# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-26-014525
**Filing Date:** 2026-5
**Character Count:** 59353
**Document Hash:** dc95edc379a2bd750ad45db004166d31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014525.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000894189-26-014525

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0001083387

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-78275
- **FILM NUMBER:** 26945502

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 914-703-6900

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEDICAL FUND & THE CURE FOR CANCER INC
- **DATE OF NAME CHANGE:** 19990406

## Series and Classes Contracts Data

### Kinetics Spin-Off and Corporate Restructuring Fund (Series ID: S000058593)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000192497 | Advisor Class A     | LSHAX           |
| C000192498 | Advisor Class C     | LSHCX           |
| C000192499 | Institutional Class | LSHUX           |
| C000192500 | No Load Class       | LSHEX           |

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| | | |
|:---|:---|:---|
| ![kmfspinoffred11.jpg](kmfspinoffred11.jpg) | **Summary Prospectus** | **April 30, 2026** |
| ![kmfspinoffred11.jpg](kmfspinoffred11.jpg) | **The Spin-off and Corporate Restructuring Fund** | **The Spin-off and Corporate Restructuring Fund** |
| ![kmfspinoffred11.jpg](kmfspinoffred11.jpg) | **Class A Shares (LSHAX)**<br>**Class C Shares (LSHCX)**<br>**Institutional Class (LSHUX)**<br>**No Load Class (LSHEX)** | **Class A Shares (LSHAX)**<br>**Class C Shares (LSHCX)**<br>**Institutional Class (LSHUX)**<br>**No Load Class (LSHEX)** |
| ![kmfspinoffred11.jpg](kmfspinoffred11.jpg) | **Class A Shares (LSHAX)**<br>**Class C Shares (LSHCX)**<br>**Institutional Class (LSHUX)**<br>**No Load Class (LSHEX)** | **Class A Shares (LSHAX)**<br>**Class C Shares (LSHCX)**<br>**Institutional Class (LSHUX)**<br>**No Load Class (LSHEX)** |

---

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund, including the Fund's statement of additional information and shareholder reports, online at http://kineticsfunds.com/reports.htm. You can also get this information at no cost by calling (800) 930-3828 or by sending an e-mail request to kineticsfunds@usbank.com, or from your financial intermediary. The Fund's prospectus and statement of additional information, both dated April 30, 2026, are incorporated by reference into this Summary Prospectus.*

**Investment Objectives** 

The Kinetics Spin-off and Corporate Restructuring Fund (the "Fund") seeks to achieve long-term growth of capital.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled, "Description of Classes" beginning on page 42 of the Fund's prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and "Purchasing Shares" beginning on page 54 of the Fund's statement of additional information.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Advisor <br><u>Class A Shares</u>** | **Advisor <br><u>Class A Shares</u>** | **Advisor <br><u>Class A Shares</u>** | **Advisor <br><u>Class C Shares</u>** | **Advisor <br><u>Class C Shares</u>** | **Advisor <br><u>Class C Shares</u>** | **Institutional**<br>**<u>Class Shares</u>** | **Institutional**<br>**<u>Class Shares</u>** | **No Load** <br>**<u>Class Shares</u>** | **No Load** <br>**<u>Class Shares</u>** |
| **Shareholder Fees**<br>*(fees paid directly from your investment)* | **Shareholder Fees**<br>*(fees paid directly from your investment)* | **Shareholder Fees**<br>*(fees paid directly from your investment)* | | | | | | | | |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  | 5.75% | <sup>(1)</sup> |  |  |  |  |  |  |  |
| Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |  |  |  |  | 1.00% | <sup>(2)</sup> |  |  |  |  |
| Redemption Fee (as a percentage of amount redeemed on shares held for 30 days or less, if applicable) |  | 2.00% |  |  | 2.00% |  |  | 2.00% |  | 2.00% |
| Wire fee |  | $15 |  |  | $15 |  |  | $15 |  | $15 |
| Overnight check delivery fee for weekday |  | $25 |  |  | $25 |  |  | $25 |  | $25 |
| Retirement account fees (annual maintenance fee) |  | $15 |  |  | $15 |  |  | $15 |  | $15 |
| **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br>*(expenses that you pay each year as a percentage of the value of your investment)* |  |  |
| Management fees |  | 1.00% |  |  | 1.00% |  |  | 1.00% |  | 1.00% |
| Distribution and service (Rule 12b-1) fees |  | 0.25% |  |  | 0.75% |  |  |  |  |  |
| Other expenses |  | 0.74% |  |  | 0.70% |  |  | 0.63% |  | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fee | 0.25% |  |  | 0.25% |  |  | 0.20% |  | 0.25% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses<sup>(3)</sup> | 0.49% |  |  | 0.45% |  |  | 0.43% |  | 0.43% |  |
| **Total annual fund operating expenses**<sup>(4)</sup> |  | 1.99% |  |  | 2.45% |  |  | 1.63% |  | 1.68% |
| Fees waiver and/or expenses reimbursements |  | -0.49% |  |  | -0.20% |  |  | -0.38% | (5) | -0.23% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total annual fund operating expenses after fee waiver and/or expense reimbursements** <sup>(6)</sup> | 1.50 | % | 2.25 | % | 1.25 | % | 1.45 | % |

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<sup>(1)</sup> No initial sales charge is applied to purchases of $1 million or more. 

<sup>(2)</sup> A CDSC of 1.00% will be charged on Advisor Class C Share purchases that are redeemed in whole or in part within 12 months of purchase. 

<sup>(3)</sup> "Other Operating Expenses" include expenses incurred by any subsidiary wholly-owned and controlled by the Fund.

<sup>(4)</sup> Total Annual Fund Operating Expenses do not correlate to the ratio of operating expenses to average net assets before expense reimbursement found in the "Financial Highlights" section of this Prospectus, which reflects the Fund's operating expenses and does not include acquired fund fees and expenses ("AFFE").

<sup>(5)</sup> The Fund's adviser, Horizon Kinetics Asset Management, LLC ("Kinetics" or the "Investment Adviser") has contractually agreed to reimburse the Fund the portion of Shareholder Servicing fees in excess of 0.05% of the average daily net assets of the Institutional Class until at least April 30, 2027. 

<sup>(6)</sup> In addition, the Investment Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, AFFE (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.50%, 2.25%, 1.25% and 1.45% of the average daily net assets of the Advisor Class A Shares, Advisor Class C Shares, Institutional Shares and No Load Shares, respectively. This agreement is in effect until April 30, 2027, and may be terminated before that date only by the Company's Board of Directors. The Fund's Investment Adviser is permitted to seek reimbursement from the Fund for a period ending three full years after the date of the waiver or payment. Any reimbursement is limited to the lesser of the Expense Cap in effect at the time of the waiver and the Expense Cap in effect at the time of reimbursement. 

*Example.* This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**One Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Three Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Five Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ten Years** |
| Advisor Class A | &nbsp;&nbsp;&nbsp;$723 | &nbsp;&nbsp;&nbsp;$1123 | &nbsp;&nbsp;&nbsp;$1547 | &nbsp;&nbsp;&nbsp;$2724 |
| Advisor Class C | &nbsp;&nbsp;&nbsp;$331 | &nbsp;&nbsp;&nbsp;$744 | &nbsp;&nbsp;&nbsp;$1288 | &nbsp;&nbsp;&nbsp;$2771 |
| Institutional Class | &nbsp;&nbsp;&nbsp;$125 | &nbsp;&nbsp;&nbsp;$475 | &nbsp;&nbsp;&nbsp;$849 | &nbsp;&nbsp;&nbsp;$1899 |
| No Load Class | &nbsp;&nbsp;&nbsp;$150 | &nbsp;&nbsp;&nbsp;$509 | &nbsp;&nbsp;&nbsp;$893 | &nbsp;&nbsp;&nbsp;$1969 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| Advisor Class C | $228 | $744 | $1288 | $2771 |

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*Portfolio Turnover.* The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.

**Principal Investment Strategy** 

Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies,

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companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. The Fund is non-diversified. The Fund considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced one of the following events within five years of the Fund's investment in the company: a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders; an equity "carve-out" or "partial initial public offering" in which a parent company sells a percentage of the equity of a subsidiary in a public offering; or the parent company of any such company after the public disclosure of the corporate restructuring. The Fund may invest in a parent company of a spin-off company or a company subject to a corporate restructuring, or a publicly traded shareholder activist holding company which has caused such other companies to undergo the spin-off or corporate restructuring, after the public disclosure of the planned spin-off or corporate restructuring, during the spin-off or corporate restructuring process, or after the actual spin-off or corporate restructuring. If the Fund invests in a parent company of a spin-off company or a company subject to a corporate restructuring prior to a spin-off or restructuring, the Fund would, upon the completion of the spin-off or restructuring, receive the shares of the spin-off company. The Fund may retain shares of both the parent and the spin-off company, the shares of only one, or the shares of neither.

The Fund invests in both U.S. and foreign equity securities. The Fund's investments in foreign equity securities may be in both developed and emerging markets. The Fund's equity investments may include common stock, preferred stock, securities convertible into common stock, warrants, rights and other equity securities having the characteristics of common stock (such as depositary receipts). The Fund may invest in any size company, including small- and medium-sized companies, and further may invest in companies which are financially distressed.

The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund's Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time; for example, a similar company may have recently announced a spin-off; the company may be under investor pressure to consider strategic alternatives; or the current segments of the company may not have a synergistic fit, and as a result the company's stock trades at a discount to that of its closest peers. The Fund may invest in potential spin-off and corporate restructuring companies that the Fund's Investment Adviser believes may, based on its in-house research, have the most favorable risk/reward characteristics.

The Fund may invest in crypto assets, including bitcoin or BTC, indirectly through other investment vehicles. **The Fund will not invest directly in bitcoin or other crypto assets.** Certain of these vehicles may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act") and do not receive the protections of the 1940 Act. The Fund may contribute a portion of its indirect holdings in crypto assets to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (a "Subsidiary"). The amount of the Fund's investment in crypto assets may be limited by law or by tax considerations. The Fund will not invest in private investment vehicles beyond the limits of the 1940 Act.

The Fund may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust ETF ("GBTC") and through other pooled investment vehicles that provide exposure to crypto assets. GBTC is a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.

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In the future, the Fund may seek to gain additional exposure to crypto assets that may not produce qualifying income for the Fund under the Internal Revenue Code of 1986, as amended (the "Code") if held directly.

The Subsidiary invests primarily in investment vehicles that provide the Fund with exposure to crypto asset investments. The Fund will invest in its Subsidiary in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Fund as a "regulated investment company" ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Code ("Subchapter M"). The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiary. The Subsidiary also complies with Section 17 of the 1940 Act, relating to affiliated transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts with respect to the Subsidiary. Unlike the Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. The Subsidiary includes entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly-owned by the Fund.

The Investment Adviser seeks to avoid short-term investing and significant portfolio turnover. The Investment Adviser utilizes its in-house research capabilities to seek to identify businesses at inflection points in their corporate life cycles with what the Investment Adviser believes are attractive risk/reward profiles. The Investment Adviser believes that returns are often the result of the market's inefficiency in initially valuing corporate restructurings due in part to lack of coverage by the investment community and initial indiscriminate selling pressure. For instance, companies that have been "spun-off" from their corporate parents by way of corporate restructurings may not be followed closely by financial sector analysts, which could lead to advantageous disparities between a company's valuation and growth prospects relative to its pricing in the marketplace. The Investment Adviser uses a process that focuses primarily on the analysis of individual companies rather than on the industry in which the company may operate. This "bottom-up" approach may result in multiple investments in the same sector or industry. However, the Investment Adviser pays careful attention to the limitation of sector and industry concentrations.

The Fund may maintain during a temporary period, which could be for a short period or a longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to: high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to find sufficient investments meeting its criteria and when the Adviser believes the purchase of additional equity securities would not further the investment objective of the Fund during such periods of time. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money market instruments described above.

If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate as much as it would have if it had been more fully invested in securities. In the aforementioned temporary defensive periods, the Investment Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.

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**The Fund held 77.09% of its net assets in the Texas Pacific Land Corporation (the "Land Corporation") as of March 31, 2026.** The Land Corporation is a corporation organized under the laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized cash flow to return capital to unitholders through share repurchases and dividends. While the Land Corporation has held the majority of its assets since its formation in 1888, the development of energy resources subject to its royalty interests and related land use have experienced rapid growth in recent years due to advances in energy exploration and extraction technologies.

**Principal Investment Risks** 

Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. The risks are prioritized by order of importance. Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Single Security Concentration Risk:* Holding a large portion of its net assets in a single security or issuer exposes the Fund to various risks relating to that security or issuer and to the market volatility of that specific security or issuer if the security or issuer performs worse than the market as a whole, which could adversely affect the Fund's performance.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Non-Diversification Risk:* Investing a larger portion of its net assets in the securities of a smaller number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Sector Concentration Risk:* Although the Fund will not concentrate its investments in any industries, the Fund may, at certain times, have concentrations in one or more sectors which may cause the Fund to be more sensitive to economic changes or events occurring in those sectors, and the Fund's investments may be more volatile. **As of March 31, 2026, the Fund had 83.5% invested in the Mining, Quarrying, and Oil and Gas Extraction sector.**

ª&nbsp;&nbsp;&nbsp;&nbsp;*Petroleum and Gas Sector Risk:* The profitability of companies in the oil and gas industry is related to worldwide energy prices, exploration costs and production spending. Companies in the oil and gas industry may be at risk for environmental damage claims and other types of litigation. Companies in the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes in exchange rates or interest rates; prices for competitive energy services; economic conditions; tax treatment or government regulation; government intervention; negative public perception; or unfavorable events in the regions where companies operate (*e.g.,* expropriation, nationalization, confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and gas industry may have significant capital investments in, or engage in transactions involving, emerging market countries, which may heighten these risks.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Specific Strategy/Research Risk:* The Fund's Investment Adviser and an affiliate of the Fund's Investment Adviser author and collaborate on research reports regarding spin-off related companies for institutional subscribers. Consistent with its compliance policies and procedures, the Investment Adviser may impose for a period of time an internal restriction in the trading in certain securities related to spin-off companies, corporate restructuring companies and/or their

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parent companies discussed in these research reports. As a result, the Fund may be prevented from trading in such securities at their optimal value or time as might otherwise have been permitted if such restrictions were not in effect. In addition, if subscribers to the research services buy or sell securities that are described in the reports, it could potentially have an adverse effect on the price of securities bought or sold by the Fund.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Crypto Asset Exposure Risk*: Crypto assets (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although crypto assets are an emerging asset class, they are not presently widely accepted as a medium of exchange. There are thousands of crypto assets, the most well-known of which is bitcoin.

Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government, bank or central organization. Bitcoin exists on an online, peer-to-peer computer network that hosts a public transaction ledger where crypto assets transfers are recorded (the "Bitcoin Blockchain"). Bitcoin has no physical existence and exists solely through the record of transactions on the Bitcoin Blockchain. The Bitcoin Network allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger known as a blockchain. The Fund may invest indirectly in bitcoin through GBTC and through other pooled investment vehicles that provide exposure to crypto assets. GBTC is a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.

In addition to the general risks of investing in other investment vehicles, the value of the Fund's indirect investments in crypto assets are subject to fluctuations in the value of the crypto asset, which can be highly volatile. The value of crypto assets is determined by the supply and demand for crypto assets in the global market for the trading of crypto assets, which consists primarily of transactions on crypto asset trading platforms. The value of crypto assets has been, and may continue to be, substantially dependent on speculation, such that trading and investing in crypto assets generally may not be based on fundamental analysis. The Fund's exposure to crypto assets can result in substantial losses to the Fund.

Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the oversight of a central authority or banks. The value of crypto assets are not backed by any government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and destruction.

Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. These crypto asset trading platforms can cease operating temporarily or even permanently, resulting in the potential loss of users' crypto assets or other market disruptions. Crypto asset trading platforms may be more exposed to the risk of market manipulation than exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto assets in which the Fund may invest indirectly (also known as "whales") may have the ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on which crypto assets are traded are or may become subject to enforcement actions by regulatory authorities. Crypto asset trading platforms that are regulated typically must comply with minimum net worth, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, crypto asset trading platforms may be operating out of compliance with regulations, and many crypto asset trading platforms lack certain safeguards established by more traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value

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of items traded on the exchange (*i.e.*, "flash crashes"). As a result, the prices of crypto assets on crypto asset trading platforms may be subject to larger and more frequent sudden declines than assets traded on more traditional exchanges.

Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of crypto assets, either of which could adversely impact the value of the Fund's investment. In addition, to the extent market participants develop a preference for one crypto asset over another, the value of the less preferred crypto assets would likely be adversely affected. Crypto assets are a new technological innovation with a limited history; it is a highly speculative asset and future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the Fund's indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Crypto Asset Industry Risk:* The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks. The crypto asset industry may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence in participants of the digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. ("FTX"), one of the largest digital asset platforms by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. In addition, several other entities in the crypto asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced extreme volatility and other entities in the crypto asset industry have been negatively affected. It is possible that similar events could occur in the future, which would undermine confidence in the crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at this time all of the risks that they may pose to the Fund, its service providers or to the crypto asset industry as a whole.

Factors affecting the further development of crypto assets include, but are not limited to, continued worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other digital assets; government and quasi-government regulation or restrictions on or regulation of access to and operation of digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source software protocol; availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; general economic conditions and the regulatory environment relating to digital assets; negative consumer or public perception; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one crypto asset may lead to a loss in confidence in, and thus decreased usage and/or value of, other crypto assets.

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ª&nbsp;&nbsp;&nbsp;&nbsp;*Crypto Asset Regulatory Risk*: Crypto asset markets in the U.S. exist in a state of regulatory uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may adversely affect the value of the Fund's indirect investments in crypto assets. As digital assets have grown in both popularity and market size, a number of state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings and instituted legal proceedings in which they argue that certain digital assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against virtual currency businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual currency activity.

The Fund's exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Fund's portfolio at any given time. Many significant aspects of the tax treatment of investments in crypto assets are uncertain, and a direct or indirect investment in crypto assets may produce non-qualifying income.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Liquidity Risks*: The Investment Adviser may not be able to sell portfolio securities at an optimal time or price. The Fund's significant investment in a single position, makes the Fund especially susceptible to the risk that during certain periods the liquidity of the single position will decrease or disappear suddenly and without warning as a result of adverse market or political events, or adverse investor perceptions.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Event Driven Risk:* The Investment Adviser's evaluation of the outcome of a proposed spin-off or corporate restructuring may prove incorrect and the Fund's return on an investment may be negative. Even if the Investment Adviser's judgment regarding the likelihood of a specific outcome proves correct, the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return. In addition, the ability of a shareholder activist holding company to effectuate a spin-off or restructuring is subject to the same risks and the Investment Adviser's evaluation of such a company's capabilities may be incorrect.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Foreign Investment Risk:* The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, tariffs and trading disruptions, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund's foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Additionally, there may be less information publicly available about certain issues. Foreign securities include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.

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ª&nbsp;&nbsp;&nbsp;&nbsp;*Equity Risk*: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Emerging Markets Risk*: Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Additionally, there may be less publicly available information about certain foreign issuers. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Currency Risk*: The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Distressed Securities Risk:* Financially distressed securities involve considerable risk that can result in substantial or even total loss of the Fund's investment. It is often difficult to obtain information as to the true condition of financially distressed securities. These securities are often subject to litigation among the participants in bankruptcy or reorganization proceedings.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Preferred Stock Risk*: Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Regulatory Risk:* Crypto asset is generally not subject to the same degree of regulation as are registered U.S. securities. The reporting, accounting and auditing standards for crypto asset may differ from the standards for registered U.S. securities. Furthermore, countries, including the United States, may in the future curtail or outlaw the acquisition, use or redemption of crypto asset.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Small-cap and Mid-cap Company Risk:* The securities of small-capitalization or mid- capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Tax Risks:* In order to qualify as a RIC, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the test regarding the source of a RIC's income, at least 90% of the gross income of the RIC each year must be qualifying income, which consists of dividends, interest, gains on investments in

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securities and certain other categories of investment income. It appears to be the position of the Internal Revenue Service (the "IRS") that gain realized on crypto asset investments will not be qualifying income. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to such crypto asset investments within the limitations of the Code for qualification as a RIC because, under applicable tax rules, the earnings of the Subsidiary will be qualifying income for the RIC when distributed by the Subsidiary even though the income would not be qualifying income if earned directly by the RIC. There is a risk, however, that the IRS might assert that the income derived from the Fund's investment in the Subsidiary will not be considered qualifying income. If the Fund were to fail to qualify as a RIC and became subject to U.S. federal income tax, shareholders of the Fund would be subject to diminished returns. Additionally, the Fund invests, directly and indirectly, in entities that take the position that they are not subject to entity-level tax. If any such entity is reclassified as a corporation for U.S. federal income tax purposes, shareholders of the Fund would be subject to diminished returns. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Cayman Subsidiary. If Cayman Islands law changes such that the Cayman Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Valuation Risk*: The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, such as crypto asset, or that are valued using a fair value methodology. Fair valuation of the Fund's investments involves subjective judgment. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Investment Adviser had not fair-valued the security or had used a different valuation methodology.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Volatility Risk:* The Fund may have investments, including but not limited to crypto asset investments, that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Warrants and Rights Risk*: Warrants and rights may lack a liquid secondary market for resale. The prices of warrants may fluctuate as a result of speculation or other factors. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of their underlying securities and therefore are highly volatile and speculative investments. Failing to exercise subscription rights to purchase common stock would dilute the Fund's interest in the issuing company. The market for such rights is not well developed, and the Fund may not always realize full value on the sale of rights.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Subsidiary Risks:* By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. Those investments held by the Subsidiary are generally similar to the investments that are permitted to be held by the Fund and are subject to the same risks that would apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to continue to operate and could adversely affect the Fund's performance.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Market Risk:* The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also

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may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Natural disasters, public health emergencies (including epidemics and pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other global unforeseeable events may lead to instability in world economies and markets, market volatility and may have adverse long-term effects. Advancements in technology may adversely impact markets and the overall performance of the Fund. For example, as artificial intelligence is used more widely, the profitability and growth of the Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Initial Public Offerings ("IPO") Risk:* Investing in securities of companies in IPOs involve unique risks, which may include limited numbers of shares available for trading, unseasoned trading, lack of investor knowledge of the companies and the companies' limited operating histories. These factors may contribute to substantial price volatility for the shares of these companies.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Large-Cap Company Risk*: Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Management and Strategy Risk:* The value of your investment depends on the judgment of the Investment Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, sector or region, which may prove to be incorrect. Investment strategies employed by the Investment Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to that of other investments.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Convertible Securities Risk*: Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Cybersecurity Risk:* Cybersecurity incidents may allow an unauthorized party to gain access to the Fund's assets or proprietary information, or cause the fund, the Investment Adviser, and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund's, Investment Adviser, or the Fund's other service providers, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell fund shares, potentially resulting in financial losses to the Fund and its shareholders.

ª&nbsp;&nbsp;&nbsp;&nbsp;*Temporary Defensive Position Risk:* If the Fund takes a temporary defensive position, it may invest all or a large portion of its assets in cash and/or cash equivalents. If the Fund takes a temporary defensive position, the Fund may not achieve its investment objective.

**Who may want to invest?**

The Fund may be appropriate for investors who:

ª&nbsp;&nbsp;&nbsp;&nbsp;wish to diversify their portfolios;

ª&nbsp;&nbsp;&nbsp;&nbsp;wish to generate income and capital;

ª&nbsp;&nbsp;&nbsp;&nbsp;are willing to accept the volatility associated with crypto asset investing; and

ª&nbsp;&nbsp;&nbsp;&nbsp;are comfortable with the risks described herein.

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**Performance** 

The performance information provided below indicates some of the risks of investing in the Fund by comparing the Fund with the performance of a broad-based market index. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund's performance would be reduced.

The Horizon Spin-off and Corporate Restructuring Fund, a series of Investment Managers Series Trust (the "Predecessor Fund") reorganized into the Fund following the close of business on December 8, 2017. Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a tax-free reorganization (the "Reorganization"). As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. Performance results shown in the bar chart and the performance table below for the period through December 31, 2016 reflect the performance of the Predecessor Fund. On February 11, 2014, the Predecessor Fund's principal investment strategy changed to focus exclusively on spin-offs and other forms of corporate restructuring. The performance information for periods prior to that date is attributable to the Predecessor Fund's previous principal investment strategy.

The performance information for the period prior to October 10, 2009, is that of the Liberty Street Horizon Fund, a series of the Forum Funds Trust (the "Liberty Street Fund"). The Predecessor Fund acquired the assets and liabilities of the Liberty Street Fund in a reorganization on March 16, 2007. The Liberty Street Fund's performance and financial history were adopted by the Predecessor Fund and, for periods prior to October 10, 2009, are included in the Fund's performance and financial history.

The performance of the Fund reflects the performance of the Predecessor Fund, which had substantially similar investment strategies. The bar chart shows performance of the Fund's Institutional shares. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Advisor Class A, Advisor Class C and No Load Class shares' performance would be lower than the Institutional Class performance because of the higher expenses paid by Advisor Class A, Advisor Class C and No Load Class shares.

Updated performance information is available on the Fund's website at http://www.kineticsfunds.com or by calling the Fund toll-free at (800) 930-3828.

**Calendar Year Total Return (before taxes) for Institutional Class Shares**![chart-9803bf0ea8d34208993.jpg](chart-9803bf0ea8d34208993.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | Q1 2021 | 57.89% |
| Worst Quarter: | Q1 2020 | -38.80% |

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The after-tax returns for the Fund's Institutional Class shares as shown in the following table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. If you own Fund shares in a tax-deferred account, such as a 401(k) plan or an individual retirement account ("IRA"), the information on after-tax returns is not relevant to your investment. After-tax returns are shown for Institutional Class shares only. After-tax returns for Advisor Class A, Advisor Class C and No Load Class shares will differ.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns (*for the Periods Ended December 31, 2025)*** | **Average Annual Total Returns (*for the Periods Ended December 31, 2025)*** | **Average Annual Total Returns (*for the Periods Ended December 31, 2025)*** | **Average Annual Total Returns (*for the Periods Ended December 31, 2025)*** | **Average Annual Total Returns (*for the Periods Ended December 31, 2025)*** | |
| | **1 Year** | **5 Years** | **10 Years** | **Since Inception** | **Inception Date/From** |
| **Institutional Class** — Return Before Taxes | -19.28% | 18.93% | 14.72% | 7.00% | July 11, 2007 |
| **Institutional Class** — Return After Taxes on Distributions | -21.23% | 17.48% | 13.70% | 6.40% | July 11, 2007 |
| **Institutional Class** — Return After Taxes on Distributions and Sale of Fund Shares | -9.98% | 15.37% | 12.25% | 5.76% | July 11, 2007 |
| **Advisor Class A Shares** — Return Before Taxes | -24.13% | 17.23% | 13.76% | 6.78% | May 4, 2007 |
| **Advisor Class C Shares** — Return Before Taxes | -20.79% | 17.74% | 13.56% | 6.39% | May 24, 2007 |
| **No Load Class Shares** — Return Before Taxes | -19.45% | 18.68% | N/A | 15.01% | December 11, 2017 |
| &nbsp;&nbsp;**S&P 500 TR Index** (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.61% | July 11, 2007 |

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**Management** 

*Investment Adviser.* Horizon Kinetics Asset Management LLC is the Fund's investment adviser.

*Portfolio Managers.* Steven M. Bregman, Peter Doyle and James Davolos serve as the portfolio managers of the Fund and are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

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| | | |
|:---|:---|:---|
| ***Investment team member*** | ***Primary Title*** | ***Years of Service with the Fund*** |
| Steven Bregman | Co-Portfolio Manager | 19 |
| Peter Doyle | Co-Portfolio Manager | 1 |
| James Davolos | Co-Portfolio Manager | 1 |

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**Purchase and Sale of Fund Shares** 

You may purchase, exchange or redeem Fund shares on any business day by written request via mail (Kinetics Mutual Funds – The Kinetics Spin-off and Corporate Restructuring Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by telephone at 1-800-930-3828, or through a financial intermediary. You may also purchase or redeem Fund shares by wire transfer. The minimum initial investment for both regular accounts and IRAs is $2,500 ($2,000 for Coverdell Education Savings Accounts). There is no minimum on subsequent investments for all account types. To purchase shares of the Fund, you must invest at least the minimum amount.

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| | | |
|:---|:---|:---|
| **Minimum Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**To Open Your Account** | **To Add to Your Account** |
| **Advisor A and Advisor C Shares** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Accounts | $2500 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional and Roth IRA Accounts | $2500 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts with Systematic Investment Plans | $2500 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualified Retirement Plans | $2500 | $0 |
| **No-Load Shares** | $2500 | $0 |
| **Institutional Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All Accounts | $1000000 | $0 |

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Fund shares are redeemable on any business day the New York Stock Exchange (the "NYSE") is open for business by written request or by telephone.

**Tax Information** 

Unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, the Fund's distributions will generally be taxable to you at ordinary income or capital gains tax rates, and you will generally recognize gain or loss when you redeem shares.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and its related companies (including the Investment Adviser) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary's website for more information.

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