Horizon Kinetics Account Access Contact Disclosure Kinetics Mutual Funds, Inc. (“KMF” or the “Funds”) are managed by Horizon Kinetics Asset Management LLC (“HKAM”), a registered investment adviser and subsidiary of Horizon Kinetics LLC (“Horizon Kinetics”). Unlike other investment companies that directly acquire and manage their own portfolios of securities, the Funds pursue their investment objective by investing all of their investable assets in a corresponding portfolio series of Kinetics Portfolio Trust (“KPT”), through what is commonly referred to as a master/feeder structure. An investor in one of the Funds will generally experience the same investment results and fees through the master/feeder structure as they would if the portfolios directly acquired and managed their own portfolios of securities. You should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. For a free copy of each Fund’s prospectus, which contains this and other information, click here, or call us at 1-800-930-3828. You should read the prospectus and statement of additional information carefully before you invest. You may obtain standardized performance, including the most recent month-end performance for each of the Funds by visiting each Fund’s performance page at www.horizonkinetics.com. Current performance may be higher or lower than the performance data quoted. Where performance information is listed, returns include changes in principal value, reinvested dividends and capital gains distributions. Performance data does assume the deduction of management fees and expenses but it does not reflect the deduction of the sales load or fee which, if reflected, would reduce the performance quoted. Because the Funds are designed for long-term investors, 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. Kinetics has agreed to waive management fees and reimburse expenses so that the net annual operating expenses do not exceed certain levels through specified dates referenced in each prospectus. The material in this website is for informational purposes only. Opinions and estimate offered constitute the judgment of HKAM at the time such comments are made and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. Under no circumstances does the information contained herein represent a recommendation to buy, hold or sell any security and it should be not assumed that the securities transactions or holdings discussed were or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Certain securities referenced herein may be held in the accounts or funds managed by HKAM. This information should not be used as a general guide to investing or as a source of any specific investment recommendations, and makes no implied or expressed recommendations concerning the manner in which an account should or would be handled. Portfolio holdings listed in this website represent the top holdings of a particular fund, and such holdings may change at any time without notice. Such information is only current as of the date specified. The opinions contained within this website are not intended to be a forecast of future events, or a guarantee of future results, or investment advice. All expressions and opinions reflect the opinions of HKAM which may change at any time without notice. Your use of this website is conditioned on your agreement to be bound by the website’s terms and conditions, located at www.horizonkinetics.com. Reference to benchmarks and indices are for illustrative purposes only. Generally, you cannot invest in an index. Additionally, indices do not account for fees or expenses, which if applied, would lower the overall return. All of the Funds, except the Global Fund and Multi-Disciplinary Income Fund, are non-diversified. As non-diversified funds, the value of their shares may fluctuate more than shares invested in a broader range of companies. Investing in a diversified fund does not ensure a profit or protect against loss in a declining market. Investing in the Funds entails risk. The below list of risks includes but a few of the overall risks you will assume as an investor, and you should consult with each Fund’s prospectus for a complete list of risks. Risks applicable to the Funds: (1) Stock Market Risks: stock mutual funds are subject to stock market risks and significant fluctuations in value. If the stock market declines in value, the Funds are likely to decline in value and you could lose money on your investment. (2) Foreign Securities Risks: The Funds may invest in foreign securities directly or through ADRs, or other similar instruments. Foreign securities can achieve higher returns but involve more risks than those associated with U.S. investments. Additional risks associated with investments in foreign securities include currency fluctuations, political and economic instability, differences in financial reporting standards and less stringent regulation of securities markets. (3) Small and Medium-Size Company Risks: The Funds may invest in the equity securities of small and medium-size companies. Such companies often have narrower markets and more limited managerial and financial resources than do larger, more established companies. As a result, their performance can be more volatile and they face a greater risk of business failure, which could increase the volatility of your investment. (4) Exchange-Traded Funds (ETFs) Risks: ETFs are registered investment companies who shares are generally listed and traded on U.S. stock exchanges. A passively-managed ETF is designed so that its performance will correspond closely with that of the index it tracks. As a shareholder in an ETF, the Funds will bear their pro rata portion of an ETF’s expenses, including advisory fees, in addition to their own expenses. (5) Below-Investment Grade Debt Securities Risks: Generally, non-investment grade debt securities, i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment grade securities. (6) Option Transaction Risks: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The successful use of options depends in part on the ability of HKAM to manage future price fluctuations and the degree of correlation between the options and securities markets. For additional details about options, you should refer to the prospectus. (7) Liquidity Risks: HKAM may not be able to sell securities at an optimal time or price. Risks Applicable to The Alternative Income Fund and The Multi-Disciplinary Income Fund: (1) Distribution Risks: The Funds may make distributions to investors, which distributions may change or discontinue at any time without notice to investors. (2) Credit/Default Risks: The Funds may invest in fixed-income securities, where there is a risk that an issuer or guarantor of such fixed-income securities held by the funds, or the counterparty in a derivative investment, may default on its obligation to pay interest and repay principal. (3) Derivatives Risks: The Funds may invest in options and other derivative instruments may result in loss. Derivative instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate loses to the funds. See each Fund’s prospectus for additional details on derivative risks. Risks Applicable to The Internet Fund, The Paradigm Fund, The Small Cap Opportunities Fund, The Global Fund, The Spin-Off and Corporate Restructuring Fund, The Medical Fund and The Market Opportunities Fund: (1) Industry Emphasis Risks: Mutual funds that invest a substantial portion of their assets in a particular industry carry a risk that a group of industry-related securities will decline in price due to industry-specific developments. Companies in the same or similar industries may share common characteristics and are more likely to react comparably to industry-specific market or economic developments. Risks Applicable to The Internet Fund, The Global Fund, The Paradigm Fund, The Market Opportunities Fund and The Small Cap Opportunities Fund: These Funds may hold instruments that provide exposure to bitcoin, including the Bitcoin Investment Trust. The value of bitcoin is determined by the supply of and demand for bitcoins in the global market for the trading of bitcoins, which consists of transactions on electronic bitcoin exchanges (“Bitcoin Exchanges”). Pricing on Bitcoin Exchanges and other venues can be volatile and can adversely affect the value of bitcoin and the value of instruments that track bitcoin, including the Bitcoin Investment Trust. Currently, there is relatively small use of bitcoins in the retail and commercial marketplace in comparison to the relatively large use of bitcoins by speculators, thus contributing to price volatility that could adversely affect a fund’s direct or indirect investment in the Bitcoin Investment Trust. Bitcoin transactions are irrevocable, and stolen or incorrectly transferred bitcoins may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect the value of a portfolio’s direct or indirect investment in the Bitcoin Investment Trust. Shares of the Bitcoin Investment Trust may trade at a premium or discount to the net asset value of the Bitcoin Investment Trust. As always, investor should carefully read the funds’ prospectus risks for a complete list of applicable risks. Neither Horizon Kinetics LLC nor its subsidiaries, including HKAM, provide tax or legal advice to their clients and all investors are urged to consult their tax and legal advisors regarding any potential strategy or investment. No party of this material may be (a) copied, photo-shopped, or duplicated in any form, by any means; or (b) redistributed without HKAM prior written consent. Distributor: Kinetics Funds Distributor LLC is not an affiliate of Kinetics Mutual Funds, Inc.