Dear Shareholder,

From time to time, we collect non-public personal information from you including:

• Information we receive from you on applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth; and
• Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payments history, parties to transactions, cost basis information, and other financial information.

We do not disclose any non-public personal information about our current or former shareholders to non-affiliated third parties, except as permitted by law. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to service your account and process your transactions. Furthermore, we restrict access to your non-public personal information to those persons who require such information to provide products or services to you. Kinetics and our service agents maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your non-public personal information.

In the event that you hold shares of the fund(s) through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with nonaffiliated third parties.

Thank you.
Kinetics Mutual Funds
For questions or comments on this Privacy Policy, please email us at info@horizonkinetics.com or call our shareholder service center.