Horizon Kinetics Account Access Contact Small Cap Opportunities Fund KSCOX No Load Class Overview THE FUND U.S. focused global small-cap fund seeking to invest in fundamentally undervalued companies with market capitalizations at or below the highest market capitalization of a component security within the S&P 600® SmallCap Index. Investments are concentrated in companies that have a small market capitalization with the potential to expand to higher valuations either through revaluation, growth or a combination thereof. The Fund targets companies with substantial barriers to entry, long product life cycles and sound capital structures; on occasion the Fund invests in less mature companies in the process of developing a superior product or market niche. Small Cap Opportunities Fund Commentary Read more about the Small Cap Opportunities Fund in this commentary. Small Cap Opportunities Fund Fact Sheet Learn more about the Small Cap Opportunities Fund in this fact sheet. Performance Overview GROWTH OF $10,000 SINCE INCEPTION '70 $-1 $0 $0 $1 $1 The Small Cap Opportunities Fund No Load Class inception date is 3/20/2000. Figures include changes in principal value, reinvested dividends and capital gains distributions. Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. The most recent month-end performance data is listed below, or you may obtain it by calling us at 1-800-930-3828. Current performance may be lower or higher than the performance data quoted. Performance data does not reflect the deduction of the sales load or fee which, if reflected, would reduce the performance quoted. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem or exchange your shares 30 days or less after you purchase them. PORTFOLIO CHARACTERISTICS AS OF SEPTEMBER 30, 2021 Inception Date March 20, 2000 Net Assets $257.5 Million Number of Positions* 44 Turnover Ratio 4.0% Investment Style Global Equity Market Cap Focus Small Cap Minimum Purchase $2,500 PORTFOLIO MANAGERS Murray Stahl CHAIRMAN, CHIEF EXECUTIVE OFFICER, CHIEF INVESTMENT OFFICER, CO-FOUNDER Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics... READ MORE Peter Doyle MANAGING DIRECTOR, PRESIDENT OF KINETICS MUTUAL FUNDS, INC., CO-FOUNDER Peter is a Managing Director and co-founder of the Firm. He is a senior member of the research team, and a member of the Investment Committee and th... READ MORE Matthew Houk PORTFOLIO MANAGER, RESEARCH ANALYST Matt joined the Firm in 2008 and has responsibilities in both Research and Portfolio Management. Matt is involved in the identification, analysis and ... READ MORE RESOURCES FACT SHEET PRESENTATION COMMENTARY PROSPECTUS SUMMARY PROSPECTUS ANNUAL REPORT Q1 HOLDINGS SEMI ANNUAL REPORT Q3 HOLDINGS STATEMENT OF ADDITIONAL INFORMATION View All Share Classes Daily Performance AS OF DECEMBER 1, 2021 Benchmark Daily NAV One Day Return (%) Month to Date Quarter to Date Year to Date KSCOX $96.25 -1.73% -1.73% 2.95% 44.07% S&P SmallCap 600 Index TR $1,803.02 -1.53% -1.53% -0.48% 19.47% S&P 500 Index TR $20,438.85 -1.17% -1.17% 5.02% 21.74% Total Return (Annualized) AS OF SEPTEMBER 30, 2021 Benchmark 1YR 3YR 5YR 10YR Since Inception KSCOX 93.92% 13.46% 20.08% 17.49% 11.54% S&P SmallCap 600 Index TR 57.64% 9.44% 13.57% 15.69% 10.19% S&P 500 Index TR 30.00% 15.99% 16.90% 16.63% 7.21% Historical Total Return 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 KSCOX 11.00% 30.63% -30.28% 66.51% 16.40% 13.17% 28.37% 19.65% -57.88% 58.16% 13.86% -13.65% 26.74% 59.40% -7.28% -12.26% 24.39% 26.23% 0.29% 27.06% 2.30% S&P SmallCap 600 Index TR 4.27% 6.54% -14.63% 38.79% 22.65% 7.68% 15.12% -0.30% -31.07% 25.57% 26.31% 1.02% 16.32% 41.31% 5.76% -1.97% 26.56% 13.23% -8.48% 22.78% 11.29% S&P 500 Index TR -8.57% -11.89% -22.10% 28.68% 10.88% 4.91% 15.79% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96% 21.83% -4.38% 31.49% 18.40% Class Information Class Ticker CUSIP 12b-1 Fee Net Expense Ratio Gross Expense Ratio No Load Class KSCOX 494613706 - 1.64% 1.78% Advisor A KSOAX 494613839 0.50% 1.89% 2.03% Advisor C KSOCX 494613748 1.00% 2.39% 2.53% Institutional KSCYX 494613813 - 1.44% 1.73% Fund Statistics AS OF SEPTEMBER 30, 2021 KSCOX S&P SmallCap 600 Index TR Beta 0.93 1.00 Standard Deviation 22.40 19.27 Up Market Capture Ratio 0.91 - Down Market Capture Ratio 0.77 - Sharpe Ratio 0.45 0.45 Weighted Avg. Mkt. Cap ($mil) $8,072 $2,632 Median Market Capitalization $2,167 $1,573 Price to Book 2.67 2.05 Price to Earnings 22.34 15.77 Return on Equity 22.48% 3.91% Active Share 99.96% - Top 10 Holdings (%) AS OF SEPTEMBER 30, 2021 Holdings Percent Texas Pacific Land Corp. 49.0% DREAM Unlimited Corp. 7.6% CACI International, Inc. - Class A 5.8% Grayscale Bitcoin Trust 4.0% Icahn Enterprises LP 3.3% Associated Capital Group, Inc. - Class A 3.0% Live Nation Entertainment, Inc. 2.8% Civeo Corp. 2.7% The Wendy's Company 2.4% Galaxy Digital Holdings Ltd. 2.4% Top 10 Sectors (%) AS OF SEPTEMBER 30, 2021 Percent Mining, Quarrying, and Oil and Gas Extraction 50.4% Management of Companies and Enterprises 9.6% Real Estate 7.6% Finance and Insurance 6.0% Professional, Scientific, and Technical Services 5.9% Accommodation and Food Services 5.1% Arts, Entertainment, and Recreation 2.9% Real Estate and Rental and Leasing 2.5% Manufacturing 2.2% Transportation and Warehousing 1.1% Disclosure The Small Cap Opportunities Fund is classified as a non-diversified fund. Therefore, the value of its shares may fluctuate more than shares invested in a broader range of industries. You should consult the Fund’s prospectus for a complete list of risks associated with your investment. YOU SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUND CAREFULLY BEFORE INVESTING. FOR A FREE COPY OF THE FUND’S PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION, YOU MAY CLICK HERE OR CALL US AT 1-800-930-3828. YOU SHOULD READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST. The Growth of $10,000 chart illustrates the performance of a hypothetical $10,000 investment made in No Load Class shares commencement of operations (3/20/00). It assumes reinvestment of capital gains and dividends. This chart is not intended to imply any future performance. S&P SmallCap 600 Index statistics data is based on the iShares Core S&P Small-Cap ETF for market cap, price to book, price to earnings, return on equity, and active share. iShares is a product of BlackRock, Inc. The Standard & Poor’s 500 Index represents an unmanaged, broad-based basket of stocks. It is typically used as a proxy for overall market performance. The S&P 500 Index returns assume that dividends are reinvested. An investor cannot invest directly in an index. The S&P SmallCap 600® Index is designed to measure the performance of 600 small-sized companies in the U.S., reflecting that market segment’s distinctive risk and return characteristics. It is a product of S&P Dow Jones Indices LLC, a division of S&P Global. Holdings are expressed as a percentage of total net investments and may vary over time. Equity holdings are subject to change, and may not be indicative of actual market position due to the use of call and put options. The Top 10 Sectors displayed represent a percentage of the net assets and excludes cash equivalents and other assets in excess of liabilities. Assets represent the total net assets for the specified portfolio, which includes all fund classes. The Gross Expense ratios listed are as of 12/31/2020 as reported in the 4/31/2021 prospectus. The Fund’s adviser voluntarily agreed to waive management fees and reimburse fund expenses so that net annual fund operating expenses do not exceed certain levels, not including acquired fund fees and expenses (AFFE), through May 1, 2022 and may be discontinued at any time by the Fund’s adviser after May 1, 2022. *Number of Positions are calculated such that all securities issued by one issuer are counted as one position. Definitions: Beta: A statistic that measures the volatility of the fund, as compared to the overall market. The market’s beta is set at 1.00; therefore a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile. It is important to note that a low beta for a fund does not necessarily imply that the fund has a low level of volatility, a low beta signifies only that the fund’s market-related risk is low. The Beta has been calculated since inception. Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility. The standard deviation has been calculated since inception. Up Market Capture Ratio: A statistical measure of an investment manager’s overall performance in up-markets. The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The up-market capture ratio has been calculated since inception. Down Market Capture Ratio: A statistical measure of an investment manager’s overall performance in down-markets. The down-market capture ratio is used to evaluate how well or poorly an investment manager performed relative to an index during periods when that index has dropped. The down-market capture ratio has been calculated since inception. Sharpe Ratio: A statistical measure that uses standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio implies a better historical risk-adjusted performance. The Sharpe ratio has been calculated since inception using the 3-month treasury bill for the risk-free rate of return. Weighted Avg. Mkt. Cap: The mean market capitalization (value of outstanding shares) of a basket of stocks, taking into account the relative weight of each investment. Median Market Capitalization: The median market capitalization (value of outstanding shares) of a basket of stocks. Price to Book Ratio: The harmonic weighted average of the price/book (P/B) ratios of the equity securities referenced. The ratio calculated by dividing the current price of the stock by the company’s book value per share (assets minus liabilities). Price to Earnings Ratio: The harmonic weighted average of the price/earnings (P/E) ratios of the equity securities referenced. The P/E ratio is calculated by dividing the current price of the stock by the trailing one year earnings. Return on Equity: The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. Turnover Ratio: A measure of how frequently assets within a fund are bought and sold by the managers represented over a one year period. Active share: A measure of the percentage of holdings in a portfolio that differ from a benchmark index. It is calculated by taking the sum of the differences of the weight of each holding in the portfolio and the weight of each holding in the benchmark index and dividing by two. Active Share Ratio: Active share is measured against the iShares S&P 600 ETF.