KINETICS portfolios trust
ADDENDUM TO INVESTMENT ADVISORY AGREEMENT
THIS ADDENDUM dated March 29, 2001 to the Investment Advisory Agreement
dated as of the 1st day of May, 2000, by and between KINETICS PORTFOLIOS TRUST,
a Delaware business corporation (the "Trust") on behalf of its series, the
Kinetics Government Money Market Portfolio (the "Portfolio") and KINETICS ASSET
MANAGEMENT, INC., a New York corporation (the "Adviser"). At a Board meeting
duly held on Thursday, March 29, 2001, the Board of Trustees of the Trust
approved the following Addendum to the Agreement.
Subparagraph (f) of Section 7 Investment Advisory Fee shall be amended and
replaced in its entirety as follows:
"(f) Any fee withheld or voluntarily reduced and any
Portfolio expense absorbed by the Adviser voluntarily or pursuant
to an agreed upon expense cap shall be reimbursed by the
Portfolio to the Adviser, if so requested by the Adviser, no
later than the third fiscal year succeeding the fiscal year of
the withholding, reduction or absorption if the aggregate amount
actually paid by the Portfolio toward the operating expenses for
such fiscal year (taking into account the reimbursement) do not
exceed the applicable limitation on Portfolio expenses. Such
reimbursement may not be paid to the Adviser for any fiscal year
prior to the Portfolio's payment of such year's current expenses
if such practice would require the Adviser to waive, reduce or
absorb current Portfolio expenses in excess of the expense
limitation in effect at the time the unreimbursed expense was
actually incurred."
