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	Summary Prospectus	April 30, 2026
	The Paradigm Fund
	Institutional Class (KNPYX)

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 https://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 Objective

The investment objective of the Paradigm Fund is 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

Paradigm 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.

Fee Table(1)

SHAREHOLDER FEES (fees paid directly from your investment)	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held for 30 days or less, if applicable)	2.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Institutional Class
Management Fees(1)		1.25%
Distribution (Rule 12b-1) Fees		None
Other Expenses		0.34%
Shareholder Servicing Fees	0.20%
Other Operating Expenses	0.14%
Total Annual Fund Operating Expenses		1.59%
Fee Waiver and/or Expense Reimbursements		-0.15%
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursements		1.44%

(1)This table and the example below reflect the aggregate expenses of the Paradigm Fund and the Paradigm Portfolio. The

management fees paid by the Paradigm Fund reflect the proportionate share of fees allocated to the Paradigm Fund from the

Paradigm Portfolio. The fees and expenses of the Paradigm Portfolio include those incurred by any subsidiary wholly-owned

and controlled by the Paradigm Portfolio. In addition, the Investment Adviser to the Paradigm Portfolio has agreed to waive

management fees and reimburse Fund expenses so that Total Annual Fund Operating Expenses after Fee Waiver and/or

Expense Reimbursements do not exceed 1.44%, excluding acquired fund fees and expenses. These waivers and

reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board.

Example.  This Example is intended to help you compare the cost of investing in the Paradigm Fund with

the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the

Paradigm 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 Paradigm

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Fund’s operating expenses remain the same (taking into account the expense limitations only in the first

year). Although your actual costs may be higher or lower, based on these assumptions your cost for the

Paradigm Fund would be:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$147	$487	$851	$1,877

Portfolio Turnover. The Paradigm Portfolio 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 Paradigm

Portfolio’s, and therefore the Paradigm Fund’s, performance. During the most recent fiscal year, the

Paradigm Portfolio’s portfolio turnover rate was 3% of the average value of its portfolio.

Principal Investment Strategy

The Paradigm Fund is a non-diversified fund that invests all of its investable assets in the Paradigm

Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Paradigm Portfolio

invests at least 65% of its net assets in common stocks, exchange-traded funds (“ETFs”), convertible

securities, warrants, and other equity securities having the characteristics of common stocks (such as

American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International

Depositary Receipts (“IDRs”)) of U.S. and foreign companies that the Investment Adviser believes are

undervalued, that have, or are expected to soon have, high returns on equity and that are well positioned

to reduce their costs, extend the reach of their distribution channels and experience significant growth in

their assets or revenues. The Paradigm Portfolio will carry out its investment strategy by regarding

investments as representing fractional ownership in the underlying companies’ assets. This will allow the

Paradigm Portfolio, and therefore the Paradigm Fund, to attempt to achieve its investment objective by

acting as a classic value investor seeking high returns on equity, an intrinsic characteristic of the

investment, not a reappraisal of a company’s stock value by the market, an external factor. The Paradigm

Portfolio may also purchase and write options for hedging purposes and/or direct investment.

The Paradigm Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt

securities rated below investment grade, also known as junk bonds, or unrated securities that the

Investment Adviser has determined to be of comparable quality. The Paradigm Portfolio may invest up to

100% of its total assets in companies located in emerging markets.

The Investment Adviser selects portfolio securities by evaluating a company’s positioning and traditional

business lines as well as its ability to expand its activities or achieve competitive advantage in cost/

profitability and brand image leveraging. The Investment Adviser also considers a company’s

fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Paradigm

Portfolio may invest in companies of any size, including small and medium-size companies. Additionally,

the Paradigm Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities

in its portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the

return on its portfolio.

The Paradigm Portfolio invests indirectly in bitcoin through the Grayscale Bitcoin Trust and through

other pooled investment vehicles that provide exposure to crypto assets. Certain of these investment

vehicles, including the Grayscale Bitcoin Trust, are not registered under the 1940 Act and do not receive

the protections of the 1940 Act. The Paradigm Portfolio will not invest directly in bitcoin or other

crypto assets. The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to

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bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin,

directly. Bitcoin is a type of crypto asset that is not issued by a government, bank or central organization.

Bitcoin exists on the Bitcoin Network that hosts the Bitcoin Blockchain. Bitcoin has no physical existence

and exists solely through the record of bitcoin transactions on the Blockchain. The Grayscale Bitcoin

Trust invests principally in bitcoin. The Paradigm Portfolio held 8.25% of its net assets in the

Grayscale Bitcoin Trust as of March 31, 2026. The Paradigm Portfolio may also invest in other pooled

investment vehicles that provide exposure to the spot price of crypto assets. For example, the Paradigm

Portfolio may invest in the Grayscale Bitcoin Mini Trust ETF, the Grayscale Litecoin Trust and the

Grayscale Ethereum Classic Trust.

The Paradigm Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to a wholly-

owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Subsidiary” or the

“Cayman Subsidiary”). Additional information regarding the tax treatment of the Fund is provided in the

“Taxes” section of the SAI.

In the future, the Paradigm Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust

that may not produce qualifying income for the Paradigm Fund under the Internal Revenue Code of 1986,

as amended (the “Internal Revenue Code”) if held directly. The Paradigm Portfolio will not make any

additional investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate

investment in the Grayscale Bitcoin Trust, either directly or through the Subsidiary, would be more than

15% of its assets at the time of the investment. However, the Portfolio’s investment in the Grayscale

Bitcoin Trust may, at times, exceed 15% of its net assets, due to appreciation.

The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Paradigm Portfolio 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 Paradigm Fund as a “regulated investment company” (“RIC”) under Subchapter M of

Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Paradigm Portfolio

and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to

the extent those restrictions are applicable to the investment activities of 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 Paradigm Fund, the Subsidiary does not, and will not, seek to

qualify as a RIC. The Paradigm Portfolio 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 Paradigm

Portfolio. The Paradigm Portfolio 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 Paradigm Portfolio.

Sell decisions are generally triggered by either adequate value being achieved, as determined by the

Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of

the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new

investment opportunity that it believes is more compelling and represents a greater risk reward profile

than other investment(s) held by the Paradigm Portfolio.

The Paradigm Portfolio 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

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sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of

additional equity securities would not further the investment objective of the Paradigm Portfolio 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 Paradigm Portfolio 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 Paradigm Portfolio is holding a large cash position, the

Portfolio 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 Paradigm Portfolio is desirable both to meet operating requirements and to take

advantage of new investment opportunities. When the Paradigm Portfolio holds a significant portion of

assets in cash and cash equivalents, it may not meet its investment objective.

The Paradigm Portfolio held 69.11% 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

Investing in common stocks has inherent risks that could cause you to lose money. The principal risks of

investing in the Paradigm Fund, and indirectly the Paradigm Portfolio, are listed below and could

adversely affect the net asset value (“NAV”), total return and value of the Paradigm Fund, Paradigm

Portfolio and your investment. The risks are prioritized by order of importance. Each risk summarized

below is considered a principal risk of investing in the Paradigm Fund, and indirectly the Paradigm

Portfolio, regardless of the order in which it appears. Different risks may be more significant at different

times depending on market conditions or other factors.

ªSingle Security Concentration Risk: Holding a large portion of its net assets in a single security or

issuer exposes the Portfolio 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.

ªNon-Diversification Risks: Holding a large portion of its net assets in a small number of issuers

exposes the Portfolio to various risks relating to those issuers. A change in the value of any one

investment may affect the overall value of the Paradigm Portfolio’s shares, and therefore the

Paradigm Fund’s shares, more than shares of a diversified mutual fund that holds more investments.

ªPetroleum 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

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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.

ªCrypto 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 the Bitcoin Blockchain. Bitcoin has no physical existence and exists

solely through the record of bitcoin 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 the Grayscale Bitcoin

Trust and through other pooled investment vehicles that provide exposure to crypto assets. Grayscale

Bitcoin Trust 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 Paradigm

Portfolio’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 Paradigm Portfolio’s exposure to

crypto assets can result in substantial losses to the Paradigm 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 Paradigm Portfolio 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

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traditional exchanges to enhance the stability of trading on the exchange, such as measures designed

to prevent sudden drops in value 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 Paradigm Portfolio’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

Paradigm Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or

utilize it for payments.

ªCrypto 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 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 Paradigm Portfolio, and therefore the Paradigm

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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ªCrypto 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 Paradigm Portfolio’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 Paradigm Portfolio’s exposure to crypto assets may change over time and, accordingly, such

exposure may not be represented in the Paradigm Portfolio’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.

ªSector Concentration Risk: Although the Paradigm Portfolio will not concentrate its investments in

any industries, the Paradigm Portfolio may, at certain times, have concentrations in one or more

sectors which may cause the Portfolio to be more sensitive to economic changes or events occurring

in those sectors, and the Portfolio’s investments may be more volatile. As of December 31, 2025,

the Portfolio had 61.5% invested in the Utilities sector.

ª Market Risks: Mutual funds are subject to market risks and significant fluctuations in value. If the

market declines in value, the Paradigm Portfolio is likely to decline in value and you could lose

money on your investment. 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 Portfolio holdings may be impacted, which could significantly impact the

overall performance of the Fund.

ªStock Selection Risks: The portfolio securities selected by the Investment Adviser may decline in

value or not increase in value when the stock market in general is rising and may fail to meet the

Paradigm Portfolio’s, and therefore the Paradigm Fund’s, investment objective.

ªTax Risks: In order to qualify as a RIC, the Paradigm 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 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 bitcoin investments such as investments in the

Grayscale Bitcoin Trust will not be qualifying income. The Paradigm Portfolio’s investment in the

Subsidiary is expected to provide the Paradigm Fund with exposure to such bitcoin investments

within the limitations of the Internal Revenue 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 or directly by an entity classified as a partnership for federal income tax purposes,

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such as the Paradigm Portfolio, in which the RIC invests. There is a risk, however, that the IRS might

assert that the income derived from the Paradigm Portfolio’s investment in the Subsidiary will not be

considered qualifying income. If the Paradigm Fund were to fail to qualify as a RIC and became

subject to federal income tax, shareholders of the Paradigm Fund would be subject to diminished

returns. Additionally, the Paradigm 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 Paradigm 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 Paradigm Portfolio and/or its Subsidiary to operate as described in this

Prospectus and could adversely affect the Paradigm 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, Paradigm Fund shareholders would likely suffer decreased investment returns.

ªSubsidiary Risks: By investing in the Subsidiary, the Paradigm Portfolio 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 Paradigm Portfolio and are

subject to the same risks that would apply to similar investments if held directly by the Paradigm

Portfolio. 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 Paradigm

Portfolio and/or its Subsidiary to continue to operate and could adversely affect the Paradigm Fund’s

performance.

ªVolatility Risk: The Portfolio may have investments, including but not limited to bitcoin, that

appreciate or depreciate significantly in value over short periods of time. This may cause the

Portfolio’s net asset value per share to experience significant increases or declines in value over short

periods of time.

ªSmall and Medium-Size Company Risks: Investing in small and medium-size companies often involve

more risk than investing in larger companies as small and medium-size companies 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 the Paradigm Portfolio’s assets and have an adverse

effect on the Portfolio’s performance.

ªManagement Risks: There is no guarantee that the Paradigm Fund will meet its investment objective.

The Investment Adviser does not guarantee the performance of the Paradigm Fund, nor can it assure

you that the market value of your investment will not decline.

ªLiquidity Risks: The Investment Adviser may not be able to sell portfolio securities at an optimal time

or price. The Portfolio’s significant investment in a single position, makes the Portfolio 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.

ªValuation Risk: The sales price the Portfolio could receive for any particular portfolio investment may

differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,

such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value

methodology. Valuation may be more difficult in times of market turmoil since many investors and

market makers may be reluctant to purchase complex instruments or quote prices for them. Fair

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valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value

its investments may be impacted by technological issues and/or errors by pricing services or other

third-party service providers. Shares of the Grayscale Bitcoin Trust are intended to reflect the price of

bitcoin assets, less fees and expenses, and shares of the Grayscale Bitcoin Trust have historically

traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the

price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,

remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases

$1 of a portfolio will actually own less than $1 in assets.

ªForeign Securities Risks: Investing in foreign securities directly or indirectly (e.g., through ADRs,

GDRs, and IDRs) can carry higher returns but involve more risks than those associated with U.S.

investments. Additional risks associated with investment in foreign securities include currency

fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available

information, differences in financial reporting standards and less stringent regulation of securities

markets. Foreign securities in which the Portfolio invests may be traded in markets that close before

the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the

Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the

Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on

days when shareholders are not able to purchase or redeem the Paradigm Fund’s shares.

ªEmerging Markets Risks: The risks of foreign investments are usually much greater for the

emerging markets. Investments in emerging markets may be considered speculative. The

information available about an emerging market issuer may be less reliable than for comparable

issuers in more developed capital markets. 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.

ªExchange-Traded Funds (ETFs) Risks: ETFs are registered investment companies whose shares are

listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In

general, passively-managed ETFs seek to track a specified securities index or a basket of securities

that an “index provider,” such as S&P Global, selects as representative of a market, market segment

or industry sector. A passively-managed ETF is designed so that its performance will correspond

closely with that of the index it tracks. Actively-managed ETFs may not meet their investment

objective based on an ETF’s investment adviser success or failure to implement strategies for the

ETF and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will

engage in transactions and purchase instruments that give rise to forms of leverage, including,

among others, the use of reverse repurchase agreements and other borrowings, the investment of

collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward

commitment transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged

exposure to their underlying indexes through the use of derivative instruments, the fund will

indirectly be subject to leveraging risk. As a shareholder in an ETF, the Paradigm Portfolio will bear

its pro rata portion of an ETF’s expenses, including advisory fees, in addition to its own expenses.

The existence of extreme market volatility or potential lack of an active trading market for an ETF’s

shares could result in such shares trading at a significant premium or discount to their NAV.

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ªBelow Investment Grade Debt Securities Risks: Generally, below investment grade debt securities,

i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment

grade securities. Junk bonds are considered to be speculative in nature.

ªConvertible Securities Risks: Convertible securities are subject to the risks affecting both equity and

fixed income securities, including market, credit, liquidity and interest rate risk.

ªInterest Rate Risk: The risk that when interest rates increase, fixed-income securities held by the

Paradigm Portfolio will decline in value. Long-term fixed-income securities will normally have more

price volatility because of this risk than short-term fixed-income securities. A low or negative interest

rate environment could cause the Paradigm Portfolio's earnings to fall below the Portfolio's expense

ratio, resulting in a decline in the Portfolio's share price. A general rise in interest rates may cause

investors to move out of fixed income securities on a large scale, which could adversely affect the

price and liquidity of fixed income securities. The risks associated with changing interest rates may

have unpredictable effects on the markets and the Paradigm Portfolio's investments.

ªLeveraging Risks: Investments in derivative instruments may give rise to a form of leverage. The

Investment Adviser may engage in speculative transactions, which involve substantial risk and

leverage. The use of leverage by the Investment Adviser may increase the volatility of the Paradigm

Portfolio. These leveraged instruments may result in losses to the Paradigm Portfolio or may

adversely affect the Paradigm Portfolio’s NAV or total return, because instruments that contain

leverage are more sensitive to changes in interest rates. The Paradigm Portfolio may also have to sell

assets at inopportune times to satisfy its obligations in connection with such transactions.

ªIPO Risk: IPO share prices can be volatile and fluctuate considerably due to factors such as the

absence of a prior public market, unseasoned trading, a limited number of shares available for

trading, and limited operating history and/or information about the issuer. The purchase of IPO

shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.

ªCybersecurity Risk: Cybersecurity incidents may allow an unauthorized party to gain access to

Paradigm Fund 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

Paradigm Fund, the Investment Adviser, or the Paradigm Fund’s other service providers, or the

issuers of securities in which the Paradigm Portfolio 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 Paradigm Fund and its shareholders.

ªTemporary Defensive Position Risk: If the Paradigm Portfolio takes a temporary defensive position, it

may invest all or a large portion of its assets in cash and/or cash equivalents. If the Paradigm Portfolio

takes a temporary defensive position, the Paradigm Fund may not achieve its investment objective.

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Who may want to invest?

The Paradigm Fund may be appropriate for investors who:

ªwish to invest for the long-term;

ªwant to diversify their portfolios;

ªwant to allocate some portion of their long-term investments to equity investing;

ªare willing to accept the volatility associated with equity and Bitcoin investing; and

ªare comfortable with the risks described herein.

Performance

The bar chart and table shown below illustrate the variability of the Paradigm Fund’s returns. The bar

chart indicates the risks of investing in the Paradigm Fund by showing the changes in the Paradigm

Fund’s performance from year to year (on a calendar year basis). The table shows how the Paradigm

Fund’s average annual returns, before and after taxes, compare with those of the S&P 500® Index and the

MSCI ACWI (All Country World Index) Index (“MSCI ACWI Index”), which represent broad measures

of market performance. The past performance of the Paradigm Fund, before and after taxes, is not

necessarily an indication of how the Paradigm Fund or the Paradigm Portfolio will perform in the future.

Performance reflects fee waivers in effect. If fee waivers were not in place, the Paradigm Fund’s

performance would be reduced. Updated performance information is available on the Fund’s website at

https://www.kineticsfunds.com or by calling the Fund toll-free at (800) 930-3828.

The Paradigm Fund – Institutional Class

Calendar Year Returns as of 12/31

Best Quarter:	Q1 2021		54.49%
Worst Quarter:	Q1 2020		-32.17%

The Paradigm Fund’s after-tax returns 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

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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.

Average Annual Total Returns as of 12/31/2025

	1 Year	5 Years	10 Years	Since Inception (May 27, 2005)
The Paradigm Fund (KNPYX) Institutional
Return Before Taxes	-14.41%	19.25%	16.98%	11.26%
Return After Taxes on Distributions	-15.91%	18.15%	16.08%	10.78%
Return After Taxes on Distributions and Sale of Fund Shares	-7.43%	15.60%	14.28%	9.80%
S&P 500® Index TR (reflects no deductions for fees, expenses or taxes)	17.88%	14.42%	14.82%	10.94%
MSCI ACWI Net Total Return Index (reflects no deductions for fees, expenses or taxes)	22.34%	11.19%	11.72%	8.52%

Management

Investment Adviser.  Horizon Kinetics Asset Management LLC is the Paradigm Portfolio’s investment

adviser.

Portfolio Managers. The Paradigm Portfolio is managed by an investment team with Mr. Doyle, Mr.

Bregman, and Mr. Davolos as the Co-Portfolio Managers.

Investment team member	Primary Title	Years of Service with the Fund
Peter B. Doyle	Co-Portfolio Manager	27
Steven Bregman	Co-Portfolio Manager	10
James Davolos	Co-Portfolio Manager	20

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 Paradigm 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 $1,000,000 ($2,000 for Coverdell Education Savings Accounts). There is no

minimum on subsequent investments for all account types.

Tax Information

Unless you are investing through a tax-deferred arrangement, such as a 401(k) or an IRA, the Fund’s

distributions will generally be taxable to you at ordinary income or capital gain tax rates, and you will

generally recognize gain or loss when you redeem shares.

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Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary, the Fund and/or its

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 financial intermediary

and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your

financial intermediary’s website for more information.