Kinetics Multi-Disciplinary Income Fund Class No Load KMDNX Strategy

The investment seeks total return. The fund is a diversified fund that invests all of its investable assets in the Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust. The portfolio utilizes a two-part investment strategy, which includes fixed-income components, including fixed-income exchange-traded funds ("ETFs"), collateralized loan obligations (“CLOs”) and senior secured corporate loans, and derivatives components. Under normal circumstances, it will invest at least 65% of its net assets in fixed-income securities, derivatives and cash or cash equivalents committed as collateral for written option contracts.