Fund Description

The fund is non-diversified and invests all of its investable assets in the Internet Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the portfolio invests at least 80% of net assets plus borrowings in common stocks and equity-like securities, including convertibles, warrants and depositary receipts, and may invest in ETFs and use options for hedging and/or direct investment. It may invest up to 20% of total assets in below-investment-grade or comparable unrated debt, may lend up to 33-1/3% of securities, and may gain indirect bitcoin exposure via pooled vehicles, including Grayscale Bitcoin Trust, and wholly owned Cayman and Delaware subsidiaries.