciliation Transactions including, with effect from the Scheme of Arrangement becoming effective, the termination of the Equalization Agreement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To authorize the Boards of Directors of Carnival Corporation and Carnival plc to take all action necessary and appropriate for implementing the Scheme of Arrangement and the DLC Unification and Redomiciliation Transactions.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the passing of this resolution.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the new articles of association of Carnival plc with effect from the Scheme of Arrangement becoming effective.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Memorandum of Continuance that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>EXTRAORDINARY TRANSACTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adopt the Carnival Corporation Ltd. Bye-Laws that will take effect upon the redomiciliation of Carnival Corporation from Panama to Bermuda.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Carnival Corporation</issuerName>
    <cusip>G2004J103</cusip>
    <isin>BMG2004J1036</isin>
    <meetingDate>04/17/2026</meetingDate>
    <voteDescription>To adjourn the Corporation Extraordinary General Meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the GM Proposals.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>4200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteDescription>Determine Number of Members (11) and Deputy Members (0) of Board</voteDescription>
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    <voteDescription>Reelect Christian Cederholm as Director</voteDescription>
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    <voteDescription>Reelect Magdalena Gerger as Director</voteDescription>
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    <voteDescription>Reelect Grace Reksten Skaugen as Director</voteDescription>
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    <voteDescription>Reelect Fred Wallenberg as Director</voteDescription>
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    <voteDescription>Reelect Jacob Wallenberg as Director</voteDescription>
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    <voteDescription>Reelect Marcus Wallenberg as Director</voteDescription>
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    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the audit committee of the Board of Directors to agree to the compensation of the Company's external auditor.</voteDescription>
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      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To receive the accounts of the Company for the year ended December 31, 2025 and the report of the Board of Directors and the external auditor thereon.</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the proxy statement for the 2026 annual general meeting of shareholders under &quot;&quot;Executive compensation&quot;&quot;, including the compensation discussion and analysis, the compensation tables and the related narrative discussion included therein (&quot;&quot;Say-on-Pay&quot;&quot;).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue unissued ordinary shares in the Company and grant rights to subscribe for, or to convert any security into, ordinary shares in the Company up to a specified amount.</voteDescription>
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      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Company to make market acquisitions of its ordinary shares up to a specified amount.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution) for an acquisition or specified capital investment.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Allocation of Income and Dividends of EUR 4.20 per Share</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Discharge of Management Board for Fiscal Year 2025</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Discharge of Supervisory Board for Fiscal Year 2025</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Creation of EUR 16.8 Million Pool of Authorized Capital with Preemptive Rights</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Elect Claudia Nemat to the Supervisory Board</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Amend Articles Re: Introduction of a Second Deputy Chair</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers GmbH as Auditors for Fiscal Year 2026 and for the Review of Interim Financial Statements for the First Half of Fiscal Year 2026</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers GmbH as Authorized Sustainability Auditors for Fiscal Year 2026</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Lisa Davis</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Wolfgang Durheimer</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Michael Eisenson</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: David Hoogendoorn</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Yosuke Kawakami</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Robert Kurnick, Jr.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Greg Penske</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Roger Penske</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Sandra Pierce</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
    <cusip>70959W103</cusip>
    <isin>US70959W1036</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Election of Directors: Ray Scott</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>30</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>30</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005032</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Penske Automotive Group, Inc.</issuerName>
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    <voteDescription>Advisory Vote to Approve Executive Compensation We are asking that you approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the proxy statement, commonly referred to as a &quot;&quot;Say-on-Pay&quot;&quot; proposal.</voteDescription>
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    <voteDescription>Approve an Amendment to the 2014 Equity Participation Plan To approve an amendment to the 2014 Equity Participation Plan of Civeo Corporation (the &quot;&quot;EPP&quot;&quot;) to increase the number of shares available for issuance thereunder by 520,920 shares, subject to adjustment in accordance with the terms of the EPP.</voteDescription>
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    <voteDescription>Appointment of Auditors Appointment of Ernst &amp; Young LLP as Auditors of Civeo Corporation for the year ending December 31, 2026 and authorization of the directors of Civeo Corporation, acting through the Audit Committee, to determine their remuneration.</voteDescription>
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    <voteDescription>Ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the year ending December 31, 2026.</voteDescription>
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    <voteDescription>Non-binding advisory vote on the compensation of the Company's named executive officers.</voteDescription>
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    <voteDescription>Non-binding advisory vote on the frequency of future advisory votes on the compensation of the Company's named executive officers.</voteDescription>
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    <voteDescription>Election of Directors: John F. Brock</voteDescription>
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    <voteDescription>Election of Directors: Jason T. Liberty</voteDescription>
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    <voteDescription>To elect the 11 directors identified in the accompanying Proxy Statement to serve as directors of LandBridge for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal: Andrea Nicolas</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the independent registered public accounting firm of LandBridge for the fiscal year ending December 31, 2026;</voteDescription>
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    <voteDescription>To approve, on an advisory, non-binding basis, the compensation of LandBridge's named executive officers (&quot;&quot;Named Executive Officers&quot;&quot;);</voteDescription>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Jason Long</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): David N. Capobianco</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Matthew K. Morrow</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Michael S. Sulton</voteDescription>
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    <voteDescription>Approve Compensation Ceiling for Directors</voteDescription>
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    <voteDescription>To approve the CACI International Inc 2025 Incentive Compensation Plan; and</voteDescription>
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    <voteDescription>To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year 2026.</voteDescription>
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    <voteDescription>Elect Director James W. Boswell</voteDescription>
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    <voteDescription>Elect Director R. Sherman Railsback</voteDescription>
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    <voteDescription>Elect David Curran as Director</voteDescription>
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    <voteDescription>Elect Heather Smith as Director</voteDescription>
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    <voteDescription>Approve the Spill Resolution</voteDescription>
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    <voteDescription>To approve the Options Proposal.</voteDescription>
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    <voteDescription>To approve the Adjournment Proposal.</voteDescription>
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    <voteDescription>To approve, on an advisory basis, the compensation paid to our named executive officers.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <isin>US92826C8394</isin>
    <meetingDate>01/27/2026</meetingDate>
    <voteDescription>To ratify the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2026.</voteDescription>
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    <meetingDate>01/27/2026</meetingDate>
    <voteDescription>To approve amendments to our Eighth Restated Certificate of Incorporation to limit officer liability as permitted by Delaware Law.</voteDescription>
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    <meetingDate>01/27/2026</meetingDate>
    <voteDescription>Shareholder proposal requesting the Board of Directors to adopt a policy for an independent chair.</voteDescription>
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    <vote>
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    <voteDescription>Shareholder proposal on shareholder right to act by written consent.</voteDescription>
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    <isin>US92826C8394</isin>
    <meetingDate>01/27/2026</meetingDate>
    <voteDescription>Shareholder proposal on report on online sexual exploitation.</voteDescription>
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      <voteCategory>
        <categoryType>OTHER SOCIAL ISSUES</categoryType>
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    <voteDescription>Shareholder proposal on inclusion ROI audit.</voteDescription>
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        <categoryType>ENVIRONMENT OR CLIMATE</categoryType>
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      <voteCategory>
        <categoryType>OTHER SOCIAL ISSUES</categoryType>
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        <categoryType>DIVERSITY, EQUITY, AND INCLUSION</categoryType>
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    <voteDescription>Elect Director Christopher D. Hodgson</voteDescription>
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    <voteDescription>Elect Director Sharmila Karve</voteDescription>
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    <voteDescription>Elect Director Jason Kenney</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Elect Director Sumit Maheshwari</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Elect Director R. William McFarland</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Elect Director Satish Rai</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Elect Director Chandran Ratnaswami</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Elect Director Gopalakrishnan Soundarajan</voteDescription>
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    <voteDescription>Elect Director Lauren C. Templeton</voteDescription>
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    <voteDescription>Elect Director Benjamin P. Watsa</voteDescription>
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    <voteDescription>Elect Director V. Prem Watsa</voteDescription>
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    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers LLP as Auditors</voteDescription>
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    <voteDescription>Elect Director Robert J. Gunn</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
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    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Discharge of Fred Wallenberg</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
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        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Investor AB</issuerName>
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    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Discharge of Jacob Wallenberg</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
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        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Discharge of Marcus Wallenberg</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Discharge of Sara Ohrvall</voteDescription>
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      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Investor AB</issuerName>
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    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Allocation of Income and Dividends of SEK 5.60 Per Share</voteDescription>
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      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Determine Number of Members (11) and Deputy Members (0) of Board</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Determine Number of Auditors (1) and Deputy Auditors (0)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Remuneration of Directors in the Amount of SEK 3.75 Million for Chair, SEK 2.2 Million for Vice Chair and SEK 1.1 Million for Other Directors; Approve Remuneration for Committee Work</voteDescription>
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      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Remuneration of Auditors</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Katarina Berg as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Christian Cederholm as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Magdalena Gerger as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Sven Nyman as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Mats Rahmstrom as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Grace Reksten Skaugen as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Hans Straberg as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Fred Wallenberg as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Jacob Wallenberg as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Marcus Wallenberg as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Sara Ohrvall as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Reelect Jacob Wallenberg as Board Chair</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Ratify Deloitte as Auditor</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Performance Share Matching Plan (LTVR) for Employees within Investor</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
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    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Performance Share Matching Plan (LTVR) for Employees within Patricia Industries</voteDescription>
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      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
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    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Authorize Share Repurchase Program and Reissuance of Repurchased Shares</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Investor AB</issuerName>
    <cusip>W5R777115</cusip>
    <isin>SE0015811963</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Approve Equity Plan (LTVR) Financing Through Transfer of Shares to Participants</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>17000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>17000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Wheaton Precious Metals Corp.</issuerName>
    <cusip>962879102</cusip>
    <isin>CA9628791027</isin>
    <meetingDate>05/08/2026</meetingDate>
    <voteDescription>Elect Director George L. Brack</voteDescription>
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    <voteDescription>Elect Chen Shih-Ta Michael as Director</voteDescription>
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    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To receive the accounts of the Company for the year ended December 31, 2025 and the report of the Board of Directors and the external auditor thereon.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the proxy statement for the 2026 annual general meeting of shareholders under &quot;&quot;Executive compensation&quot;&quot;, including the compensation discussion and analysis, the compensation tables and the related narrative discussion included therein (&quot;&quot;Say-on-Pay&quot;&quot;).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
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    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue unissued ordinary shares in the Company and grant rights to subscribe for, or to convert any security into, ordinary shares in the Company up to a specified amount.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Company to make market acquisitions of its ordinary shares up to a specified amount.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Burford Capital Ltd.</issuerName>
    <cusip>G17977110</cusip>
    <isin>GG00BMGYLN96</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>To authorize the Board of Directors to allot and/or issue equity securities of the Company for cash without making a pre-emptive offer to shareholders (subject to the limitations set forth in the resolution) for an acquisition or specified capital investment.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Allocation of Income and Dividends of EUR 4.20 per Share</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Discharge of Management Board for Fiscal Year 2025</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Discharge of Supervisory Board for Fiscal Year 2025</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Creation of EUR 16.8 Million Pool of Authorized Capital with Preemptive Rights</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CAPITAL STRUCTURE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Elect Claudia Nemat to the Supervisory Board</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Amend Articles Re: Introduction of a Second Deputy Chair</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approve Remuneration Report</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>COMPENSATION</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers GmbH as Auditors for Fiscal Year 2026 and for the Review of Interim Financial Statements for the First Half of Fiscal Year 2026</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Deutsche Boerse AG</issuerName>
    <cusip>D1882G119</cusip>
    <isin>DE0005810055</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Ratify PricewaterhouseCoopers GmbH as Authorized Sustainability Auditors for Fiscal Year 2026</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Elect Valdene Reddy as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Siobhan Cleary as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Fawzia Suliman as Director</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Reappoint Ernst &amp; Young Inc as Auditors with Kuben Moodley as Individual Auditor</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>AUDIT-RELATED</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Zarina Bassa as Chairperson of the Group Audit Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Faith Khanyile as Member of the Group Audit Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Thevendrie Brewer as Member of the Group Audit Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Siobhan Cleary as Chairperson of the Group Sustainability Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Faith Khanyile as Member of the Group Sustainability Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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  <proxyTable>
    <issuerName>JSE Ltd.</issuerName>
    <cusip>S4254A102</cusip>
    <isin>ZAE000079711</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Re-elect Thabo Leeuw as Member of the Group Sustainability Committee</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
      </voteCategory>
      <voteCategory>
        <categoryType>CORPORATE GOVERNANCE</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>200</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>200</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteSeries>S000005035</voteSeries>
    <voteOtherInfo>Kinetics Portfolio Trust</voteOtherInfo>
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    <voteDescription>Election of Equity Directors. Fourteen will be elected to the Board of Directors: Deborah J. Lucas</voteDescription>
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    <voteDescription>Election of Equity Directors. Fourteen will be elected to the Board of Directors: Rahael Seifu</voteDescription>
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    <voteDescription>Election of Equity Directors. Fourteen will be elected to the Board of Directors: William R. Shepard</voteDescription>
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    <voteDescription>Election of Equity Directors. Fourteen will be elected to the Board of Directors: Howard J. Siegel</voteDescription>
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    <voteDescription>Election of Equity Directors. Fourteen will be elected to the Board of Directors: Dennis A. Suskind</voteDescription>
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    <voteDescription>Ratification of the appointment of Ernst &amp; Young LLP as our independent registered public accounting firm for 2026.</voteDescription>
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    <voteDescription>Advisory vote on the compensation of our named executive officers.</voteDescription>
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    <voteDescription>Approval of an amendment to our certificate of incorporation to eliminate the right of the Class B-1 shareholder to elect three directors.</voteDescription>
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    <voteDescription>Approval of an amendment to our certificate of incorporation that would remove provisions that would be inoperative if each of ITEMS 4, 5 and 6 are approved.</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as the independent registered public accounting firm of LandBridge for the fiscal year ending December 31, 2026;</voteDescription>
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    <voteDescription>To approve, on an advisory, non-binding basis, the compensation of LandBridge's named executive officers (&quot;&quot;Named Executive Officers&quot;&quot;);</voteDescription>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <howVoted>ONE YEAR</howVoted>
        <sharesVoted>166000</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Jason Long</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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        <howVoted>WITHHOLD</howVoted>
        <sharesVoted>416632</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): David N. Capobianco</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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        <sharesVoted>416632</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Matthew K. Morrow</voteDescription>
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        <categoryType>DIRECTOR ELECTIONS</categoryType>
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        <sharesVoted>416632</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Michael S. Sulton</voteDescription>
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      <voteCategory>
        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Frank Bayouth</voteDescription>
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        <categoryType>DIRECTOR ELECTIONS</categoryType>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Kara Goodloe Harling</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Jeffrey Eaton</voteDescription>
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        <categoryType>DIRECTOR ELECTIONS</categoryType>
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        <sharesVoted>416632</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Ben Moore</voteDescription>
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        <sharesVoted>416632</sharesVoted>
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    <meetingDate>06/18/2026</meetingDate>
    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Greg Daily</voteDescription>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Jeffrey Ritenour</voteDescription>
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        <sharesVoted>416632</sharesVoted>
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    <voteDescription>To elect the 13 directors identified in the Proxy Statement to serve for a one-year term or until each such director's successor is duly elected and qualified or until each such director's earlier death, resignation, disqualification or removal (Proposal No. 1): Valerie P. Chase</voteDescription>
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    <voteDescription>To ratify the appointment of Deloitte &amp; Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026 (Proposal No. 2);</voteDescription>
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