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THE INTERNET FUND Investment Objectives The investment objective of the Internet Fund is long-term growth of capital. The Internet Fund seeks to obtain current income as a secondary objective. The Internet Fund is the sole “feeder fund” to The Internet Portfolio, a series of Kinetics Portfolios Trust. Fees and Expenses of the Fund <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Internet 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.</span></div> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0042 0.0025 0.0017 0.0167 Example. This Example is intended to help you compare the cost of investing in the Internet Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Internet Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Internet Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs for the Internet Fund would be: 170 526 907 1976 Portfolio Turnover. The Internet 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 Internet Portfolio’s, and therefore the Internet Fund’s, performance. During the most recent fiscal year, the Internet Portfolio’s portfolio turnover rate was 45%<span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">]</span> of the average value of its portfolio. 0.45 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Internet Fund is a non-diversified fund that invests all of its investable assets in the Internet Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Internet Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, 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 engaged in the Internet and Internet‑related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet. Internet and internet-related companies include companies (i) involved in software, hardware, information technology services, or infrastructure (including energy and real estate) relating to the internet and (ii) companies involved in enhancement or improvement via the internet. The Internet Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities via the Internet or achieve a competitive advantage in cost/profitability and brand image leveraging via use of the Internet. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. Furthermore, the Investment Adviser looks at the amount of capital a company currently expends on research and development. The Internet Portfolio may invest in companies of any size, including small and medium-sized companies. Additionally, the Internet 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Internet Portfolio invests indirectly in bitcoin through a Delaware statutory trust, the Grayscale Bitcoin Trust ETF (“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 Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of 1940 Act. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Internet Portfolio will not invest directly in bitcoin or other crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 and is not issued by a government, bank or central organization. Bitcoin exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public transaction ledger where bitcoin transfers are recorded (the “Bitcoin Blockchain”). Bitcoin has no physical existence and exists solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Internet Portfolio held 45.98% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Internet Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Internet Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Internet Fund under the Internal Revenue Code if held directly. The Internet 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 a 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. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Internet Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Internet Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Internet Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each 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 Subsidiaries. Unlike the Internet Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Internet Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Internet Portfolio. The Internet 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 Internet Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet Portfolio. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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 </span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to find 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 Internet 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 Internet 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.</span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Internet 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 Internet Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Internet Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Internet Portfolio held 32.81% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> The Internet 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. Investing in common stocks has inherent risks that could cause you to lose money. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Internet 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 Internet Portfolio’s exposure to crypto assets can result in substantial losses to the Internet Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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 Internet 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> “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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 Internet 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 Internet Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet Portfolio, and therefore the Internet Fund, its service providers or to the crypto asset industry as a whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet 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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    The Internet Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Internet 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Internet Portfolio’s shares, and therefore the Internet Fund’s shares, more than shares of a diversified mutual fund that holds more investments.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Portfolio’s performance.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:112%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Internet Industry Concentration Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: Investing a substantial portion of the Internet Portfolio’s assets in the Internet industry carries the risk that Internet-related securities will decline in price due to market and technological developments. Internet and Internet-related companies, including companies (i) involved in software, hardware, information technology services, or infrastructure (including energy and real estate) relating to the internet and (ii) companies involved in enhancement or improvement via the internet are subject to a rate of change in technology and competition which is generally higher than that of other industries. 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. To the extent the Portfolio invests in companies that are involved in various aspects of artificial intelligence technologies, it is particularly sensitive to the risks of those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> In order to qualify as a RIC, the Internet 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 Internet Portfolio’s investment in each Subsidiary is expected to provide the Internet 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 each 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 indirectly by an entity classified as a partnership for federal income tax purposes, such as the Internet Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Internet Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Internet Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Internet Fund would be subject to diminished returns. Additionally, the Internet 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 Internet Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the </span><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Internet Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Internet 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, Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">As of December 31, 2025, the Portfolio had 25.7% invested in the Finance and Insurance sector.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Internet Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Internet Fund, nor can it assure you that the market value of your investment will not decline.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in small and medium-size companies often involve more risks 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 Internet Portfolio’s assets and have an adverse effect on the Portfolio’s performance.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Internet Portfolio’s, and therefore the Internet Fund’s, investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span>: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Internet 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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> By investing in its Subsidiaries, the Internet Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Internet Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Internet Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Internet Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Internet Fund’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Internet Portfolio. These leveraged instruments may result in losses to the Internet Portfolio or may adversely affect the Internet Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Internet Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Internet 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 Internet 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 Internet Portfolio's investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Internet Fund’s shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that an “index provider,” such as S&amp;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’s 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As a shareholder in an ETF, the Internet 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, 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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Internet 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 Internet Fund, the Investment Adviser, or the Internet Fund’s other service providers, or the issuers of securities in which the Internet 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 Internet Fund and its shareholders.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Internet 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 Internet Portfolio takes a temporary defensive position, the Internet Fund may not achieve its investment objective.</span> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Internet Fund’s returns. The bar chart indicates the risks of investing in the Internet Fund by showing the changes in the Internet Fund’s performance from year to year (on a calendar year basis). The table shows how the Internet Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index and the NASDAQ Composite</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represent broad measures of market performance. The past performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the Internet Fund or the Internet Portfolio will perform in the future. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">http://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Internet Fund’s returns. . The table shows how the Internet Fund’s average annual returns, before and after taxes, compare with those of the S&P 500® Index and the NASDAQ Composite® Index, which represent broad measures of market performance. The past performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the Internet Fund or the Internet Portfolio will perform in the future. http://www.kineticsfunds.com (800) 930-3828 The Internet Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:65.064%"><tr><td style="width:1.0%"></td><td style="width:46.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.360%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q4 2020</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">51.80 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q2 2022</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-25.13 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-12-31 0.5180 Worst Quarter: 2022-06-30 -0.2513 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</span></div> The Internet 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. If you own 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. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.0904 0.1271 0.1549 0.1465 Return After Taxes on Distributions -0.0942 0.1243 0.1384 0.1371 Return After Taxes on Distributions and Sale of Fund Shares -0.0508 0.1014 0.1224 0.1298 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1005 NASDAQ Composite® Total Return Index (reflects no deductions for fees, expenses or taxes) 0.2114 0.1335 0.1766 NASDAQ Composite® Index (reflects no deductions for fees, expenses or taxes) 0.2036 0.1252 0.1659 0.1057 1996-10-21 THE GLOBAL FUND Investment Objective <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Global Fund is long-term growth of capital. The Global Fund is the sole “feeder fund” to The Global Portfolio, a series of Kinetics Portfolios Trust.</span></div> 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 Global 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. SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0058 0.0025 0.0033 0.0183 -0.0044 0.0139 April 30, 2027 Example. This Example is intended to help you compare the cost of investing in No Load Class shares of the Global Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Global 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 Global Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Global Fund would be: 142 533 949 2112 Portfolio Turnover. The Global 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 Global Portfolio’s, and therefore the Global Fund’s, performance. During the most recent fiscal year, the Global Portfolio’s portfolio turnover rate was <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">5%</span> of the average value of its portfolio. 0.05 Principal Investment Strategy <div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Fund is a diversified fund that invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Global Portfolio invests at least 65% of its net assets plus any borrowings for investment purposes 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 foreign and U.S. companies listed on publicly traded exchanges. At least 40% of the Global Portfolio’s net assets will be invested in companies located outside the United States. The Global Portfolio will at all times have exposure to at least three (3) countries, which may include the United States. The Global Portfolio may also purchase and write options for hedging purposes and/or direct investment and invest in participatory notes (commonly known as “P-notes”) to take positions in certain foreign securities. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global 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 Global Portfolio may invest up to 100% of its assets in companies located in emerging markets. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities or achieve a greater competitive advantage in cost/profitability and brand image leveraging. This evaluation by the Investment Adviser includes consideration of a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Global Portfolio may invest in companies of any size, including small and medium-sized companies. Additionally, the Global 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. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Global 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, </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">including the Grayscale Bitcoin Trust, are not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of the 1940 Act. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Global Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 and 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Global Portfolio held 45.98% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Global Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Global Portfolio may invest in the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Classic Trust.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Global Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Global Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Global Fund under the Internal Revenue Code if held directly. The Global 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 a 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Global Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Global Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Global Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each 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 Subsidiaries. Unlike the Global Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Global Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Global Portfolio. The Global Portfolio does not intend to create or acquire </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly-owned by the Global Portfolio. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global Portfolio. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global 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 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 Global 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 Global 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.</span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Global 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 Global Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Global Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Global Portfolio held 21.60% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span> 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. The Global 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 Global Portfolio may invest up to 100% of its assets in companies located in emerging markets. The Global Portfolio’s investments, including common stocks, have inherent risks that could cause you to lose money. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as a medium of exchange. Although crypto assets are an </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     In addition to the general risks of investing in other investment vehicles, the value of the Global 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio’s exposure to crypto assets can result in substantial losses to the Global Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">     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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">crypto assets, either of which could adversely impact the value of the Global 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 Global Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global Portfolio, and therefore the Global Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Global Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     The Global Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Global 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Global Fund’s shares.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Portfolio’s performance.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:115%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">, 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.</span> Sector Concentration Risk: <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Global Portfolio will not concentrate its investments in any industries, the Global 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">As of December 31, 2025, the Portfolio had 25.7% invested in the Finance and Insurance sector.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in small and medium-size companies often involve more risks 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 Global Portfolio’s assets and have an adverse effect on the Portfolio’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Global 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Global Portfolio’s, and therefore the Global Fund’s, investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Global Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Global Fund, nor can it assure you that the market value of your investment will not decline.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Emerging Markets Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The risk that the securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries as have historically been the case. 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In order to qualify as a RIC, the Global 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 Global Portfolio’s investment in each Subsidiary is expected to provide the Global 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 each 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, such as the Global Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Global Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Global Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Global Fund would be subject to diminished returns. Additionally, the Global </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the Global Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Global 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, Global Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">By investing in its Subsidiaries, the Global Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Global Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Global Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Global Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Global Fund’s performance.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 the 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Global 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 Global 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 Global Portfolio's investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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’s 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As a shareholder in an ETF, the Global 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Counterparty Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Transactions involving a counterparty are subject to the credit risk of the counterparty. A Portfolio that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or over-the-counter (“OTC”) derivatives contracts, or that lends its securities run the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the Portfolio could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.,</span> 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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Global Portfolio. These leveraged instruments may result in losses to the Global Portfolio or may adversely affect the Global Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Global Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Global 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 Global </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Fund, the Investment Adviser, or the Global Fund’s other service providers, or the issuers of securities in which the Global 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 Global Fund and its shareholders.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Global 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 Global Portfolio takes a temporary defensive position, the Global Fund may not achieve its investment objective.</span> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Global Fund’s returns. The bar chart indicates the risks of investing in the Global Fund by showing the changes in the Global Fund’s performance from year to year (on a calendar year basis). The table shows how the Global Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 500 Index and the MSCI ACWI (All Country World Index) Index (“MSCI ACWI Index”), which represent broad measures of market performance. As of March 14, 2008, the Global Fund and the Global Portfolio, which were formerly known as the Internet Emerging Growth Fund and the Internet Emerging Growth Portfolio, respectively, changed to the investment strategy set forth in this Prospectus. The performance shown for the periods or portion of periods prior to March 14, 2008 represents performance of the Global Portfolio’s prior strategy to invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities of small and medium-capitalization U.S. and foreign companies engaged in the Internet and Internet-related activities. The past performance of the Global Fund, before and after taxes, is not necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Global Fund’s performance would be reduced. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">http://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Global Fund’s returns. The table shows how the Global 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 Global Fund, before and after taxes, is not necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future. http://www.kineticsfunds.com (800) 930-3828 The Global Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:63.782%"><tr><td style="width:1.0%"></td><td style="width:47.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.719%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.755%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Q4 2020</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30.71 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Q4 2018</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">-18.32 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-12-31 0.3071 Worst Quarter: 2018-12-31 -0.1832 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global 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 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</span></div> The Global 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. If you own 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. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 Return Before Taxes 0.0289 0.0289 0.1661 0.1661 0.1564 0.1564 0.0360 0.0360 Return After Taxes on Distributions 0.0216 0.0216 0.1583 0.1583 0.1498 0.1498 0.0316 0.0316 Return After Taxes on Distributions and Sale of Fund Shares 0.0204 0.0204 0.1312 0.1312 0.1299 0.1299 0.0273 0.0273 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1788 0.1442 0.1442 0.1482 0.1482 0.0807 0.0807 MSCI ACWI Net Total Return Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.2234 0.1119 0.1119 0.1172 0.1172 0.0621 0.0621 1999-12-31 THE PARADIGM FUND Investment Objective The investment objective of the Paradigm Fund is long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">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.</span></div> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0039 0.0025 0.0014 0.0164 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 Fund’s operating expenses remain the same (taking into account the expense limitation 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: 167 517 892 1944 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 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3%</span> of the average value of its portfolio. 0.03 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Paradigm Portfolio will not invest directly in bitcoin or other crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Paradigm Portfolio held 8.25% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Ethereum Classic Trust.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Paradigm Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Paradigm Portfolio held 69.11% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span> 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. 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the Bitcoin Blockchain. Bitcoin has no physical existence and exists </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Paradigm Portfolio’s exposure to crypto assets can result in substantial losses to the Paradigm Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">     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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 have 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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. </span>As of December 31, 2025, the Portfolio had 61.5% invested in the Utilities sector. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 a Portfolio.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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, 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> thorugh 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 </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Emerging Markets Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span>Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span> 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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span> 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 effect, the Paradigm Fund’s performance would be reduced. Updated performance information is available on the Fund’s website at http://www.kineticsfunds.com or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Paradigm Fund’s returns. 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. http://www.kineticsfunds.com (800) 930-3828 The Paradigm Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:63.942%"><tr><td style="width:1.0%"></td><td style="width:47.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.691%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.684%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.955%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">54.40 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-32.22 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2021-03-31 0.5440 Worst Quarter: 2020-03-31 -0.3222 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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.</span> 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. If you own 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 Return Before Taxes -0.1459 0.1901 0.1674 0.1131 Return After Taxes on Distributions -0.1611 0.1792 0.1586 0.1091 Return After Taxes on Distributions and Sale of Fund Shares -0.0752 0.1540 0.1407 0.1007 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0807 MSCI ACWI Net Total Return Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0621 1999-12-31 THE SMALL CAP OPPORTUNITIES FUND Investment Objective <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Small Cap Opportunities Fund (the “Small Cap Fund”) is long-term growth of capital. The Small Cap Fund is the sole “feeder fund” to The Small Cap Opportunities Portfolio (the “Small Cap Portfolio”), a series of Kinetics Portfolios Trust.</span></div> Fees and Expenses of the Fund <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Small Cap 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.</span></div> SHAREHOLDER FEES (fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0040 0.0025 0.0015 0.0165 -0.0001 0.0164 April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Small Cap 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 Small Cap Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Small Cap Fund would be: 167 519 896 1954 Portfolio Turnover. The Small Cap 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 Small Cap Portfolio’s, and therefore the Small Cap Fund’s, performance. During the most recent fiscal year, the Small Cap Portfolio’s portfolio turnover rate was <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">0%</span> of the average value of its portfolio. 0 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Fund is a non-diversified fund that invests all of its investable assets in the Small Cap Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Small Cap Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, 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 small capitalization companies that provide attractive valuation opportunities. The Small Cap Portfolio’s Investment Adviser considers small cap companies to be those with market capitalizations at or below the highest market capitalization of a component security within the MSCI USA Small Cap Index. The highest market capitalization of a company within the MSCI USA Small Cap Index was approximately $80 billion as of March 31, 2026. The Small Cap Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio focuses on undervalued and special situation small capitalization equities that the Investment Adviser believes have the potential for rewarding long-term investment results. Small Cap Portfolio securities will generally be selected from companies that are engaged in a number of industries if, in the Investment Adviser’s opinion, they are selling below their perceived intrinsic value, have limited or no institutional ownership, have had short-term earnings shortfalls, have had a recent initial public offering (“IPO”) but have not attracted significant analyst coverage, are selling at or below book or replacement value, or have modest price to earnings ratios. The Investment Adviser considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Investment Adviser also looks at the amount of capital a company spends on research and development. Additionally, the Small Cap 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. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Small Cap 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Small Cap Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Small Cap Portfolio held 3.11% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Small Cap Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Small Cap Portfolio may invest in the Grayscale Ethereum Classic Trust. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap 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”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Small Cap Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Small Cap Fund under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) if held directly. The Small Cap 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 a 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.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Small Cap Portfolio will invest in its Subsidiary in a manner consistent with the limitations of the federal tax laws, rules and regulations that apply to the Small Cap Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Small Cap Portfolio and its 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 Small Cap Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Small Cap Portfolio is the sole shareholder of its Subsidiary and does not expect shares of its 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 Small Cap Portfolio. The Small Cap 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 Small Cap Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap 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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">invest in such short-term cash positions to the extent that the Investment Adviser is unable to find 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 Small Cap 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 Small Cap 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Small Cap 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 Small Cap Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Small Cap Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Small Cap Portfolio held 56.40% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span> 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. The Small Cap 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Portfolio’s shares, and therefore the Small Cap Fund’s shares, more than shares of a more diversified mutual fund that holds more investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> expropriation, nationalization, </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although the Small Cap Portfolio will not concentrate its investments in any industries, the Small Cap 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">As of December 31, 2025, the Portfolio had 43.4% invested in the Utilities sector.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small-Capitalization Company Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investing in small-capitalization companies often involve more risks than investing in larger companies as small-capitalization companies have narrower markets and more limited managerial and financial resources than 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 Small Cap Portfolio’s assets and have an adverse effect on the Portfolio’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Small Cap 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio’s exposure to crypto assets can result in substantial losses to the Small Cap Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies. These crypto asset trading platforms can cease operating temporarily </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 Small Cap 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 Small Cap Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 have experienced extreme volatility and other entities in the crypto asset industry have been negatively affected, further undermining confidence in the crypto asset industry. 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 Small Cap Portfolio, and therefore the Small Cap Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span>The Small Cap Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Small Cap 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. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks:</span> Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Small Cap 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 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio’s, and therefore the Small Cap Fund’s, investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Small Cap Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Small Cap Fund, nor can it assure you that the market value of your investment will not decline.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: In order to qualify as a RIC, the Small Cap Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio’s investment in its Subsidiary is expected to provide the Small Cap 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, such as the Small Cap Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Small Cap Portfolio’s investment in its Subsidiary will not be considered qualifying income. If the Small Cap Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Small Cap Fund would be subject to diminished returns. Additionally, the Small Cap 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 Small Cap 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 Small Cap Portfolio and/or its Subsidiary to operate as described in this Prospectus and could adversely affect the Small Cap Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Small Cap Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: By investing in its Subsidiary, the Small Cap 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 Small Cap Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Small Cap 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 Small Cap Portfolio and/or its Subsidiary to continue to operate and could adversely affect the Small Cap Fund’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">its investments may be impacted by technological issues and/or errors by pricing services or other third-party service providers. Shares of 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Fund’s shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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’s 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 Small Cap Opportunities 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Special Situations Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio may use aggressive investment techniques, including seeking to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Small Cap Portfolio, and therefore the Small Cap Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Portfolio. These leveraged instruments may result in losses to the Small Cap Portfolio or may adversely affect the Small Cap Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Small Cap Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Small Cap 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 Small Cap 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 Small Cap Portfolio's investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> Performance <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. The bar chart indicates the risks of investing in the Small Cap Fund by showing the changes in the Small Cap Fund’s performance from year to year (on a calendar year basis). The table shows how the Small Cap Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represents a broad measure of market performance as well as the MSCI USA Small Cap Index, which replaces the S&amp;P® SmallCap Index as the secondary comparison benchmark. The past performance of the Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the Small Cap Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Small Cap Fund’s performance would be reduced. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">http://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. The table shows how the Small Cap Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&P 500® Index, which represents a broad measure of market performance as well as the MSCI USA Small Cap Index, which replaces the S&P® SmallCap Index as the secondary comparison benchmark. The past performance of the Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the Small Cap Portfolio will perform in the future. http://www.kineticsfunds.com (800) 930-3828 The Small Cap Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:65.865%"><tr><td style="width:1.0%"></td><td style="width:45.858%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.201%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.281%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">60.47 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-34.39 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2021-03-31 0.6047 Worst Quarter: 2020-03-31 -0.3439 The Small Cap 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 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. The Small Cap 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. If you own 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 Return Before Taxes -0.0866 0.2110 0.1822 0.1222 Return After Taxes on Distributions -0.0870 0.2041 0.1788 0.1197 Return After Taxes on Distributions and Sale of Fund Shares -0.0510 0.1717 0.1563 0.1097 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0817 MSCI USA Small Cap Index (reflects no deductions for fees, expenses or taxes)(2) S&P 600® SmallCap Index TR (reflects no deductions for fees, expenses or taxes)(2) 0.0602 0.0731 0.0981 0.0916 2000-03-20 THE MARKET OPPORTUNITIES FUND Investment Objective The investment objective of the Market Opportunities Fund is long-term growth of capital. The Market Opportunities Fund is the sole “feeder fund” to The Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. Fees and Expenses of the Fund <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Market Opportunities 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.</span></div> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0043 0.0025 0.0018 0.0168 -0.0028 0.0140 April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Market Opportunities Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Market Opportunities 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 Market Opportunities Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Market Opportunities Fund would be: 143 502 886 1964 Portfolio Turnover. The Market Opportunities 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 Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s, performance. During the most recent fiscal year, the Market Opportunities Portfolio’s portfolio turnover rate was 4% of the average value of its portfolio. 0.04 Principal Investment Strategy <div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Fund is a non-diversified fund that invests all of its investable assets in the Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Market Opportunities Portfolio invests at least 65% of its net assets in common stocks, 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 involved in capital markets or related to capital markets, as well as companies involved in the gaming industry. Capital market companies include companies that are engaged in or derive a substantial portion of their revenue from activities with a publicly traded securities exchange, such as equity exchanges and commodity exchanges, including but not limited to clearing firms and brokerage houses. The Market Opportunities Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities 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.</span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio securities will be selected by the Investment Adviser from companies that are engaged in public exchanges, derivative exchanges, and capital markets; companies that experience operational scale from increased volume such as investment banks, credit card processing companies, electronic payment companies and companies in the gaming industry; and from companies that act as facilitators such as publicly traded expressways, airports, roads and railways. Companies that experience operational scale from increased volume are similar to capital markets companies because they have greater fixed costs than variable costs, operating margins that rise once fixed costs are covered, and an ability to generate higher operating margins once fixed costs are covered (referred to as operating leverage). High operating leverage describes a company’s ability to experience rising profit margins as revenues increase. These companies may be large, medium or small in size if, in the Investment Adviser’s opinion, these companies meet the Market Opportunities Portfolio’s investment criteria. The Investment Adviser seeks to invest in companies with high operating leverage that can expand capacity with negligible or limited associated costs. Generally, high returns on equity, long product life cycles, high barriers to entry and certain degrees of financial gearing are necessary for this. Financial gearing occurs with the use of loans and debt in companies where it is necessary to build </span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">capacity and infrastructure before operations can begin. Additionally, the Market Opportunities 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. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Market Opportunities 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Market Opportunities Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Market Opportunities Portfolio held 10.83% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Market Opportunities Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Market Opportunities Portfolio may invest in the Grayscale Ethereum Classic Trust. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Market Opportunities Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Market Opportunities Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Market Opportunities Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Market Opportunities Fund under the Internal Revenue Code if held directly. The Market Opportunities 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 a 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Market Opportunities Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Market Opportunities Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Market Opportunities Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">applicable to the investment activities of each Subsidiary. Each 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 Subsidiaries. Unlike the Market Opportunities Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Market Opportunities Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Market Opportunities Portfolio. The Market Opportunities 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 Market Opportunities Portfolio. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities Portfolio. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities 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 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 Market Opportunities 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 Market Opportunities 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.</span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Market Opportunities 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 Market Opportunities Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Market Opportunities Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Market Opportunities Portfolio held 47.77% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> The Market Opportunities 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Market Opportunities Portfolio’s shares, and therefore the Market Opportunities Fund’s shares, more than shares of a diversified mutual fund that holds more investments.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">bitcoin.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Market Opportunities 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">supply and demand for crypto assets in the global market</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio’s exposure to crypto assets can result in substantial losses to the Market Opportunities Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities 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 Market Opportunities Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 have experienced extreme volatility and other entities in the crypto asset industry have been negatively affected, further undermining confidence in the crypto asset industry. 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 Market Opportunities Portfolio, and therefore the Market Opportunities Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">     </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Market Opportunities Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Market Opportunities 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Market Opportunities Portfolio will not concentrate its investments in any industries, the Market Opportunities Portfolio may, at certain times, have concentrations in one or more sectors which may cause the Portfolio to be more sensitive to economic </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">changes or events occurring in those sectors, and the Portfolio's investments may be more volatile. </span>As of December 31, 2025, the Portfolio had 35.1% invested in the Utilities sector <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Emphasis Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Market Opportunities Portfolio’s investments in the capital markets sector subjects it to the risks affecting that sector more than would a fund that invests in a wide variety of market sectors. For instance, companies in the capital markets sector may be adversely affected by changes in economic conditions as well as legislative initiatives, all of which may impact the profitability of companies in this sector. The Market Opportunities Portfolio’s investments in the gaming sector may be adversely affected by changes in economic conditions. The casino industry is particularly susceptible to economic conditions that negatively affect tourism. Casino and gaming companies are highly competitive, and new products, casino concepts and venues are competitive challenges to existing companies. In addition, gaming and related companies are highly regulated, and state and federal legislative changes can significantly impact profitability in those sectors.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Market Opportunities 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span>: 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 Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s, investment objective. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Market Opportunities Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Market Opportunities Fund, nor can it assure you that the market value of your investment will not decline.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> In order to qualify as a RIC, the Market Opportunities 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 Market Opportunities Portfolio’s investment in each Subsidiary is expected to provide the Market Opportunities 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 each 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, such as the Market Opportunities Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Market Opportunities Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Market Opportunities Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Market Opportunities Fund would be subject to diminished returns. Additionally, the Market Opportunities Fund invests, directly and indirectly, in entities that take the position that </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Market Opportunities 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, Market Opportunities Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> By investing in its Subsidiaries, the Market Opportunities Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Market Opportunities Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Market Opportunities Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Market Opportunities Fund’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Market Opportunities Fund’s shares.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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 </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The Market Opportunities Portfolio may invest in the equity securities of small and medium-size companies. Small and medium-size 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 the Market Opportunities Portfolio’s assets.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Market Opportunities 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 Market Opportunities 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 Market Opportunities Portfolio’s investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Market Opportunities Portfolio. These leveraged instruments may result in losses to the Market Opportunities Portfolio or may adversely affect the Market Opportunities Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Market Opportunities Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Market Opportunities 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 Market Opportunities Fund, the Investment Adviser, or the Market Opportunities Fund’s other service providers, or the issuers of securities in which the Market Opportunities 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 Market Opportunities Fund and its shareholders.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Market Opportunities 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 Market Opportunities Portfolio takes a temporary defensive position, the Market Opportunities Fund may not achieve its investment objective.</span> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s returns. The bar chart indicates the risks of investing in the Market Opportunities Fund by showing the changes in the Market Opportunities Fund’s performance from year to year (on a calendar year basis). The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represents a broad measure of market performance, as well as the MSCI EAFE Index, which is a secondary comparison benchmark. The past performance of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Market Opportunities Fund’s performance would be reduced. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">http://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s returns. The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the S&P 500® Index, which represents a broad measure of market performance, as well as the MSCI EAFE Index, which is a secondary comparison benchmark. The past performance of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future. http://www.kineticsfunds.com (800) 930-3828 The Market Opportunities Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:65.064%"><tr><td style="width:1.0%"></td><td style="width:46.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.360%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">45.93 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-21.60 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2021-03-31 0.4593 Worst Quarter: 2020-03-31 -0.2160 The Market Opportunities 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 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. The Market Opportunities 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. If you own 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 2006-01-31 Return Before Taxes -0.0309 0.1947 0.1890 0.1192 Return After Taxes on Distributions -0.0324 0.1915 0.1835 0.1158 Return After Taxes on Distributions and Sale of Fund Shares -0.0172 0.1582 0.1599 0.1035 S&P 500® TR Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1090 MSCI EAFE Net (USD) Index (reflects no deductions for fees, expenses or taxes) 0.3122 0.0892 0.0818 0.0528 THE MULTI-DISCIPLINARY INCOME FUND Investment Objectives The investment objective of the Multi-Disciplinary Income Fund is total return. The Multi-Disciplinary Income Fund is the sole “feeder fund” to The Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust. 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 Multi-Disciplinary Income 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. SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0073 0.0025 0.0048 0.0173 -0.0099 0.0074 Total Annual Fund Operating Expenses do not correlate to the ratio of operating expenses to average net assets before expense reimbursement found in the “Financial Highlights” section of this Prospectus, which reflects the Multi-Disciplinary Income Fund’s operating Expenses and does not include acquired fund fees and expenses. April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Multi-Disciplinary Income Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Multi-Disciplinary Income 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 Multi-Disciplinary Income Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Multi-Disciplinary Income Fund would be: 76 4448 846 1959 Portfolio Turnover. The Multi-Disciplinary Income 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 Multi-Disciplinary Income Portfolio’s, and therefore the Multi-Disciplinary Income Fund’s, performance. During the most recent fiscal year, the Multi-Disciplinary Income Portfolio’s portfolio turnover rate was 74% of the average value of its portfolio. 0.74 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Multi-Disciplinary Income Fund is a diversified fund that invests all of its investable assets in the Multi-Disciplinary Income Portfolio, a series of Kinetics Portfolios Trust. “Total Return” sought by the Multi-Disciplinary Income Portfolio consists of income earned on the Multi-Disciplinary Income Portfolio’s investments, plus capital appreciation. The Multi-Disciplinary Income 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, the Multi-Disciplinary Income Portfolio will invest at least 65% of its net assets in fixed-income securities (which includes CLOs and corporate loans), derivatives and cash or cash equivalents committed as collateral for written option contracts. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no limit on the amount of assets the Multi-Disciplinary Income Portfolio may invest in fixed-income securities. The Multi-Disciplinary Income Portfolio may invest in the debt tranches of CLOs.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The CLO debt tranches may have any stated maturity and may be rated (at time of issuance), from “AAA” to and including “B-” (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)), or if unrated, determined to be of comparable credit quality by the Investment Adviser. An NRSRO is a credit rating agency that is registered with the U.S. Securities and Exchange Commission (“SEC”) that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Multi-Disciplinary Income Portfolio may invest up to 35% of its net assets in senior secured corporate loans, issued by either public or privately owned companies. Senior secured corporate loans will be first lien or second lien loans, have maturities of up to 8 years, and may be 100% rated below investment grade by an NRSRO. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Multi-Disciplinary Income Portfolio may invest up to 20% of its total assets in selling equity put options. The Multi-Disciplinary Income Portfolio may also invest in U.S. Treasury note futures; selling or buying equity calls, bond calls, and bond put options, as well as other derivatives, to manage risk or to enhance return. The Multi-Disciplinary Income Portfolio may also buy puts on specific underlying equity securities that are traded on a national securities exchange. The Multi-Disciplinary Income Portfolio will not invest more than 15% of its net assets in illiquid investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser uses a bottom-up approach in managing the Multi-Disciplinary Income Fund, which means that the focus is on the analysis of individual securities. By engaging in quantitative and qualitative analysis of individual securities, the Investment Adviser examines an investment’s current valuation, income potential, risk adjusted return and credit profile. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Portfolio will invest in CLOs and senior secured corporate loans with a minimum initial total offering size of $250 million, that are floating rate and are U.S. dollar denominated. The Multi-Disciplinary Income Portfolio may purchase CLOs and senior secured corporate loans in both the primary and secondary markets. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Portfolio will generally not invest more than 5% of its portfolio in any single investment measured at the time of purchase. It is intended that the Multi-Disciplinary Income Portfolio will hold between 20 to 75 investments with a position weighing between 1% to 5% per security. The Multi-Disciplinary Income Portfolio may temporarily deviate from this diversification weighting due to, among other reasons, market conditions and the initial size of the fund as determined by the Investment Adviser, in its sole discretion. The Investment Adviser may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or risk adjusted return profile. The Investment Adviser may actively trade Multi-Disciplinary Income Portfolio securities. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income 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 sufficient investments meeting its criteria. Additionally, to respond to adverse market, economic, political or other conditions, which may persist for short or long periods of time, the Multi-Disciplinary Income 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.</span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Multi-Disciplinary Income 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 Multi-Disciplinary Income Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Multi-Disciplinary Income Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.</span></div> The Multi-Disciplinary Income Portfolio may invest up to 35% of its net assets in senior secured corporate loans, issued by either public or privately owned companies. Senior secured corporate loans will be first lien or second lien loans, have maturities of up to 8 years, and may be 100% rated below investment grade by an NRSRO. The Multi-Disciplinary Income Portfolio may invest up to 20% of its total assets in selling equity put options. The Multi-Disciplinary Income Portfolio may also invest in U.S. Treasury note futures; selling or buying equity calls, bond calls, and bond put options, as well as other derivatives, to manage risk or to enhance return. The Multi-Disciplinary Income Portfolio may also buy puts on specific underlying equity securities that are traded on a national securities exchange. The Multi-Disciplinary Income Portfolio will not invest more than 15% of its net assets in illiquid investments. The Multi-Disciplinary Income Portfolio’s investments have inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Collateralized Loan Obligations Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">CLO is a securitization vehicle collateralized by a pool of credit-related assets. Generally, these assets are below investment grade and are subject to greater credit risk, price volatility and risk of loss than investment grade securities. CLO securities present risks similar to those of other types of credit investments, including default (credit), interest rate and </span>prepayment risks. The extent of these risks depends largely on the type of securities used as collateral and the debt tranche of the CLOs in which the Multi-Disciplinary Income Portfolio invests. In addition, CLOs are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. There is also a risk that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Collateralized Loan Obligations </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">CLOs are typically leveraged, and such leverage will magnify the loss on CLO investments, which may in turn magnify the loss experienced by the Multi-Disciplinary Income Fund. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if the Multi-Disciplinary Income Portfolio’s investments were not leveraged.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Collateralized Loan Obligations Manager Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> CLO managers are responsible for selecting, managing, and replacing the underlying collateral assets within a CLO. CLO managers may have limited operating histories, may be subject to conflicts of interests, including</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO debt tranches in which the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Multi-Disciplinary Income Portfolio</span> invests. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Securities Risks. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Securities rated “BB+” or below by S&amp;P or “Ba1” or below by Moody’s are known as high yield securities and are commonly referred to as “junk debt.” Such securities entail greater price volatility and credit and interest rate risk than investment-grade securities. Analysis of the creditworthiness of high yield issuers is more complex than for higher-rated securities, making it more difficult for the Investment Adviser to accurately predict risk. There is a greater risk with high yield securities that an issuer will not be able to make principal and interest payments when due. If the Multi-Disciplinary Income Portfolio pursues missed payments, there is a risk that fund expenses could increase. In addition, lower-rated securities may not trade as often and may be less liquid than higher-rated securities, especially during periods of economic uncertainty or change. As a result of all these factors, these securities are generally considered to be speculative.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Credit/Default Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Multi-Disciplinary Income Portfolio is subject to the risks associated with the credit quality of CLO debt tranches and corporate loans. Credit quality measures the likelihood that the obligor will be able to meet its debt service obligations. Credit risk is the risk that an obligor will be unable to make principal and interest payments when due, or default on its obligations. Most CLO debt tranches and corporate loans which would be considered for investment by the Multi-Disciplinary Income Portfolio, will have credit ratings issued from NRSROs such as S&amp;P Global, Fitch, and Moody’s. These NRSROs assign ratings to the obligor by assessing the likelihood of issuer default.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Multi-Disciplinary Income 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 Multi-Disciplinary Income Fund, the Investment Adviser, or the Multi-Disciplinary Income Fund’s other service providers, or the issuers of securities in which the Multi-Disciplinary </span><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Income 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 Multi-Disciplinary Income Fund and its shareholders.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Derivatives Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Multi-Disciplinary Income Portfolio’s investments in futures, 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 losses to the Multi-Disciplinary Income Portfolio. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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&amp;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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">As a shareholder in an ETF, the Multi-Disciplinary Income 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Fixed Income Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> Fixed income securities are subject to credit risk and interest rate risk. Credit risk, as described more fully herein, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Additionally, investments in fixed income securities are subject to the following risks:</span><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Prepayment Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> CLO debt tranches and corporate loans are subject to prepayment risk. During periods when credit spreads are contracting, a callable CLO debt tranche or corporate loan held by the Multi-Disciplinary Income Portfolio may be “called” and repaid before its stated maturity, and the Multi-Disciplinary Income Portfolio may have to reinvest the proceeds at a lower interest rate, resulting in a decline in the Multi-Disciplinary Income Fund’s income.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">CLOs are also typically structured such that, after a specified time period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the non-call period), the majority investor(s) in the equity tranche can call (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, require the CLO issuer to redeem) the CLO debt tranches issued by the CLO in full, plus accrued interest. The Multi-Disciplinary Income Portfolio may not be able to accurately predict when or which of its CLO investments may be called, resulting in the Multi-Disciplinary Income Portfolio having to reinvest the proceeds in unfavorable market conditions, which in turn could cause a decline in the Multi-Disciplinary Income Fund’s income.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Credit Risk of Underlying CLO Collateral.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The ability of the underlying collateral assets held by the CLOs to generate sufficient cash flow to meet the debt service requirements of the CLO debt tranches on a full and timely basis when principal and/or interest payments are due, may be adversely affected by payment defaults of certain collateral assets held by the CLO.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Extension Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> During periods when credit spreads are increasing, certain CLO debt tranches may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Multi-Disciplinary Income Fund’s income and potentially in the value of the Multi-Disciplinary Income Portfolio’s investments.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Interest Rate Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The risk that when interest rates increase, fixed-income securities held by the Multi-Disciplinary Income Portfolio may decline in value. Floating interest rate securities may increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-income securities.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Floating Interest Rate Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> CLO tranches and corporate loans have floating interest rates, and therefore their market price may be less sensitive to interest rate changes than securities with fixed interest rates but may still decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Since the Multi-Disciplinary Income Portfolio invests primarily in floating rate CLO debt tranches and corporate loans, a decline in interest rates may result in a reduction of income and may adversely affect the value of the Multi-Disciplinary Income Fund’s shares. The interest rate for a CLO tranche resets quarterly and for corporate loans usually resets either monthly or quarterly, by reference to a benchmark interest rate index. The impact of interest rate changes on floating rate CLO investments and corporate loans is typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Income Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Fund’s income may decline if interest rates fall. This decline in income can occur because investments held by the Multi-Disciplinary Income Portfolio will have floating or variable interest rates.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Privately Issued Securities Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended. Privately issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Multi-Disciplinary Income Portfolio may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at lesser prices than if such securities were more widely held and traded. At times, it also may be more difficult to determine the fair value of such securities for the purposes of computing the Fund’s NAV due to the absence of an active trading market. The determinations of the fair value of the Multi-Disciplinary Income Portfolio’s investments may cause its NAV on a given date to understate or </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">overstate, possibly materially, the value that the Multi-Disciplinary Income Portfolio may ultimately realize on one or more of its investments. There can also be no assurance that a privately issued security previously deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Multi-Disciplinary Income Portfolio, and its value may decline as a result.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Prepayment Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> CLO debt tranches and corporate loans are subject to prepayment risk. During periods when credit spreads are contracting, a callable CLO debt tranche or corporate loan held by the Multi-Disciplinary Income Portfolio may be “called” and repaid before its stated maturity, and the Multi-Disciplinary Income Portfolio may have to reinvest the proceeds at a lower interest rate, resulting in a decline in the Multi-Disciplinary Income Fund’s income.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">CLOs are also typically structured such that, after a specified time period (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, the non-call period), the majority investor(s) in the equity tranche can call (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, require the CLO issuer to redeem) the CLO debt tranches issued by the CLO in full, plus accrued interest. The Multi-Disciplinary Income Portfolio may not be able to accurately predict when or which of its CLO investments may be called, resulting in the Multi-Disciplinary Income Portfolio having to reinvest the proceeds in unfavorable market conditions, which in turn could cause a decline in the Multi-Disciplinary Income Fund’s income.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Credit Risk of Underlying CLO Collateral.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The ability of the underlying collateral assets held by the CLOs to generate sufficient cash flow to meet the debt service requirements of the CLO debt tranches on a full and timely basis when principal and/or interest payments are due, may be adversely affected by payment defaults of certain collateral assets held by the CLO.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Extension Risk.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> During periods when credit spreads are increasing, certain CLO debt tranches may be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Multi-Disciplinary Income Fund’s income and potentially in the value of the Multi-Disciplinary Income Portfolio’s investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Interest Rate Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The risk that when interest rates increase, fixed-income securities held by the Multi-Disciplinary Income Portfolio may decline in value. Floating interest rate securities may increase or decrease in value in response to changes in interest rates, although generally to a lesser degree than fixed-income securities.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Floating Interest Rate Risk.</span> CLO tranches and corporate loans have floating interest rates, and therefore their market price may be less sensitive to interest rate changes than securities with fixed interest rates but may still decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Since the Multi-Disciplinary Income Portfolio invests primarily in floating rate CLO debt tranches and corporate loans, a decline in interest rates may result in a reduction of income and may adversely affect the value of the Multi-Disciplinary Income Fund’s shares. The interest rate for a CLO tranche resets quarterly and for corporate loans usually resets either monthly or quarterly, by reference to a benchmark interest rate index. The impact of interest rate changes on floating rate CLO investments and corporate loans is typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Income Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Fund’s income may decline if interest rates fall. This decline in income can occur because investments held by the Multi-Disciplinary Income Portfolio will have floating or variable interest rates.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.8pt">Privately Issued Securities Risk. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income Portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended. Privately issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Multi-Disciplinary Income Portfolio may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at lesser prices than if such securities were more widely held and traded. At times, it also may be more difficult to determine the fair value of such securities for the purposes of computing the Fund’s NAV due to the absence of an active trading market. The determinations of the fair value of the Multi-Disciplinary Income Portfolio’s investments may cause its NAV on a given date to understate or </span><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">overstate, possibly materially, the value that the Multi-Disciplinary Income Portfolio may ultimately realize on one or more of its investments. There can also be no assurance that a privately issued security previously deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Multi-Disciplinary Income Portfolio, and its value may decline as a result.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Liquidity risk refers to the possibility that the Multi-Disciplinary Income Portfolio may not be able to buy or sell a security at a favorable price or time. Consequently, the Multi-Disciplinary Income Portfolio may have to accept a lower price to sell a security, sell other securities to raise cash, or decline an investment opportunity, any of which could have a negative effect on the Multi-Disciplinary Income Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. While CLO debt tranches and corporate loans in which the Multi-Disciplinary Income Portfolio seeks to invest are expected to be supported by a secondary market, it is possible that they may be characterized as illiquid investments under adverse market conditions resulting in a limited market for the resale for such securities or affected by the liquidity in the fixed income market, generally.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risk: </span>The Investment Adviser continuously evaluates the Multi-Disciplinary Income Portfolio’s holdings, purchases, and sales with a view to achieving the Multi-Disciplinary Income Fund’s investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Investment Adviser’s judgment about the markets, the economy, CLOs and corporate loans may not anticipate actual market movements, economic conditions, CLOs or corporate loans securities performance, and these factors may affect the return on your investment. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Multi-Disciplinary Income 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 a 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 a Portfolio. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Option Transaction Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 the Investment Adviser to manage future price fluctuations and the degree of correlation between the options and securities (or currency) markets. By writing put options on equity securities, the Multi-Disciplinary Income Portfolio gives up the opportunity to benefit from potential increases in the value of the common stocks above the strike prices of the written put options, but continues to bear the risk of declines in the value of its common stock portfolio. The Multi-Disciplinary Income Portfolio will receive a premium from writing a covered call option that it retains whether or not the option is exercised. The premium received from the written options may not be sufficient to offset any losses sustained from the volatility of the underlying equity securities over time.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Redemption Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Paying redemption proceeds may require the Multi-Disciplinary Income Portfolio to dispose of or sell portfolio investments at an inopportune time to obtain the cash needed to pay redemption proceeds. This may cause the Multi-Disciplinary Income Fund to incur certain costs and to recognize gains or losses.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Multi-Disciplinary Income 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 Multi-Disciplinary Income Portfolio takes a temporary defensive position, the Multi-Disciplinary Income Fund may not achieve its investment objective.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk:</span> There is a risk that one or more of the securities in which the Multi-Disciplinary Income Portfolio invests are valued differently than the price realized upon such security’s sale. In times of market instability, valuation may be more difficult. The tiered capital structure of CLOs may also subject them to price volatility and valuation risk in times of market stress. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Covenant Lite Corporate Loans Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Certain underlying corporate loans in which the Multi-Disciplinary Income Portfolio may invest on a direct basis and/or indirectly through an investment in a CLO debt tranche, may be “covenant lite”, which have few or no financial maintenance covenants that would require a borrower to maintain. As a result, there may be delays in enforcing our interests in such covenant lite securities, which may result in losses and adversely affect the Multi-Disciplinary Income Fund.</span> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Multi-Disciplinary Income Fund’s returns. The bar chart indicates the risks of investing in the Multi-Disciplinary Income Fund by showing the changes in the Multi-Disciplinary Income Fund’s performance from year to year (on a calendar year basis). The table shows how the Multi-Disciplinary Income Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bloomberg</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S. Aggregate Bond Index, which represents a broad measure of market performance, as well as the Bloomberg U.S. Corporate High Yield Bond Index, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">CBOE S&amp;P 500 BuyWrite Monthly Index, and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">CBOE S&amp;P 500 PutWrite Index (PUT)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, which are secondary comparison benchmarks. The past performance of the Multi-Disciplinary Income Fund, before and after taxes, is not necessarily an indication of how the Multi-Disciplinary Income Fund or the Multi-Disciplinary Income Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Multi-Disciplinary Income Fund’s performance would be reduced. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">http://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Multi-Disciplinary Income Fund’s returns. The table shows how the Multi-Disciplinary Income Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the Bloomberg U.S. Aggregate Bond Index, which represents a broad measure of market performance, as well as the Bloomberg U.S. Corporate High Yield Bond Index, CBOE S&P 500 BuyWrite Monthly Index, and CBOE S&P 500 PutWrite Index (PUT), which are secondary comparison benchmarks. The past performance of the Multi-Disciplinary Income Fund, before and after taxes, is not necessarily an indication of how the Multi-Disciplinary Income Fund or the Multi-Disciplinary Income Portfolio will perform in the future. http://www.kineticsfunds.com (800) 930-3828 The Multi-Disciplinary Income Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:65.064%"><tr><td style="width:1.0%"></td><td style="width:46.436%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.360%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q2 2020</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">6.64 </span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-10.52 </span></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> Best Quarter: 2020-06-30 0.0664 Worst Quarter: 2020-03-31 -0.1052 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Multi-Disciplinary Income 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 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</span></div> The Multi-Disciplinary Income 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. If you own 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. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 2008-02-11 Return Before Taxes 0.0513 0.0319 0.0372 0.0392 Return After Taxes on Distributions 0.0293 0.0148 0.0202 0.0234 Return After Taxes on Distributions and Sale of Fund Shares(1) 0.0301 0.0169 0.0211 0.0237 Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.0730 -0.0036 0.0201 0.0291 Bloomberg U.S. Corporate High Yield Bond Index (reflects no deductions for fees, expenses or taxes) 0.0862 0.0451 0.0653 0.0694 CBOE S&P 500 BuyWrite Monthly Index (reflects no deductions for fees, expenses or taxes) 0.0891 0.0933 0.0731 0.0607 CBOE S&P 500 PutWrite Index (PUT) (reflects no deductions for fees, expenses or taxes) 0.0919 0.1059 0.0798 0.0722 In some cases, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Return After Taxes on Distributions or Return Before Taxes due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. THE INTERNET FUND Investment Objectives The investment objective of the Internet Fund is long-term growth of capital. The Internet Fund seeks to obtain current income as a secondary objective. The Internet Fund is the sole “feeder fund” to The Internet Portfolio, a series of Kinetics Portfolios Trust. Fees and Expenses of the Fund <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Internet 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 110 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 59 of the Fund’s statement of additional information.</span></div> You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0575 0 0 0.0100 -0.0200 -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0050 0.0100 0.0017 0.0017 0.0192 0.0242 Example. This Example is intended to help you compare the cost of investing in the Internet Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Internet Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Internet Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs for the Internet Fund would be: 759 1143 1552 2689 348 755 1291 2756 (if you do not redeem your shares at the end of the period) 245 755 1291 2756 Portfolio Turnover. The Internet 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 Internet Portfolio’s, and therefore the Internet Fund’s, performance. During the most recent fiscal year, the Internet Portfolio’s portfolio turnover rate was 45% of the average value of its portfolio. 0.45 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Internet Fund is a non-diversified fund that invests all of its investable assets in the Internet Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Internet Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, 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 engaged in the Internet and Internet‑related activities and whose businesses are vastly improved through the distribution of content and reduction of costs with the use of the Internet. Internet and internet-related companies include companies (i) involved in software, hardware, information technology services, or infrastructure (including energy and real estate) relating to the internet and (ii) companies involved in enhancement or improvement via the internet. The Internet Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities via the Internet or achieve a competitive advantage in cost/profitability and brand image leveraging via use of the Internet. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. Furthermore, the Investment Adviser looks at the amount of capital a company currently expends on research and development. The Internet Portfolio may invest in companies of any size, including small and medium-sized companies. Additionally, the Internet 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. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet Portfolio invests indirectly in bitcoin through a Delaware statutory trust, the Grayscale Bitcoin Trust ETF (“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 Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of 1940 Act. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Internet Portfolio will not invest directly in bitcoin or other crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 and is not issued by a government, bank or central organization. Bitcoin exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public transaction ledger where bitcoin transfers are recorded (the “Bitcoin Blockchain”). Bitcoin has no physical existence and exists solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Internet Portfolio held 45.98% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Internet Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Internet Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Internet Fund under the Internal Revenue Code if held directly. The Internet 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 a 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Internet Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Internet Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Internet Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each 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 Subsidiaries. Unlike the Internet Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Internet Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Internet Portfolio. The Internet 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 Internet Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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 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 Internet 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 Internet 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Internet 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 Internet Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Internet Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Internet Portfolio held 32.81% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> The Internet 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. Investing in common stocks has inherent risks that could cause you to lose money. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Internet 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 Internet Portfolio’s exposure to crypto assets can result in substantial losses to the Internet Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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 Internet 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> “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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet 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 Internet Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Internet Portfolio, and therefore the Internet Fund, its service providers or to the crypto asset industry as a whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Internet 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">    The Internet Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Internet 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.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span>: 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 Internet Portfolio’s shares, and therefore the Internet Fund’s shares, more than shares of a diversified mutual fund that holds more investments. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Portfolio’s performance.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:112%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Internet Industry Concentration Risks</span>: Investing a substantial portion of the Internet Portfolio’s assets in the Internet industry carries the risk that Internet-related securities will decline in price due to market and technological developments. Internet and Internet-related companies, including companies (i) involved in software, hardware, information technology services, or infrastructure (including energy and real estate) relating to the internet and (ii) companies involved in enhancement or improvement via the internet are subject to a rate of change in technology and competition which is generally higher than that of other industries. 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. To the extent the Portfolio invests in companies that are involved in various aspects of artificial intelligence technologies, it is particularly sensitive to the risks of those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> In order to qualify as a RIC, the Internet 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 </span></div>Revenue Service (the “IRS”) that gain realized on bitcoin investments such as investments in the Grayscale Bitcoin Trust will not be qualifying income. The Internet Portfolio’s investment in each Subsidiary is expected to provide the Internet 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 each 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 indirectly by an entity classified as a partnership for federal income tax purposes, such as the Internet Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Internet Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Internet Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Internet Fund would be subject to diminished returns. Additionally, the Internet 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 Internet Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the Internet Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Internet 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, Fund shareholders would likely suffer decreased investment returns. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Internet 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. </span>As of December 31, 2025, the Portfolio had 25.7% invested in the Finance and Insurance sector. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span> 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span>There is no guarantee that the Internet Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Internet Fund, nor can it assure you that the market value of your investment will not decline. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span>: Investing in small and medium-size companies often involve more risks 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 Internet Portfolio’s assets and have an adverse effect on the Portfolio’s performance. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span>: 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 Internet Portfolio’s, and therefore the Internet Fund’s, investment objective. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Internet 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 </span></div>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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span>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 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span>: 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span> By investing in its Subsidiaries, the Internet Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Internet Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Internet Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Internet Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Internet Fund’s performance. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Internet Portfolio. These leveraged instruments may result in losses to the Internet Portfolio or may adversely affect the Internet Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Internet Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Internet 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 Internet 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 </span></div>price and liquidity of fixed income securities. The risks associated with changing interest rates may have unpredictable effects on the markets and the Internet Portfolio's investments. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span> 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 Internet Fund’s shares. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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’s 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span>As a shareholder in an ETF, the Internet 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span>Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span>: 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Internet 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 Internet Fund, the Investment Adviser, or the Internet Fund’s other service providers, or the issuers of securities in which the Internet Portfolio invests have the ability to disrupt and negatively affect the </span></div>Fund’s business operations, including the ability to purchase and sell fund shares, potentially resulting in financial losses to the Internet Fund and its shareholders. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Internet 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 Internet Portfolio takes a temporary defensive position, the Internet Fund may not achieve its investment objective.</span></div> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Internet Fund’s returns. The bar chart indicates the risks of investing in the Internet Fund by showing the changes in the Internet Fund’s performance from year to year (on a calendar year basis). The table shows how the Internet Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index and the NASDAQ Composite</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represent broad measures of market performance. The past performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the Internet Fund or the Internet Portfolio will perform in the future. The bar chart shows how the performance of Advisor Class A shares (the Class with the longest period of annual returns) has varied from year to year. The returns for Advisor Class C shares were different than the returns shown below because each Class of shares has different expenses. Updated performance information is available on the Internet Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">https://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Internet Fund’s returns. The table shows how the Internet Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&P 500® Index and the NASDAQ Composite® Index, which represent broad measures of market performance. The past performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the Internet Fund or the Internet Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Internet Fund – Advisor Class ACalendar Year Returns as of 12/31 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:75.641%"><tr><td style="width:1.0%"></td><td style="width:39.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.605%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q4 2020</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">51.69%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q2 2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-25.16%</span></td></tr></table></div> Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Best Quarter: 2020-12-31 0.5169 Worst Quarter: 2022-06-30 -0.2516 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The after-tax returns for the Internet Fund’s Advisor Class A shares 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 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares.</span></div> The after-tax returns for the Internet Fund’s Advisor Class A shares 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. If you own 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.1449 0.1111 0.1453 0.0985 Return After Taxes on Distributions -0.1488 0.1081 0.1279 0.0876 Return After Taxes on Distributions and Sale of Fund Shares -0.0829 0.0881 0.1133 0.0808 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0922 NASDAQ Composite® Index (reflects no deductions for fees, expenses or taxes) 0.2036 0.1252 0.1659 0.1037 Return Before Taxes -0.1060 0.1187 0.1464 0.1154 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1066 NASDAQ Composite® Index (reflects no deductions for fees, expenses or taxes) 0.2036 0.1252 0.1659 0.1255 2001-04-26 2007-02-16 THE GLOBAL FUND Investment Objective The investment objective of the Global Fund is long-term growth of capital. The Global Fund is the sole “feeder fund” to The Global Portfolio, a series of Kinetics Portfolios Trust. 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 Global 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 110 of the Fund’s prospectus, in Appendix A to this Prospectus--Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 59 of the Fund’s statement of additional information. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0575 0 0 0.0100 -0.0200 -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0050 0.0100 0.0033 0.0033 0.0208 0.0258 -0.0044 -0.0044 0.0164 0.0214 April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Advisor Class A and Advisor Class C shares of the Global Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Global 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 Global Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Global Fund would be: 732 1149 1591 2814 320 761 1331 2882 (if you do not redeem your shares at the end of the period) 217 761 1331 2882 Portfolio Turnover. The Global 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 Global Portfolio’s, and therefore the Global Fund’s, performance. During the most recent fiscal year, the Global Portfolio’s portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Fund is a diversified fund that invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Global Portfolio invests at least 65% of its net assets plus any borrowings for investment purposes 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 foreign and U.S. companies listed on publicly traded exchanges. At least 40% of the Global Portfolio’s net assets will be invested in companies located outside the United States. The Global Portfolio will at all times have exposure to at least three (3) countries, which may include the United States. The Global Portfolio may also purchase and write options for hedging purposes and/or direct investment and invest in participatory notes (commonly known as “P-notes”) to take positions in certain foreign securities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global 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 Global Portfolio may invest up to 100% of its assets in companies located in emerging markets. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business model as well as its ability to grow and expand its activities or achieve a greater competitive advantage in cost/profitability and brand image leveraging. This evaluation by the Investment Adviser includes consideration of a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency. The Investment Adviser also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Global Portfolio may invest in companies of any size, including small and medium-sized companies. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Additionally, the Global 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Global 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 Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of the 1940 Act. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Global Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 and 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Global Portfolio held 45.98% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Global Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Global Portfolio may invest in the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Classic Trust.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Global Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Global Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Global Fund under the Internal Revenue Code if held directly. The Global 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 a 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Global Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Global Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Global Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act relating to investment advisory contracts with respect to the Subsidiaries. Unlike the Global Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Global Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Global Portfolio. The Global 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 Global Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global 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 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 Global 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 Global 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.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Global 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 Global Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Global Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Global Portfolio held 21.60% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span> 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. The Global 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 Global Portfolio may invest up to 100% of its assets in companies located in emerging markets. The Global Portfolio’s investments, including common stocks, have inherent risks that could cause you to lose money. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">bitcoin.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets. The Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Global 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio’s exposure to crypto assets can result in substantial losses to the Global Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 Global 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 Global Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Global Portfolio, and therefore the Global Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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; </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">negative consumer or public perception; and general risks tied to the use of information technologies, including cyber risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Global Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Global Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Global 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.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span> 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 Global Fund’s shares. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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 Portfolio’s performance. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:115%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:115%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:115%">e.g.</span>, 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> Sector Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Global Portfolio will not concentrate its investments in any industries, the Global 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. </span>As of December 31, 2025, the Portfolio had 25.7% invested in the Finance and Insurance sector. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span>: Investing in small and medium-size companies often involve more risks 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 Global Portfolio’s assets and have an adverse effect on the Portfolio’s performance. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span>: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Global 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span>: 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 Global Portfolio’s, and therefore the Global Fund’s, investment objective. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span> 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span>There is no guarantee that the Global Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Global Fund, nor can it assure you that the market value of your investment will not decline. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Emerging Markets Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>The risk that the securities markets of emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries as have historically been the case. 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In order to qualify as a RIC, the Global 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 </span></div>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 Global Portfolio’s investment in each Subsidiary is expected to provide the Global 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 each 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, such as the Global Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Global Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Global Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Global Fund would be subject to diminished returns. Additionally, the Global 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 Global Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the Global Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Global 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, Global Fund shareholders would likely suffer decreased investment returns. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span>By investing in its Subsidiaries, the Global Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Global Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Global Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Global Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Global Fund’s performance. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span>: 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 the 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, </span></div>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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span> The risk that when interest rates increase, fixed-income securities held by the Global 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 Global 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 Global Portfolio's investments. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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’s 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span>As a shareholder in an ETF, the Global 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Counterparty Risks: </span>Transactions involving a counterparty are subject to the credit risk of the counterparty. A Portfolio that enters into contracts with counterparties, such as repurchase or reverse repurchase agreements or over-the-counter (“OTC”) derivatives contracts, or that lends its securities run the risk that the counterparty will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the Portfolio could suffer losses, including monetary losses, miss investment opportunities or be forced to hold investments it would prefer to sell. Counterparty risk is heightened during unusually adverse market conditions. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span>Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.,</span> 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. <div style="margin-bottom:9pt;padding-left:18pt;padding-right:6.75pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Global Portfolio. These leveraged instruments may result in losses to the Global Portfolio or may adversely affect the Global Portfolio’s NAV or total return, because instruments that contain leverage are </span></div>more sensitive to changes in interest rates. The Global Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span>: 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span> Cybersecurity incidents may allow an unauthorized party to gain access to Global 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 Global Fund, the Investment Adviser, or the Global Fund’s other service providers, or the issuers of securities in which the Global 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 Global Fund and its shareholders. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span> If the Global 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 Global Portfolio takes a temporary defensive position, the Global Fund may not achieve its investment objective. Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Global Fund’s returns. The bar chart indicates the risks of investing in the Global Fund by showing the changes in the Global Fund’s performance from year to year (on a calendar year basis). The table shows how the Global Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&amp;P</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Global Fund, before and after taxes, is not necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Global Fund’s performance would be reduced. The bar chart shows how the performance of Advisor Class A shares (the Class with the longest period of annual returns) has varied from year to year. The returns for Advisor Class C shares were different than the returns shown below because each Class of shares has different expenses. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">https://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Global Fund’s returns. The table shows how the Global Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) 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 Global Fund, before and after taxes, is not necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Global Fund – Advisor Class ACalendar Year Returns as of 12/31 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:75.641%"><tr><td style="width:1.0%"></td><td style="width:39.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.605%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q4 2020</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">30.43%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q4 2018</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-18.23%</span></td></tr></table></div> Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Best Quarter: 2020-12-31 0.3043 Worst Quarter: 2018-12-31 -0.1823 The after-tax returns for the Global Fund’s Advisor Class A shares 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 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. The after-tax returns for the Global Fund’s Advisor Class A shares 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. If you own 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 2008-05-19 2008-05-19 Return Before Taxes -0.0334 0.1498 0.1477 0.0855 Return After Taxes on Distributions -0.0398 0.1429 0.1416 0.0819 Return After Taxes on Distributions and Sale of Fund Shares -0.0168 0.1179 0.1222 0.0714 S&P® 500 Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1144 MSCI ACWI Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0752 Return Before Taxes 0.0106 0.1575 0.1478 0.0826 S&P® 500 Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1144 MSCI ACWI Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0752 THE PARADIGM FUND 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 110 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 59 of the Fund’s statement of additional information. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0575 0 0 0.0100 -0.0200 -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0050 0.0100 0.0014 0.0014 0.0189 0.0239 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 Fund’s operating expenses remain the same (taking into account the expense limitation 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: 756 1135 1538 2659 345 745 1275 2726 (if you do not redeem your shares at the end of the period) 242 745 1275 2726 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. 0.03 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">the protections of the 1940 Act. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Paradigm Portfolio will not invest directly in bitcoin or other crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Paradigm Portfolio held 8.25% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> 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 Ethereum Classic Trust.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Paradigm Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Paradigm Portfolio held 69.11% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span>: 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span>, 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Paradigm Portfolio’s exposure to crypto assets can result in substantial losses to the Paradigm Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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. </span>As of December 31, 2025, the Portfolio had 61.5% invested in the Utilities sector. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span>: 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span>: 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. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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, </span></div>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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span> 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span> 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span>: 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. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> thorugh 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;padding-right:6.75pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Emerging Markets Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;padding-right:6.75pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;padding-right:6.75pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span>Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span> 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. <div style="margin-bottom:9pt;padding-left:18pt;padding-right:6.75pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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, (after taking into account any sales charges) compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 place. If fee waivers were not in place, the Paradigm Fund’s performance would be reduced. The bar chart shows how the performance of Advisor Class A shares (the Class with the longest period of annual returns) has varied from year to year. The returns for Advisor Class C shares were different than the returns shown below because each Class of shares has different expenses. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">https://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Paradigm Fund’s returns. The table shows how the Paradigm Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) 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. https://www.kineticsfunds.com (800) 930-3828 The Paradigm Fund – Advisor Class ACalendar Year Returns as of 12/31 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:75.641%"><tr><td style="width:1.0%"></td><td style="width:39.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.605%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">54.32%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-32.27%</span></td></tr></table></div> Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Best Quarter: 2021-03-31 0.5432 Worst Quarter: 2020-03-31 -0.3227 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The after-tax returns for the Paradigm Fund’s Advisor Class A shares 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 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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">investment. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ.</span></div> The after-tax returns for the Paradigm Fund’s Advisor Class A shares 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. If you own 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.1970 0.1732 0.1576 0.1120 Return After Taxes on Distributions -0.2121 0.1619 0.1485 0.1078 Return After Taxes on Distributions and Sale of Fund Shares -0.1055 0.1395 0.1317 0.0992 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0922 MSCI ACWI Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0753 Return Before Taxes -0.1599 0.1812 0.1587 0.1141 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1066 MSCI ACWI Net Total Return Index (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0880 2001-04-26 2002-06-28 THE SMALL CAP OPPORTUNITIES FUND Investment Objective The investment objective of the Small Cap Opportunities Fund (the “Small Cap Fund”) is long-term growth of capital. The Small Cap Fund is the sole “feeder fund” to The Small Cap Opportunities Portfolio (the “Small Cap Portfolio”), a series of Kinetics Portfolios Trust. 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 Small Cap 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 110 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 59 of the Fund’s statement of additional information. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0575 0 0 0.0100 -0.0200 -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0050 0.0100 0.0015 0.0015 0.0190 0.0240 -0.0001 -0.0001 0.0189 0.0239 April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Small Cap Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Small Cap 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 Small Cap Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Small Cap Fund would be: 756 1137 1542 2669 345 748 1280 2736 (if you do not redeem your shares at the end of the period) 242 748 1280 2736 Portfolio Turnover. The Small Cap 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 Small Cap Portfolio’s, and therefore the Small Cap Fund’s, performance. During the most recent fiscal year, the Small Cap Portfolio’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Fund is a non-diversified fund that invests all of its investable assets in the Small Cap Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Small Cap Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, 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 small capitalization companies that provide attractive valuation opportunities. The Small Cap Portfolio’s Investment Adviser considers small cap companies to be those with market capitalizations at or below the highest market capitalization of a component security within the MSCI USA Small Cap Index. The highest market capitalization of a company within the MSCI USA Small Cap Index was approximately $80 billion as of March 31, 2026. The Small Cap Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio focuses on undervalued and special situation small capitalization equities that the Investment Adviser believes have the potential for rewarding long-term investment results. Small Cap Portfolio securities will generally be selected from companies that are engaged in a number of industries if, in the Investment Adviser’s opinion, they are selling below their perceived intrinsic value, have limited or no institutional ownership, have had short-term earnings shortfalls, have had a recent initial public offering (“IPO”) but have not attracted significant analyst coverage, are selling at or below book or replacement value, or have modest price to earnings ratios. The Investment Adviser considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser also looks at the amount of capital a company spends on research and development. Additionally, the Small Cap 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Small Cap 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Small Cap Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Small Cap Portfolio held 3.11% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Small Cap Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Small Cap Portfolio may invest in the Grayscale Ethereum Classic Trust. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Small Cap Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Small Cap Fund under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) if held directly. The Small Cap 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 a 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Small Cap Portfolio will invest in its Subsidiary in a manner consistent with the limitations of the federal tax laws, rules and regulations that apply to the Small Cap Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Small Cap Portfolio and its 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 Small Cap Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Small Cap Portfolio is the sole shareholder of its Subsidiary and does not expect shares of its 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 Small Cap Portfolio. The Small Cap 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 Small Cap Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap 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 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 Small Cap 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 Small Cap 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. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Small Cap 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 Small Cap Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Small Cap Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Small Cap Portfolio held 56.40% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> The Small Cap 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Portfolio’s shares, and therefore the Small Cap Fund’s shares, more than shares of a more diversified mutual fund that holds more investments.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although the Small Cap Portfolio will not concentrate its investments in any industries, the Small Cap 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">As of December 31, 2025, the Portfolio had 43.3% invested in the Utilities sector.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small-Capitalization Company Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investing in small-capitalization companies often involve more risks than investing in larger companies as small-capitalization companies have narrower markets and more limited managerial and financial resources than 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 Small Cap Portfolio’s assets and have an adverse effect on the Portfolio’s performance.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Small Cap 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio’s exposure to crypto assets can result in substantial losses to the Small Cap Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 Small Cap 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 Small Cap Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio, and therefore the Small Cap Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Small Cap Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span>The Small Cap Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Small Cap 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. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Small Cap 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Small Cap Portfolio’s, and therefore the Small Cap Fund’s, investment objective.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Small Cap Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Small Cap Fund, nor can it assure you that the market value of your investment will not decline.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: In order to qualify as a RIC, the Small Cap 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 Small Cap Portfolio’s investment in its Subsidiary is expected to provide the Small Cap 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, such as the Small Cap Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Small Cap Portfolio’s investment in its Subsidiary will not be considered qualifying income. If the Small Cap Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Small Cap Fund would be subject to diminished returns. Additionally, the Small Cap 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 Small Cap 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 Small Cap Portfolio and/or its Subsidiary to operate as described in this Prospectus and could adversely affect the Small Cap Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Small Cap Fund shareholders would likely suffer decreased investment returns.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: By investing in its Subsidiary, the Small Cap 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 Small Cap Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Small Cap 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 Small Cap Portfolio and/or its Subsidiary to continue to operate and could adversely affect the Small Cap Fund’s performance.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Fund’s shares.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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’s 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 Small Cap Opportunities Portfolio will bear its pro </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª</span><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Special Situations Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Small Cap Portfolio may use aggressive investment techniques, including seeking to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Small Cap Portfolio, and therefore the Small Cap Fund.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Small Cap Portfolio. These leveraged instruments may result in losses to the Small Cap Portfolio or may adversely affect the Small Cap Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Small Cap Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Small Cap 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 Small Cap 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 Small Cap Portfolio's investments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span> Cybersecurity incidents may allow an unauthorized party to gain access to Small Cap 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 Small Cap Fund, the Investment Adviser, or the Small Cap Fund’s other service providers, or the issuers of securities in which the Small Cap 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 Small Cap Fund and its shareholders. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Small Cap 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 Small Cap Portfolio takes a temporary defensive position, the Small Cap Fund may not achieve its investment objective.</span></div> Performance <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. The bar chart indicates the risks of investing in the Small Cap Fund by showing the changes in the Small Cap Fund’s performance from year to year (on a calendar year basis). The table shows how the Small Cap Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represents a broad measure of market performance as well as the MSCI USA Small Cap Index, which replaces the S&amp;P 600® SmallCap Index as the secondary comparison benchmark. The past performance of the Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the Small Cap Portfolio will perform in the future. Performance reflects fee waivers in place. If fee waivers were not in place, the Small Cap Fund’s performance would be reduced. The bar chart shows how the performance of Advisor Class A shares (the Class with the longest period of annual returns) has varied from year to year. The returns for Advisor Class C shares were different than the returns shown below because each Class of shares has different expenses. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">https://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. The table shows how the Small Cap Fund’s average annual returns, before and after taxes, (after taking into account any sales charges) compare with those of the S&P 500® Index, which represents a broad measure of market performance as well as the MSCI USA Small Cap Index, which replaces the S&P 600® SmallCap Index as the secondary comparison benchmark. The past performance of the Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the Small Cap Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Small Cap Fund – Advisor Class ACalendar Year Returns as of 12/31 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:75.641%"><tr><td style="width:1.0%"></td><td style="width:39.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.605%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">60.38%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-34.43%</span></td></tr></table></div> Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Best Quarter: 2021-03-31 0.6038 Worst Quarter: 2020-03-31 -0.3443 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The after-tax returns for the Small Cap Fund’s Advisor Class A shares 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 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ.</span></div> The after-tax returns for the Small Cap Fund’s Advisor Class A shares 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. If you own 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.1413 0.1938 0.1722 0.1090 Return After Taxes on Distributions -0.1413 0.1873 0.1690 0.1065 Return After Taxes on Distributions and Sale of Fund Shares -0.0836 0.1570 0.1471 0.0963 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0979 MSCI USA Small Cap Index (reflects no deductions for fees, expenses or taxes) S&P 600® SmallCap Index TR (reflects no deductions for fees, expenses or taxes) 0.0602 0.0731 0.0981 0.0939 Return Before Taxes -0.1025 0.2020 0.1733 0.0952 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.0979 MSCI USA Small Cap Index (reflects no deductions for fees, expenses or taxes)(2) S&P 600® SmallCap Index TR (reflects no deductions for fees, expenses or taxes)(2) (reflects no deductions for fees, expenses or taxes) 0.0602 0.0731 0.0981 0.0840 2001-12-31 2007-02-16 THE MARKET OPPORTUNITIES FUND Investment Objective <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The investment objective of the Market Opportunities Fund is long-term growth of capital. The Market Opportunities Fund is the sole “feeder fund” to The Market Opportunities Portfolio, a series of Kinetics Portfolios Trust.</span></div> 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 Market Opportunities 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled “Description of Advisor Classes” beginning on page 110 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 59 of the Fund’s statement of additional information. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0575 0 0 0.0100 -0.0200 -0.0200 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0050 0.0100 0.0018 0.0018 0.0193 0.0243 -0.0028 -0.0028 0.0165 0.0215 l April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Market Opportunities Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Market Opportunities 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 Market Opportunities Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Market Opportunities Fund would be: 733 1121 1533 2678 318 731 1270 2745 (if you do not redeem your shares at the end of the period) 218 731 1270 2745 Portfolio Turnover. The Market Opportunities 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 Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s, performance. During the most recent fiscal year, the Market Opportunities Portfolio’s portfolio turnover rate was 4% of the average value of its portfolio. 0.04 Principal Investment Strategy <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Fund is a non-diversified fund that invests all of its investable assets in the Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Market Opportunities Portfolio invests at least 65% of its net assets in common stocks, 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 involved in capital markets or related to capital markets, as well as companies involved in the gaming industry. Capital market companies include companies that are engaged in or derive a substantial portion of their revenue from activities with a publicly traded securities exchange, such as equity exchanges and commodity exchanges, including but not limited to clearing firms and brokerage houses. The Market Opportunities Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes and/or direct investment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities 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.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio securities will be selected by the Investment Adviser from companies that are engaged in public exchanges, derivative exchanges, and capital markets; companies that experience operational scale from increased volume such as investment banks, credit card processing companies, electronic payment companies and companies in the gaming industry; and from companies that act as facilitators such as publicly traded expressways, airports, roads and railways. Companies that experience operational scale from increased volume are similar to capital markets companies because they have greater fixed costs than variable costs, operating margins that rise once fixed costs are covered, and an ability to generate higher operating margins once fixed costs are covered (referred to as operating leverage). High operating leverage describes a company’s ability to experience rising profit margins as revenues increase. These companies may be large, medium or small in size if, in the Investment Adviser’s opinion, these companies meet the Market Opportunities Portfolio’s investment criteria. The Investment Adviser seeks to invest in companies with high operating leverage that can expand capacity with negligible or limited associated costs. Generally, high returns on equity, long product life cycles, high barriers to entry and certain degrees of financial gearing are necessary for this. Financial gearing occurs with the use of loans and debt in companies where it is necessary to build capacity and infrastructure before operations can begin. Additionally, the Market Opportunities 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. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Market Opportunities 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Market Opportunities Portfolio will not invest directly in bitcoin or other crypto assets. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to 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 Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">in bitcoin. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:112%">The Market Opportunities Portfolio held 10.83% of its net assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> The Market Opportunities Portfolio may also invest in other pooled investment vehicles that provide exposure to the spot price of crypto assets. For example, the Market Opportunities Portfolio may invest in the Grayscale Ethereum Classic Trust. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware law (the “Delaware Subsidiary”). The Market Opportunities Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Market Opportunities Portfolio (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as “qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes” section of the SAI. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Market Opportunities Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust that may not produce qualifying income for the Market Opportunities Fund under the Internal Revenue Code if held directly. The Market Opportunities 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 a 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Market Opportunities Portfolio will invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and regulations that apply to the Market Opportunities Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Market Opportunities Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of each Subsidiary. Each 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 Subsidiaries. Unlike the Market Opportunities Fund, each Subsidiary does not, and will not, seek to qualify as a RIC. The Market Opportunities Portfolio is the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in investment activities in securities or other assets that are primarily controlled by the Market Opportunities Portfolio. The Market Opportunities 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 Market Opportunities Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities Portfolio. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities 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 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 Market Opportunities 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 Market Opportunities 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. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Market Opportunities 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 Market Opportunities Portfolio is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Market Opportunities Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Market Opportunities Portfolio held 47.77% of its net assets in the Texas Pacific Land Corporation (the “Land Corporation”) as of March 31, 2026.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> The Market Opportunities 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. Investing in common stocks has inherent risks that could cause you to lose money. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk: </span>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. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Market Opportunities Portfolio’s shares, and therefore the Market Opportunities Fund’s shares, more than shares of a diversified mutual fund that holds more investments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Exposure Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">bitcoin.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Grayscale</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trust</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Market Opportunities 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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio’s exposure to crypto assets can result in substantial losses to the Market Opportunities Fund.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">     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 Market Opportunities 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Industry Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Market Opportunities Portfolio, and therefore the Market Opportunities Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto Asset Regulatory Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Market Opportunities Portfolio’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Securities and Exchange Commission, U.S. state securities regulators and several foreign governments</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Additionally, U.S. state and federal, and </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Market Opportunities Portfolio’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Market Opportunities 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.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Although the Market Opportunities Portfolio will not concentrate its investments in any industries, the Market Opportunities 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. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">As of December 31, 2025, the Portfolio had 35.1% invested in the Utilities sector.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Emphasis Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The Market Opportunities Portfolio’s investments in the capital markets sector subjects it to the risks affecting that sector more than would a fund that invests in a wide variety of market sectors. For instance, companies in the capital markets sector may be adversely affected by changes in economic conditions as well as legislative initiatives, all of which may impact the profitability of companies in this sector. The Market Opportunities Portfolio’s investments in the gaming sector may be adversely affected by changes in economic conditions. The casino industry is particularly susceptible to economic conditions that negatively affect tourism. Casino and gaming companies are highly competitive, and new products, casino concepts and venues are competitive challenges to existing companies. In addition, gaming and related companies are highly regulated, and state and federal legislative changes can significantly impact profitability in those sectors.</span></div> <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Market Risks</span>: Mutual funds are subject to market risks and significant fluctuations in value. If the market declines in value, the Market Opportunities 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. <span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Stock Selection Risks</span>: 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 Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s, investment objective. <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Management Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">There is no guarantee that the Market Opportunities Fund will meet its investment objective. The Investment Adviser does not guarantee the performance of the Market Opportunities Fund, nor can it assure you that the market value of your investment will not decline.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> In order to qualify as a RIC, the Market Opportunities 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">investments in the Grayscale Bitcoin Trust will not be qualifying income. The Market Opportunities Portfolio’s investment in each Subsidiary is expected to provide the Market Opportunities 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 each 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, such as the Market Opportunities Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income derived from the Market Opportunities Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the Market Opportunities Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Market Opportunities Fund would be subject to diminished returns. Additionally, the Market Opportunities 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 Market Opportunities Fund would be subject to diminished returns. Changes in the laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely affect the Market Opportunities 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, Market Opportunities Fund shareholders would likely suffer decreased investment returns.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Subsidiary Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> By investing in its Subsidiaries, the Market Opportunities Portfolio is indirectly exposed to the risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are generally similar to the investments that are permitted to be held by the Market Opportunities Portfolio and are subject to the same risks that would apply to similar investments if held directly by the Market Opportunities Portfolio. Each 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, Delaware and/or the Cayman Islands could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Market Opportunities Fund’s performance.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Volatility Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Foreign Securities Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Investing in foreign securities directly or indirectly (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Market Opportunities Fund’s shares.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exchange-Traded Funds (ETFs) Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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&amp;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 Market Opportunities 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Small and Medium-Size Company Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The Market Opportunities Portfolio may invest in the equity securities of small and medium-size companies. Small and medium-size 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 the Market Opportunities Portfolio’s assets.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Valuation Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Interest Rate Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The risk that when interest rates increase, fixed-income securities held by the Market Opportunities 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 Market Opportunities 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 </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">changing interest rates may have unpredictable effects on the markets and the Market Opportunities Portfolio’s investments.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Leveraging Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 Market Opportunities Portfolio. These leveraged instruments may result in losses to the Market Opportunities Portfolio or may adversely affect the Market Opportunities Portfolio’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Market Opportunities Portfolio may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Convertible Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Below Investment Grade Debt Securities Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Generally</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> below investment grade debt securities, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">IPO Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Cybersecurity incidents may allow an unauthorized party to gain access to Market Opportunities 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 Market Opportunities Fund, the Investment Adviser, or the Market Opportunities Fund’s other service providers, or the issuers of securities in which the Market Opportunities 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 Market Opportunities Fund and its shareholders.</span></div> <div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Wingdings 2',sans-serif;font-size:11pt;font-weight:400;line-height:120%">ª    </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> If the Market Opportunities 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 Market Opportunities Portfolio takes a temporary defensive position, the Market Opportunities Fund may not achieve its investment objective.</span></div> Performance <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s returns. The bar chart indicates the risks of investing in the Market Opportunities Fund by showing the changes in </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the Market Opportunities Fund’s performance from year to year (on a calendar year basis). The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the S&amp;P 500</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Index, which represents a broad measure of market performance, as well as the MSCI EAFE Index, which is a secondary comparison benchmark. The past performance of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Market Opportunities Fund’s performance would be reduced. The bar chart shows how the performance of Advisor Class A shares (the Class with the longest period of annual returns) has varied from year to year. The returns for Advisor Class C shares were different than the returns shown below because each Class of shares has different expenses. Updated performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">https://www.kineticsfunds.com</span> or by calling the Fund toll-free at (800) 930-3828. The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s returns. . The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes (after taking into account any sales charges) compare with those of the S&P 500® Index, which represents a broad measure of market performance, as well as the MSCI EAFE Index, which is a secondary comparison benchmark. The past performance of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Market Opportunities Fund – Advisor Class ACalendar Year Returns as of 12/31 <div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:75.641%"><tr><td style="width:1.0%"></td><td style="width:39.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.605%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">45.79%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="6" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-21.64%</span></td></tr></table></div> Sales charges are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Best Quarter: 2021-03-31 0.4579 Worst Quarter: 2020-03-31 -0.2164 The after-tax returns for the Market Opportunities Fund’s Advisor Class A shares 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 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. The after-tax returns for the Market Opportunities Fund’s Advisor Class A shares 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. If you own 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. After-tax returns are shown for Advisor Class A shares only. After-tax returns for Advisor Class C shares will differ. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.0888 0.1777 0.1790 0.1131 Return After Taxes on Distributions -0.0901 0.1751 0.1740 0.1101 Return After Taxes on Distributions and Sale of Fund Shares -0.0516 0.1438 0.1508 0.0980 S&P 500® Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1090 MSCI EAFE Index (reflects no deductions for fees, expenses or taxes) 0.3122 0.0892 0.0818 0.0528 Return Before Taxes -0.0476 0.1857 0.1801 0.1023 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1066 MSCI EAFE Index (reflects no deductions for fees, expenses or taxes) 0.3122 0.0892 0.0818 0.0438 2006-01-31 2007-02-16 THE INTERNET FUND Investment Objectives The investment objective of the Internet Fund is long-term growth of capital. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.23pt;position:var(--position);text-decoration:none;white-space:pre;width:119.65pt">The Internet Fund seeks to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">obtain current income as a secondary objective. The Internet Fund is the sole “feeder fund” to The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:240.27pt">Internet Portfolio, a series of Kinetics Portfolios Trust.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:69.9pt">Internet Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:141.9pt;position:var(--position);text-decoration:none;white-space:pre;width:398pt">You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:311.98pt">intermediaries, which are not reflected in the table and example below.</span> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0037 0.0020 0.0017 0.0162 -0.0015 0.0147 “Other Expenses” are estimated for the current fiscal year since Institutional Class Shares of the Internet Fund have not commenced operations as of the date of this Prospectus. April 30, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:116.87pt;position:var(--position);text-decoration:none;white-space:pre;width:423.11pt">This Example is intended to help you compare the cost of investing in the Internet Fund with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:615.27pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:628.47pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.67pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Example also assumes that your investment has a 5% return each year and that the Internet Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">operating expenses remain the same (taking into account the expense limitations only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your costs for the Internet Fund would be: 150 496 867 1909 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.81pt;position:var(--position);text-decoration:none;white-space:pre;width:378.19pt">The Internet Portfolio pays transaction costs, such as commissions, when it buys and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:133.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:146.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:159.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">costs, which are not reflected in annual fund operating expenses or in the Example, affect the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:173pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Portfolio’s, and therefore the Internet Fund’s, performance. During the most recent fiscal year, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:204.24pt">Internet Portfolio’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:278.99pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">45%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:299.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:301.9pt;position:var(--position);text-decoration:none;white-space:pre;width:157.84pt">of the average value of its portfolio.</span></div> 0.45 Principal Investment Strategy <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Internet Fund is a non-diversified fund that invests all of its investable assets in the Internet Portfolio,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:238.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">a series of Kinetics Portfolios Trust. Under normal circumstances, the Internet Portfolio invests at least</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:250.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">80% of its net assets plus any borrowings for investment purposes in common stocks, convertible</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:262.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">securities, warrants and other equity securities having the characteristics of common stocks (such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:275.08pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">Depositary Receipts (“IDRs”)), of U.S. and foreign companies engaged in the Internet and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Internet‑related activities and whose businesses are vastly improved through the distribution of content</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">and reduction of costs with the use of the Internet. Internet and internet-related companies include</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">companies (i) involved in software, hardware, information technology services, or infrastructure</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336.68pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">(including energy and real estate) relating to the internet and (ii) companies involved in enhancement or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:136.08pt">improvement via the internet. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.08pt;position:var(--position);text-decoration:none;white-space:pre;width:331.91pt">The Internet Portfolio may also invest in exchange-traded funds (“ETFs”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.32pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:344.75pt">and purchase and write options for hedging purposes and/or direct investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:416.75pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:386.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Internet Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:400.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">securities rated below investment grade, also known as junk bonds, or unrated securities that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:413.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:282.42pt">Investment Adviser has determined to be of comparable quality.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:354.42pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">model as well as its ability to grow and expand its activities via the Internet or achieve a competitive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:466.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">advantage in cost/profitability and brand image leveraging via use of the Internet. The Investment Adviser</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">also considers a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">and dividends. Furthermore, the Investment Adviser looks at the amount of capital a company currently</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">expends on research and development. The Internet Portfolio may invest in companies of any size,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">including small and medium-sized companies. Additionally, the Internet Portfolio may participate in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:532.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">securities lending arrangements up to 33-1/3% of the securities in its portfolio with brokers, dealers, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:385.93pt">financial institutions (but not individuals) in order to increase the return on its portfolio.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Internet Portfolio invests indirectly in bitcoin through a Delaware statutory trust, the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Bitcoin Trust ETF (“Grayscale Bitcoin Trust”) and through other pooled investment vehicles that provide</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">exposure to crypto assets. Certain of these investment vehicles, including the Grayscale Bitcoin Trust, are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:608.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and do not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.92pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:163.71pt">receive the protections of 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:235.71pt;position:var(--position);text-decoration:none;white-space:pre;width:304.27pt">The Internet Portfolio will not invest directly in bitcoin or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:64.08pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:403.78pt"> The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:645.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:657.88pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">directly. Bitcoin is a type of crypto asset and is not issued by a government, bank or central organization.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:670.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Bitcoin exist on an online, peer-to-peer computer network (the “Bitcoin Network”) that hosts a public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.52pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">transaction ledger where bitcoin transfers are recorded (the “Bitcoin Blockchain”). Bitcoin has no</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">physical existence and exists solely through the record of bitcoin transactions on the Bitcoin Blockchain.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:259.15pt">The Grayscale Bitcoin Trust invests principally in bitcoin. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:331.15pt;position:var(--position);text-decoration:none;white-space:pre;width:208.73pt">The Internet Portfolio held 45.98% of its net</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84.32pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:274.24pt">assets in the Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:346.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:109.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:408.23pt">The Internet Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:480.23pt;position:var(--position);text-decoration:none;white-space:pre;width:4.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:484.25pt;position:var(--position);text-decoration:none;white-space:pre;width:55.67pt">to a wholly-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:123.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:136.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:58.32pt">Subsidiary”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:130.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:162.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">The Internet Portfolio is also the sole shareholder of a wholly owned subsidiary organized under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:175.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Delaware law (the “Delaware Subsidiary”). The Internet Portfolio contributed a portion of its holdings in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:189.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:202.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:215.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Internet Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:75.66pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:91.84pt;position:var(--position);text-decoration:none;white-space:pre;width:448.04pt"> those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:241.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">management and advisory fees) will be eligible to be treated as “qualified dividend income” under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:281.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">“Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:294.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:82.44pt">section of the SAI.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.44pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:321.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">In the future, the Internet Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">that may not produce qualifying income for the Internet Fund under the Internal Revenue Code if held</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:347.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">directly. The Internet Portfolio will not make any additional investments in the Grayscale Bitcoin Trust if</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">as a result of such investment, its aggregate investment in the Grayscale Bitcoin Trust, either directly or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:373.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">through a Subsidiary, would be more than 15% of its assets at the time of the investment. However, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Portfolio’s investment in the Grayscale Bitcoin Trust may, at times, exceed 15% of its net assets, due to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:400.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Internet Portfolio will invest in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:451.28pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">regulations that apply to the Internet Fund as a “regulated investment company” (“RIC”) under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:475.92pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Internet Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:488.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">aggregate basis, to the extent those restrictions are applicable to the investment activities of each</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">Subsidiary. Each Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.88pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">transactions and custody, and the Investment Adviser complies with Section 15 of the 1940 Act, relating</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:525.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">to investment advisory contracts with respect to the Subsidiaries. Unlike the Internet Fund, each</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:537.52pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Subsidiary does not, and will not, seek to qualify as a RIC. The Internet Portfolio is the sole shareholder</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">The Subsidiaries include entities that engage in investment activities in securities or other assets that are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">primarily controlled by the Internet Portfolio. The Internet Portfolio does not intend to create or acquire</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">primary control of any entity which primarily engages in investment activities in securities or other assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:599.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:256.47pt">other than entities wholly-owned by the Internet Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:328.47pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624.64pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Sell decisions are generally triggered by either adequate value being achieved, as determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:664.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">investment opportunity that it believes is more compelling and represents a greater risk reward profile</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:677.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:239.98pt">than other investment(s) held by the Internet Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:311.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Internet Portfolio may maintain during a temporary period, which could be for a short period or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">invest in such short-term cash positions to the extent that the Investment Adviser is unable to find</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">additional equity securities would not further the investment objective of the Internet Portfolio during</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">such periods of time. Additionally, to respond to adverse market, economic, political or other conditions,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">which may persist for short or long periods of time, the Internet Portfolio may invest up to 100% of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">assets in the types of high quality, U.S. short-term debt securities and money market instruments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.89pt">described above.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:229.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">If the market advances during periods when the Internet Portfolio is holding a large cash position, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:242.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Portfolio may not participate as much as it would have if it had been more fully invested in securities. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">the aforementioned temporary defensive periods, the Investment Adviser believes that an additional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">amount of liquidity in the Internet Portfolio is desirable both to meet operating requirements and to take</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">advantage of new investment opportunities. When the Internet Portfolio holds a significant portion of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:295.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:337.08pt">assets in cash and cash equivalents, it may not meet its investment objective.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:321.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">The Internet Portfolio held 32.81% of its net assets in the Texas Pacific Land Corporation (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:204.69pt">“Land Corporation”) as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.69pt;position:var(--position);text-decoration:none;white-space:pre;width:263.26pt"> The Land Corporation is a corporation organized under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:374.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">cash flow to return capital to unitholders through share repurchases and dividends. While the Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:400.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Corporation has held the majority of its assets since its formation in 1888, the development of energy</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:414pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">resources subject to its royalty interests and related land use have experienced rapid growth in recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:319.37pt">years due to advances in energy exploration and extraction technologies.</span> The Internet 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. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:369.13pt">Investing in common stocks has inherent risks that could cause you to lose money.</span> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:30.54pt">Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:120.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:125.83pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:149.03pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:154.32pt;position:var(--position);text-decoration:none;white-space:pre;width:41.53pt">Exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:195.85pt;position:var(--position);text-decoration:none;white-space:pre;width:25.93pt"> Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:221.78pt;position:var(--position);text-decoration:none;white-space:pre;width:38.63pt">: Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:260.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.7pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:291.35pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:296.64pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">(also</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.01pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:323.3pt;position:var(--position);text-decoration:none;white-space:pre;width:34.78pt">referred</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:358.08pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:363.37pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">as</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:386.37pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:391.66pt;position:var(--position);text-decoration:none;white-space:pre;width:33.57pt">“virtual</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.52pt;position:var(--position);text-decoration:none;white-space:pre;width:50.05pt">currencies”</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.86pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:501.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.03pt;position:var(--position);text-decoration:none;white-space:pre;width:32.96pt">“digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">currencies”)</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.71pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:13.42pt">are</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:160.15pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:191.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:219.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.94pt;position:var(--position);text-decoration:none;white-space:pre;width:39.09pt">designed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:262.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.05pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:273.6pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.62pt;position:var(--position);text-decoration:none;white-space:pre;width:12.81pt">act</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre;width:247.51pt">as a medium of exchange. Although crypto assets are an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:601.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">emerging asset class, they are not presently widely accepted as a medium of exchange. There are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:614.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:298.36pt">thousands of crypto assets, the most well-known of which is bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:388.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt">.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.97pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90.97pt;position:var(--position);text-decoration:none;white-space:pre;width:448.86pt">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:114.33pt">issued by a government,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:204.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.38pt">bank</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:231.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.67pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:245.83pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.31pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">central</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.69pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">organization.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:344.39pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:349.87pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:382.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.71pt;position:var(--position);text-decoration:none;white-space:pre;width:25.04pt">exists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:412.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:418.23pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:10.38pt">an</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:445.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.57pt;position:var(--position);text-decoration:none;white-space:pre;width:30.23pt">online,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:486.28pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">peer-to-peer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">computer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:131.52pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.03pt">network</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:172.2pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.85pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.61pt">hosts</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:220.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.24pt;position:var(--position);text-decoration:none;white-space:pre;width:314.69pt">the Bitcoin Blockchain. Bitcoin has no physical existence and exists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:681pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Bitcoin Network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:707.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">known as a Blockchain. The Fund may invest indirectly in bitcoin through the Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.2pt">Trust and through other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:279.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.48pt;position:var(--position);text-decoration:none;white-space:pre;width:36.02pt">vehicles</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:338.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:341.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:33.59pt">provide</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:375.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:378.41pt;position:var(--position);text-decoration:none;white-space:pre;width:39.7pt">exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:418.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.39pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.22pt;position:var(--position);text-decoration:none;white-space:pre;width:59.52pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:492.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.02pt;position:var(--position);text-decoration:none;white-space:pre;width:43.95pt">Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.87pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Trust</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:150.07pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.33pt">is</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:161.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:373.47pt">a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.52pt">security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:123pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:4.16pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:91.41pt;position:var(--position);width:448.48pt">In addition to the general risks of investing in other investment vehicles, the value of the Internet</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:136.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio’s indirect investments in crypto assets are subject to fluctuations in the value of the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:149.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">asset, which can be highly volatile. The value of crypto assets is determined by the supply and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:162.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">demand for crypto assets in the global market for the trading of crypto assets, which consists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:175.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">primarily of transactions on crypto asset trading platforms. The value of crypto assets has been, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">may continue to be, substantially dependent on speculation, such that trading and investing in crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:202.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">assets generally may not be based on fundamental analysis. The Internet Portfolio’s exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:215.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:284.28pt">crypto assets can result in substantial losses to the Internet Fund.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:237.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.49pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:90.74pt;position:var(--position);width:449.24pt">Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:250.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">oversight of a central authority or banks. The value of crypto assets are not backed by any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:277.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">destruction.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:299.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.75pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:93pt;position:var(--position);width:446.91pt">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">therefore be more exposed to fraud and failure than established, regulated exchanges for securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">derivatives and other currencies. These crypto asset trading platforms can cease operating temporarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">or even permanently, resulting in the potential loss of users’ crypto assets or other market disruptions.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:352.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Crypto asset trading platforms may be more exposed to the risk of market manipulation than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">assets in which the Internet Portfolio may invest indirectly (also known as “whales”) may have the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on which crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assets are traded are or may become subject to enforcement actions by regulatory authorities. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:418.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">asset trading platforms that are regulated typically must comply with minimum net worth,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:431.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">cybersecurity, and anti-money laundering requirements, but are not typically required to protect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">customers or their markets to the same extent that regulated securities exchanges or futures exchanges</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">are required to do so. Furthermore, crypto asset trading platforms may be operating out of compliance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">with regulations, and many crypto asset trading platforms lack certain safeguards established by more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:484.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">traditional exchanges to enhance the stability of trading on the exchange, such as measures designed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:497.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:301.89pt">to prevent sudden drops in value of items traded on the exchange (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:391.89pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:408.07pt;position:var(--position);text-decoration:none;white-space:pre;width:131.82pt"> “flash crashes”). As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">the prices of crypto assets on crypto asset trading platforms may be subject to larger and more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:523.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:327.92pt">frequent sudden declines than assets traded on more traditional exchanges.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:7.62pt;width:18pt"></span></span><span style="left:90pt;position:var(--position);width:449.98pt">Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace,</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:559.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:572.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">markets, or a contraction of such use, may result in increased volatility or a reduction in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:585.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">crypto assets, either of which could adversely impact the value of the Internet Portfolio’s investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:598.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">In addition, to the extent market participants develop a preference for one crypto asset over another,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">the value of the less preferred crypto assets would likely be adversely affected. Crypto assets are a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:625.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">new technological innovation with a limited history; it is a highly speculative asset and future</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:638.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Internet Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:664.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:99.52pt">utilize it for payments.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:125.78pt">Crypto Asset Industry Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:215.78pt;position:var(--position);text-decoration:none;white-space:pre;width:324.19pt"> The crypto asset industry is a newer, speculative, and still-developing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:700.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">industry that faces many risks. The crypto asset industry may still be experiencing a bubble or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">experience a bubble again in the future. For example, in the first half of 2022, each of Celsius</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confidence in participants of the digital asset ecosystem and negative publicity surrounding digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”), one of the largest digital asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">platforms by volume at the time, halted customer withdrawals amid rumors of the company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">(“CFTC”) brought civil securities and commodities fraud charges, against certain of FTX’s and its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affiliates’ senior executives, including its former CEO. In addition, several other entities in the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">extreme volatility and other entities in the crypto asset industry have been negatively affected. It is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">possible that similar events could occur in the future, which would undermine confidence in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">this time all of the risks that they may pose to the Internet Portfolio, and therefore the Internet Fund,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:273.59pt">its service providers or to the crypto asset industry as a whole.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.72pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:90.97pt;position:var(--position);width:448.95pt">Factors affecting the further development of crypto assets include, but are not limited to, continued</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:358.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">digital assets; government and quasi-government regulation or restrictions on or regulation of access</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:371.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">to and operation of digital asset networks; changes in consumer demographics and public preferences;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">maintenance and development of open-source software protocol; availability and popularity of other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">forms or methods of buying and selling goods and services; the use of the networks supporting digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">assets, such as those for developing smart contracts and distributed applications; general economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">conditions and the regulatory environment relating to digital assets; negative consumer or public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">perception; and general risks tied to the use of information technologies, including cyber risks. A</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">hack or failure of one crypto asset may lead to a loss in confidence in, and thus decreased usage and/</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:137.71pt">or value of, other crypto assets.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:148.61pt">Crypto Asset Regulatory Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:238.61pt;position:var(--position);text-decoration:none;white-space:pre;width:301.37pt">Crypto asset markets in the U.S. exist in a state of regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">adversely affect the value of the Internet Portfolio’s indirect investments in crypto assets. As digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:525.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">assets have grown in both popularity and market size, a number of state and federal agencies have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:538.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">issued consumer advisories regarding the risks posed by digital assets to investors. In addition, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">SEC, U.S. state securities regulators and several foreign governments have issued warnings and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">instituted legal proceedings in which they argue that certain digital assets may be classified as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">securities and that both those digital assets and any related initial coin offerings are subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:591.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">securities regulations. Additionally, U.S. state and federal, and foreign regulators and legislatures</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:604.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">have taken action against virtual currency businesses or enacted restrictive regimes in response to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:90pt;position:var(--position);width:79.67pt">currency activity. <span style="display:inline-block;height:7.62pt;width:28.33pt"></span></span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:653.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:4.99pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:92.24pt;position:var(--position);width:447.73pt">The Internet Portfolio’s exposure to crypto assets may change over time and, accordingly, such</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">exposure may not be represented in the Internet Portfolio’s portfolio at any given time. Many</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:679.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">significant aspects of the tax treatment of investments in crypto assets are uncertain, and a direct or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:320.91pt">indirect investment in crypto assets may produce non-qualifying income.</span> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.97pt">Non-Diversification Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:205.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3.05pt">:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.02pt;position:var(--position);text-decoration:none;white-space:pre;width:4.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.86pt;position:var(--position);text-decoration:none;white-space:pre;width:326.11pt">Holding a large portion of its net assets in a small number of issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">exposes the Portfolio to various risks relating to those issuers. A change in the value of any one</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">investment may affect the overall value of the Internet Portfolio’s shares, and therefore the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:395.44pt">Fund’s shares, more than shares of a diversified mutual fund that holds more investments.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:161.48pt">Single Security Concentration Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.48pt;position:var(--position);text-decoration:none;white-space:pre;width:288.4pt"> Holding a large portion of its net assets in a single security or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">issuer exposes the Portfolio to various risks relating to that security or issuer and to the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:176.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">volatility of that specific security or issuer if the security or issuer performs worse than the market as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:189.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:293.69pt">a whole, which could adversely affect the Portfolio’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:166.84pt">Internet Industry Concentration Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:256.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:283.08pt">: Investing a substantial portion of the Internet Portfolio’s assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:224.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">in the Internet industry carries the risk that Internet-related securities will decline in price due to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:236.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">market and technological developments. Internet and Internet-related companies, including</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:248.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">companies (i) involved in software, hardware, information technology services, or infrastructure</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:261.08pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">(including energy and real estate) relating to the internet and (ii) companies involved in enhancement</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:142.01pt">or improvement via the internet </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:232.01pt;position:var(--position);text-decoration:none;white-space:pre;width:307.88pt">are subject to a rate of change in technology and competition which is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:285.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">generally higher than that of other industries. As artificial intelligence is used more widely, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:298.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">profitability and growth of Portfolio holdings may be impacted, which could significantly impact the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:310.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">overall performance of the Fund. To the extent the Portfolio invests in companies that are involved in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.68pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">various aspects of artificial intelligence technologies, it is particularly sensitive to the risks of those</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:335pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">types of companies. These risks include, but are not limited to, small or limited markets for such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:347.32pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">securities, changes in business cycles, world economic growth, technological progress, rapid</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:181.98pt">obsolescence, and government regulation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:271.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:141.88pt">Petroleum and Gas Sector Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.88pt;position:var(--position);text-decoration:none;white-space:pre;width:308.11pt"> The profitability of companies in the oil and gas industry is related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:394.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">worldwide energy prices, exploration costs and production spending. Companies in the oil and gas</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:407.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">industry may be at risk for environmental damage claims and other types of litigation. Companies in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">in exchange rates or interest rates; prices for competitive energy services, economic conditions, tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:446.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">treatment, or government regulation; government intervention; negative public perception; or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:288.84pt">unfavorable events in the regions where companies operate (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:378.84pt;position:var(--position);text-decoration:none;white-space:pre;width:17.32pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:396.16pt;position:var(--position);text-decoration:none;white-space:pre;width:143.8pt">, expropriation, nationalization,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:487.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">gas industry may have significant capital investments in, or engage in transactions involving,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:514.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:264.11pt">emerging market countries, which may heighten these risks.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:46.91pt">Tax Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.91pt;position:var(--position);text-decoration:none;white-space:pre;width:402.94pt"> In order to qualify as a RIC, the Internet Fund must meet certain requirements regarding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">the source of its income, the diversification of its assets and the distribution of its income. Under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:575.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">must be qualifying income, which consists of dividends, interest, gains on investments in securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">and certain other categories of investment income. It appears to be the position of the Internal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:602.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Revenue Service (the “IRS”) that gain realized on bitcoin investments such as investments in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:615.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Grayscale Bitcoin Trust will not be qualifying income. The Internet Portfolio’s investment in each</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:628.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Subsidiary is expected to provide the Internet Fund with exposure to such bitcoin investments within</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">the limitations of the Internal Revenue Code for qualification as a RIC because, under applicable tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">rules, the earnings of each Subsidiary will be qualifying income for the RIC when distributed by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Subsidiary even though the income would not be qualifying income if earned directly by the RIC or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:681.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">indirectly by an entity classified as a partnership for federal income tax purposes, such as the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio, in which the RIC invests. There is a risk, however, that the IRS might assert that the income</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:707.96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">derived from the Internet Portfolio’s investment in a Subsidiary will not be considered qualifying</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">income. If the Internet Fund were to fail to qualify as a RIC and became subject to federal income tax,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:336.45pt">shareholders of the Internet Fund would be subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:426.45pt;position:var(--position);text-decoration:none;white-space:pre;width:113.53pt">Additionally, the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Fund invests, directly and indirectly, in entities that take the position that they are not subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">entity-level tax. If any such entity is reclassified as a corporation for U.S. federal income tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:382.46pt">purposes, shareholders of the Internet Fund would be subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.46pt;position:var(--position);text-decoration:none;white-space:pre;width:67.51pt">Changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Internet Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">adversely affect the Internet Fund. For example, the Cayman Islands does not currently impose any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">income, corporate or capital gains tax or withholding tax on the Cayman Subsidiary. If Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Islands law changes such that the Cayman Subsidiary must pay Cayman Islands taxes, Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:275.09pt">shareholders would likely suffer decreased investment returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:122.95pt">Sector Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.95pt;position:var(--position);text-decoration:none;white-space:pre;width:327pt">The Internet Portfolio may, at certain times, have concentrations in one or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">more sectors which may cause the Portfolio to be more sensitive to economic changes or events</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:358.19pt">occurring in those sectors, and the Portfolio's investments may be more volatile. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:448.19pt;position:var(--position);text-decoration:none;white-space:pre;width:91.8pt">As of December 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:354.23pt">2025, the Portfolio had 25.7% invested in the Finance and Insurance sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.34pt">Volatility Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.34pt;position:var(--position);text-decoration:none;white-space:pre;width:380.64pt"> The Portfolio may have investments, including but not limited to bitcoin, that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">appreciate or depreciate significantly in value over short periods of time. This may cause the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio’s net asset value per share to experience significant increases or declines in value over short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.31pt">periods of time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.73pt">Management Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:358.26pt">There is no guarantee that the Internet Fund will meet its investment objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">The Investment Adviser does not guarantee the performance of the Internet Fund, nor can it assure</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:271.43pt">you that the market value of your investment will not decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:175.65pt">Small and Medium-Size Company Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.65pt;position:var(--position);text-decoration:none;white-space:pre;width:274.3pt">: Investing in small and medium-size companies often involve</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">more risks than investing in larger companies as small and medium-size companies have narrower</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">markets and more limited managerial and financial resources than do larger, more established</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">companies. As a result, their performance can be more volatile and they face a greater risk of business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">failure, which could increase the volatility of the Internet Portfolio’s assets and have an adverse effect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:138pt">on the Portfolio’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.5pt">Stock Selection Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.5pt;position:var(--position);text-decoration:none;white-space:pre;width:353.43pt">: The portfolio securities selected by the Investment Adviser may decline in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">value or not increase in value when the stock market in general is rising and may fail to meet the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:333.69pt">Internet Portfolio’s, and therefore the Internet Fund’s, investment objective.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.82pt">ª</span><span style="font-family:'Wingdings 2', sans-serif;font-size:12pt;font-style:normal;font-weight:normal;left:77.82pt;position:var(--position);text-decoration:none;white-space:pre;width:13.26pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:91.08pt;position:var(--position);text-decoration:none;white-space:pre;width:58.96pt">Market Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:389.83pt">: Mutual funds are subject to market risks and significant fluctuations in value. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:553.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">market declines in value, the Internet Portfolio is likely to decline in value and you could lose money</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:567pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">on your investment. Natural disasters, public health emergencies (including epidemics and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:580.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:593.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">unforeseeable events may lead to instability in world economies and markets, market volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">may have adverse long-term effects. Advancements in technology may adversely impact markets and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">the overall performance of the Fund.  For example, as artificial intelligence is used more widely, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">profitability and growth of Portfolio holdings may be impacted, which could significantly impact the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:145.02pt">overall performance of the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:71.44pt">Valuation Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.44pt;position:var(--position);text-decoration:none;white-space:pre;width:378.55pt">The sales price the Portfolio could receive for any particular portfolio investment may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">methodology. Valuation may be more difficult in times of market turmoil since many investors and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">market makers may be reluctant to purchase complex instruments or quote prices for them. Fair</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">its investments may be impacted by technological issues and/or errors by pricing services or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">third-party service providers. Shares of the Grayscale Bitcoin Trust are intended to reflect the price of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">bitcoin assets, less fees and expenses, and shares of the Grayscale Bitcoin Trust have historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.95pt">$1 of a portfolio will actually own less than $1 in assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:65.79pt">Liquidity Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.18pt">: The Investment Adviser may not be able to sell portfolio securities at an optimal time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or price. The Portfolio’s significant investment in a single position, makes the Portfolio especially</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">susceptible to the risk that during certain periods the liquidity of the single position will decrease or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">disappear suddenly and without warning as a result of adverse market or political events, or adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">investor perceptions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:77.71pt">Subsidiary Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.70999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:372.25pt"> By investing in its Subsidiaries, the Internet Portfolio is indirectly exposed to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">generally similar to the investments that are permitted to be held by the Internet Portfolio and are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">subject to the same risks that would apply to similar investments if held directly by the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Portfolio. Each Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">Prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Internet Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">Fund’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:81.32pt">Leveraging Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:171.32pt;position:var(--position);text-decoration:none;white-space:pre;width:368.63pt"> Investments in derivative instruments may give rise to a form of leverage. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Investment Adviser may engage in speculative transactions, which involve substantial risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">leverage. The use of leverage by the Investment Adviser may increase the volatility of the Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio. These leveraged instruments may result in losses to the Internet Portfolio or may adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">affect the Internet Portfolio’s NAV or total return, because instruments that contain leverage are more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">sensitive to changes in interest rates. The Internet Portfolio may also have to sell assets at inopportune</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:296.8pt">times to satisfy its obligations in connection with such transactions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:85.5pt">Interest Rate Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:175.5pt;position:var(--position);text-decoration:none;white-space:pre;width:364.42pt"> The risk that when interest rates increase, fixed-income securities held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Internet Portfolio will decline in value. Long-term fixed-income securities will normally have more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price volatility because of this risk than short-term fixed-income securities. A low or negative interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:543.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">rate environment could cause the Internet Portfolio's earnings to fall below the Portfolio's expense</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">ratio, resulting in a decline in the Portfolio's share price. A general rise in interest rates may cause</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">investors to move out of fixed income securities on a large scale, which could adversely affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price and liquidity of fixed income securities. The risks associated with changing interest rates may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:360.71pt">have unpredictable effects on the markets and the Internet Portfolio's investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:110.41pt">Foreign Securities Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:200.41pt;position:var(--position);text-decoration:none;white-space:pre;width:248.05pt">: Investing in foreign securities directly or indirectly (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:448.46pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.09pt;position:var(--position);text-decoration:none;white-space:pre;width:72.89pt"> through ADRs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">GDRs, and IDRs) can carry higher returns but involve more risks than those associated with U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:645pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investments. Additional risks associated with investment in foreign securities include currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:658.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:671.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">information, differences in financial reporting standards and less stringent regulation of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:684.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">markets. Foreign securities in which the Portfolio invests may be traded in markets that close before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:697.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:378.61pt">days when shareholders are not able to purchase or redeem the Internet Fund’s shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:179.1pt">Exchange-Traded Funds (ETFs) Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.1pt;position:var(--position);text-decoration:none;white-space:pre;width:270.8pt">ETFs are registered investment companies whose shares are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:133.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">general, passively-managed ETFs seek to track a specified securities index or a basket of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">that an “index provider,” such as S&amp;P Global, selects as representative of a market, market segment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:173.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or industry sector. A passively-managed ETF is designed so that its performance will correspond</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">closely with that of the index it tracks. Actively-managed ETFs may not meet their investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:199.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">objective based on an ETF’s investment adviser’s success or failure to implement strategies for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">ETF and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">engage in transactions and purchase instruments that give rise to forms of leverage, including, among</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">others, the use of reverse repurchase agreements and other borrowings, the investment of collateral</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">their underlying indexes through the use of derivative instruments, the fund will indirectly be subject</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:80.93pt">to leveraging risk.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:170.93pt;position:var(--position);text-decoration:none;white-space:pre;width:3.62pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.55pt;position:var(--position);text-decoration:none;white-space:pre;width:365.28pt">As a shareholder in an ETF, the Internet Portfolio will bear its pro rata portion of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">an ETF’s expenses, including advisory fees, in addition to its own expenses. The existence of extreme</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">market volatility or potential lack of an active trading market for an ETF’s shares could result in such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:286.7pt">shares trading at a significant premium or discount to their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:132.52pt">Convertible Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.52pt;position:var(--position);text-decoration:none;white-space:pre;width:317.39pt">Convertible securities are subject to the risks affecting both equity and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:368.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:350.47pt">fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:220.09pt">Below Investment Grade Debt Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:310.09000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:43.34pt">Generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:353.43pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:356.18pt;position:var(--position);text-decoration:none;white-space:pre;width:183.82pt"> below investment grade debt securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:103.43pt;position:var(--position);text-decoration:none;white-space:pre;width:436.43pt">, junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:311.44pt">grade securities. Junk bonds are considered to be speculative in nature.</span> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">The Institutional Class shares of the Internet Fund had not commenced operations as of December 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:24.75pt">2023.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:96.75pt;position:var(--position);text-decoration:none;white-space:pre;width:3.88pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:100.63pt;position:var(--position);text-decoration:none;white-space:pre;width:439.22pt">The performance information shown below is for another class of shares (No Load Class) of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:605.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">Internet Fund that is not offered in this Prospectus but would have substantially similar annual returns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:352.37pt">because each Class of shares will be invested in the same portfolio of securities.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.37pt;position:var(--position);text-decoration:none;white-space:pre;width:115.6pt"> Annual returns will differ</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:288.56pt">only to the extent that the Classes do not have the same expenses.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:658.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">The bar chart and table shown below illustrate the variability of the returns for the Internet Fund’s No</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:671.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:52.41pt">Load Class.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.41pt;position:var(--position);text-decoration:none;white-space:pre;width:415.53pt"> The bar chart indicates the risks of investing in the Internet Fund by showing the changes in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:684.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:354.57pt">the Internet Fund’s performance from year to year (on a calendar year basis). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:426.57pt;position:var(--position);text-decoration:none;white-space:pre;width:113.4pt">The table shows how the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:697.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:434.59pt">Internet Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:506.59pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:512.02pt;position:var(--position);text-decoration:none;white-space:pre;width:27.92pt"> Index</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:133.38pt">and the NASDAQ Composite</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:205.38pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.81pt;position:var(--position);text-decoration:none;white-space:pre;width:287.2pt"> Index, which represent broad measures of market performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:498.01pt;position:var(--position);text-decoration:none;white-space:pre;width:3.54pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:501.55pt;position:var(--position);text-decoration:none;white-space:pre;width:38.34pt">The past</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:298.82pt">Internet Fund or the Internet Portfolio will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:370.82pt;position:var(--position);text-decoration:none;white-space:pre;width:169.11pt"> Updated performance information is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:153.8pt">available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.8pt;position:var(--position);text-decoration:underline;white-space:pre;width:137.41pt">https://www.kineticsfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:363.21pt;position:var(--position);text-decoration:none;white-space:pre;width:152.95pt"> or by calling the Fund toll-free at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:516.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:23.82pt">(800)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:42.16pt">930-3828</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:114.16pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> The Institutional Class shares of the Internet Fund had not commenced operations as of December 31, 2023. The performance information shown below is for another class of shares (No Load Class) of the Internet Fund that is not offered in this Prospectus but would have substantially similar annual returns because each Class of shares will be invested in the same portfolio of securities. The bar chart and table shown below illustrate the variability of the returns for the Internet Fund’s No Load Class. The table shows how the Internet Fund’s average annual returns, before and after taxes, compare with those of the S&P 500® Index and the NASDAQ Composite® Index, which represent broad measures of market performance. The past performance of the Internet Fund, before and after taxes, is not necessarily an indication of how the Internet Fund or the Internet Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Internet Fund – No Load ClassCalendar Year Returns as of 12/31 <div style="font-size:0pt;left:129pt;position:var(--position);width:354pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:144.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Q4 2020</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:31.73pt;position:var(--position)"></span><span style="left:31.73pt;position:var(--position)">51.80</span><span style="left:59.22pt;position:var(--position)">%</span></span></div></div></div></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);top:15pt;width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Q2 2022</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);top:15pt;width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:28.07pt;position:var(--position)"></span><span style="left:28.07pt;position:var(--position)">-25.13</span><span style="left:59.22pt;position:var(--position)">%</span></span></div></div></div></td></tr></tbody></table></div></div> Best Quarter: 2020-12-31 0.5180 Worst Quarter: 2022-06-30 -0.2513 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">The Internet Fund’s after-tax returns as shown in the following table are calculated using the historical</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:418.27pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.27pt;position:var(--position);text-decoration:none;white-space:pre;width:49.72pt">If you own</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:482.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Fund shares in a tax-deferred account, such as a 401(k) plan or an individual retirement account (“IRA”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:495.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:310.66pt">the information on after-tax returns is not relevant to your investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:382.66pt;position:var(--position);text-decoration:none;white-space:pre;width:3.01pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:385.67pt;position:var(--position);text-decoration:none;white-space:pre;width:154.25pt">After-tax returns are shown for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:412.17pt">No Load Class shares only. After-tax returns for the Institutional Class shares will differ.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:484.17pt;position:var(--position);text-decoration:none;white-space:pre;width:4.37pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:488.54pt;position:var(--position);text-decoration:none;white-space:pre;width:51.38pt">The Return</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:212.56pt">loss occurs upon the redemption of Fund shares.</span></div> The Internet 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. If you own 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. After-tax returns are shown for the No Load Class shares only. After-tax returns for the Institutional Class shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 Return Before Taxes -0.0904 0.1271 0.1549 0.1465 Return After Taxes on Distributions -0.0942 0.1243 0.1384 0.1371 Return After Taxes on Distributions and Sale of Fund Shares -0.0508 0.1014 0.1224 0.1298 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1005 NASDAQ Composite® Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.2036 0.1252 0.1659 0.1057 1996-10-21 THE GLOBAL FUND Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The investment objective of the Global Fund is long-term growth of capital. The Global Fund is the sole</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:134.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:330.03pt">“feeder fund” to The Global Portfolio, a series of Kinetics Portfolios Trust.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:435.29pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.29pt;position:var(--position);text-decoration:none;white-space:pre;width:32.71pt"> Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:176.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:28.45pt">Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:100.45pt;position:var(--position);text-decoration:none;white-space:pre;width:439.54pt">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:188.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:243.61pt">which are not reflected in the table and example below.</span></div> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0053 0.0020 0.0033 0.0178 -0.0059 0.0119 “Other Expenses” are estimated for the current fiscal year since Institutional Class Shares of the Global Fund have not commenced operations as of the date of this Prospectus. April 30, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:116.18pt;position:var(--position);text-decoration:none;white-space:pre;width:423.76pt">This Example is intended to help you compare the cost of investing in Institutional Class shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">of the Global Fund with the cost of investing in other mutual funds. This Example assumes that you</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">invest $10,000 in the Global Fund for the time periods indicated and then redeem all of your shares at the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">end of these periods. The Example also assumes that your investment has a 5% return each year and that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">the Global Fund’s operating expenses remain the same (taking into account the expense limitations only</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost for the Global Fund would be: 121 503 909 2046 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.45pt;position:var(--position);text-decoration:none;white-space:pre;width:371.77pt">The Global Portfolio pays transaction costs, such as commissions, when it buys and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:227.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.1pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:253.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.12pt">costs, which are not reflected in annual fund operating expenses or in the Example, affect the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:266.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Portfolio’s, and therefore the Global Fund’s, performance. During the most recent fiscal year, the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:280.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:167.31pt">Portfolio’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:239.31pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:242.06pt;position:var(--position);text-decoration:none;white-space:pre;width:14.66pt">5%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:256.72pt;position:var(--position);text-decoration:none;white-space:pre;width:160.59pt"> of the average value of its portfolio.</span></div> 0.05 Principal Investment Strategy <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">The Global Fund is a diversified fund that invests all of its investable assets in the Global Portfolio, a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:332.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">series of Kinetics Portfolios Trust. Under normal circumstances, the Global Portfolio invests at least</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:346.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">65% of its net assets plus any borrowings for investment purposes in common stocks, exchange-traded</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:359.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">funds (“ETFs”), convertible securities, warrants and other equity securities having the characteristics of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">common stocks (such as American Depositary Receipts (“ADRs”), Global Depositary Receipts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:385.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.22pt">(“GDRs”) and International Depositary Receipts (“IDRs”)) of foreign and U.S. companies listed on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:398.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">publicly traded exchanges. At least 40% of the Global Portfolio’s net assets will be invested in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:412.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">companies located outside the United States. The Global Portfolio will at all times have exposure to at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:425.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">least three (3) countries, which may include the United States. The Global Portfolio may also purchase</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">and write options for hedging purposes and/or direct investment and invest in participatory notes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:451.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:344.72pt">(commonly known as “P-notes”) to take positions in certain foreign securities.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:478.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">The Global Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:491.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">securities rated below investment grade, also known as junk bonds, or unrated securities that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Investment Adviser has determined to be of comparable quality. The Global Portfolio may invest up to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:270.53pt">100% of its assets in companies located in emerging markets.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.22pt">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.17pt">model as well as its ability to grow and expand its activities or achieve a greater competitive advantage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">in cost/profitability and brand image leveraging. This evaluation by the Investment Adviser includes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">consideration of a company’s potential to maintain and grow long lived assets, while generating high</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">returns on capital with operating predictability and transparency. The Investment Adviser also considers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:610.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">a company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:623.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">The Global Portfolio may invest in companies of any size, including small and medium-sized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">companies. Additionally, the Global Portfolio may participate in securities lending arrangements up to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:649.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.17pt">33-1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:255.86pt">individuals) in order to increase the return on its portfolio.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:689.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Global Portfolio may invest indirectly in bitcoin through the Grayscale Bitcoin Trust and through</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">other pooled investment vehicles that provide exposure to crypto assets. Certain of these investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">vehicles, including Grayscale Bitcoin Trust, are not registered under the 1940 Act and do not receive the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:131.11pt">protections of the 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:203.11pt;position:var(--position);text-decoration:none;white-space:pre;width:336.81pt">The Global Portfolio will not invest directly in bitcoin or other crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:29.63pt">assets.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:101.63pt;position:var(--position);text-decoration:none;white-space:pre;width:438.37pt"> Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to bitcoin in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Bitcoin is a type of crypto asset and is not issued by a government, bank or central organization. Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">exists on the Bitcoin Network that hosts the Bitcoin Blockchain. Bitcoin has no physical existence and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">exists solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:157.19pt">Trust invests principally in bitcoin. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:229.19pt;position:var(--position);text-decoration:none;white-space:pre;width:310.8pt">The Global Portfolio held 15.85% of its net assets in the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:171.77pt">Bitcoin Trust as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:243.77pt;position:var(--position);text-decoration:none;white-space:pre;width:296.2pt"> The Global Portfolio may also invest in other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">vehicles that provide exposure to the spot price of crypto assets. For example, the Global Portfolio may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:398.1pt">invest in the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Classic Trust.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:227.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:407.48pt">The Global Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:479.48pt;position:var(--position);text-decoration:none;white-space:pre;width:4.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:483.77pt;position:var(--position);text-decoration:none;white-space:pre;width:56.21pt">to a wholly-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:253.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:58.32pt">Subsidiary”).</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:280.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">The Global Portfolio is also the sole shareholder of a wholly owned subsidiary organized under Delaware</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:293.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">law (the “Delaware Subsidiary”). The Global Portfolio contributed a portion of its holdings in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the Delaware Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be subject to federal and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:333.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">state corporate income tax, but the dividends that the Delaware Subsidiary pays to the Global Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:346.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">(</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:75.66pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:91.84pt;position:var(--position);text-decoration:none;white-space:pre;width:448.04pt"> those gains, net of the tax paid and any other expenses of the Delaware Subsidiary, such as its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:359.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">management and advisory fees) will be eligible to be treated as “qualified dividend income” under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Delaware Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:385.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">and the Cayman Subsidiary are each referred to herein as a “Subsidiary” and collectively as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:399.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">“Subsidiaries.” Additional information regarding the tax treatment of the Fund is provided in the “Taxes”</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:412.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:82.44pt">section of the SAI.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">In the future, the Global Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:451.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">that may not produce qualifying income for the Global Fund under the Internal Revenue Code if held</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:465.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">directly. The Global Portfolio will not make any additional investments in the Grayscale Bitcoin Trust if</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:478.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">as a result of such investment, its aggregate investment in the Grayscale Bitcoin Trust, either directly or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:491.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">through a Subsidiary, would be more than 15% of its assets at the time of the investment. However, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:504.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Portfolio’s investment in the Grayscale Bitcoin Trust may, at times, exceed 15% of its net assets, due to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:517.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:57.08pt">appreciation.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Global Portfolio will invest in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:557.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">regulations that apply to the Global Fund as a “regulated investment company” (“RIC”) under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:597.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Global Portfolio and each Subsidiary comply with the same fundamental investment restrictions on an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:610.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">aggregate basis, to the extent those restrictions are applicable to the investment activities of each</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:623.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:55.92pt">Subsidiary. </span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:127.92pt;position:var(--position);text-decoration:none;white-space:pre;width:267.76pt"><span style="background-color:inherit">Each Subsidiary also complies with Section 17 of the </span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:395.68pt;position:var(--position);text-decoration:none;white-space:pre;width:5.5pt">1</span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:401.18pt;position:var(--position);text-decoration:none;white-space:pre;width:44.65pt"><span style="background-color:inherit">940 Act </span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:445.83pt;position:var(--position);text-decoration:none;white-space:pre;width:3.66pt">r</span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:449.49pt;position:var(--position);text-decoration:none;white-space:pre;width:90.4pt"><span style="background-color:inherit">elating to affiliated</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636.75pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.58pt"><span style="background-color:inherit">transactions and custody</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:358.32pt">, and the Investment Adviser complies with Section 15 of the 1940 Act relating</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:649.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:282.81pt">to investment advisory contracts with respect to the Subsidiaries</span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:354.81pt;position:var(--position);text-decoration:none;white-space:pre;width:185.11pt"><span style="background-color:inherit">. Unlike the Global Fund, each Subsidiary</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:663.15pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt"><span style="background-color:inherit">does not, and will not, seek to qualify as a RIC. The Global Portfolio is the sole shareholder of each</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:676.35pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt"><span style="background-color:inherit">Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. The</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:689.55pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt"><span style="background-color:inherit">Subsidiaries include entities that engage in investment activities in securities or other assets that are</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702.75pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt"><span style="background-color:inherit">primarily controlled by the Global Portfolio. The Global Portfolio does not intend to create or acquire</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt"><span style="background-color:inherit">primary control of any entity which primarily engages in investment activities in securities or other assets</span></span><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"><span style="background-color:inherit"> </span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="background-color:#ffffff;font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:252.21pt"><span style="background-color:inherit">other than entities wholly-owned by the Global Portfolio.</span></span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:110.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Sell decisions are generally triggered by either adequate value being achieved, as determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:123.92pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:137.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150.32pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">investment opportunity that it believes is more compelling and represents a greater risk reward profile</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.52pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:235.72pt">than other investment(s) held by the Global Portfolio.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Global Portfolio may maintain during a temporary period, which could be for a short period or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:203.82pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.02pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.22pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">invest in such short-term cash positions to the extent that the Investment Adviser is unable to find</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:269.82pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">additional equity securities would not further the investment objective of the Global Portfolio during such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.02pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">periods of time. Additionally, to respond to adverse market, economic, political or other conditions,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.22pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">which may persist for short or long periods of time, the Global Portfolio may invest up to 100% of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">assets in the types of high quality, U.S. short-term debt securities and money market instruments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.89pt">described above.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:347.82pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">If the market advances during periods when the Global Portfolio is holding a large cash position, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.02pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Portfolio may not participate as much as it would have if it had been more fully invested in securities. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:374.22pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">the aforementioned temporary defensive periods, the Investment Adviser believes that an additional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">amount of liquidity in the Global Portfolio is desirable both to meet operating requirements and to take</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:400.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">advantage of new investment opportunities. When the Global Portfolio holds a significant portion of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:413.82pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:337.08pt">assets in cash and cash equivalents, it may not meet its investment objective.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.22pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Global Portfolio held 21.60% of its net assets in the Texas Pacific Land Corporation (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:453.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:204.69pt">“Land Corporation”) as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.69pt;position:var(--position);text-decoration:none;white-space:pre;width:263.26pt"> The Land Corporation is a corporation organized under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:466.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.82pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:493.02pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.22pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">cash flow to return capital to unitholders through share repurchases and dividends. While the Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:519.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Corporation has held the majority of its assets since its formation in 1888, the development of energy</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:532.62pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">resources subject to its royalty interests and related land use have experienced rapid growth in recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:319.37pt">years due to advances in energy exploration and extraction technologies.</span> The Global 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 Global Portfolio may invest up to 100% of its assets in companies located in emerging markets. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">The Global Portfolio’s investments, including common stocks, have inherent risks that could cause you to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:53.97pt">lose money.</span> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:30.54pt">Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:120.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:125.83pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:149.03pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:154.32pt;position:var(--position);text-decoration:none;white-space:pre;width:41.53pt">Exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:195.85pt;position:var(--position);text-decoration:none;white-space:pre;width:25.93pt"> Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:221.78pt;position:var(--position);text-decoration:none;white-space:pre;width:38.63pt">: Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:260.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.7pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:291.35pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:296.64pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">(also</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.01pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:323.3pt;position:var(--position);text-decoration:none;white-space:pre;width:34.78pt">referred</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:358.08pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:363.37pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">as</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:386.37pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:391.66pt;position:var(--position);text-decoration:none;white-space:pre;width:33.57pt">“virtual</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.52pt;position:var(--position);text-decoration:none;white-space:pre;width:50.05pt">currencies”</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.86pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:501.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.03pt;position:var(--position);text-decoration:none;white-space:pre;width:32.96pt">“digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705.42pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">currencies”)</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.71pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:13.42pt">are</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:160.15pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:191.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:219.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.94pt;position:var(--position);text-decoration:none;white-space:pre;width:39.09pt">designed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:262.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.05pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:273.6pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.62pt;position:var(--position);text-decoration:none;white-space:pre;width:12.81pt">act</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre;width:247.51pt">as a medium of exchange. Although crypto assets are an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">emerging asset class, they are not presently widely accepted as a medium of exchange. There are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:267.83pt">thousands of crypto assets, the most well-known of which is </span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:357.83pt;position:var(--position);text-decoration:none;white-space:pre;width:36.31pt">bitcoin.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.97pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90.97pt;position:var(--position);text-decoration:none;white-space:pre;width:448.86pt">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:123pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:114.33pt">issued by a government,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:204.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.38pt">bank</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:231.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.67pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:245.83pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.31pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">central</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.69pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">organization.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:344.39pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:349.87pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:382.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.71pt;position:var(--position);text-decoration:none;white-space:pre;width:25.04pt">exists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:412.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:418.23pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:10.38pt">an</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:445.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.57pt;position:var(--position);text-decoration:none;white-space:pre;width:30.23pt">online,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:486.28pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">peer-to-peer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:137.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">computer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:131.52pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.03pt">network</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:172.2pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.85pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.61pt">hosts</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:220.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.24pt;position:var(--position);text-decoration:none;white-space:pre;width:314.69pt">the Bitcoin Blockchain. Bitcoin has no physical existence and exists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Bitcoin Network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">known as a Blockchain. The Fund may invest indirectly in bitcoin through the Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.2pt">Trust and through other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:279.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.48pt;position:var(--position);text-decoration:none;white-space:pre;width:36.02pt">vehicles</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:338.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:341.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:33.59pt">provide</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:375.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:378.41pt;position:var(--position);text-decoration:none;white-space:pre;width:39.7pt">exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:418.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.39pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.22pt;position:var(--position);text-decoration:none;white-space:pre;width:59.52pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:492.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.02pt;position:var(--position);text-decoration:none;white-space:pre;width:43.95pt">Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:205.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.87pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Trust</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:150.07pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.33pt">is</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:161.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:373.47pt">a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:220.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.52pt">security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:242.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:4.66pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:91.66pt;position:var(--position);text-decoration:none;white-space:pre;width:448.22pt">In addition to the general risks of investing in other investment vehicles, the value of the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio’s indirect investments in crypto assets are subject to fluctuations in the value of the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">asset, which can be highly volatile. The value of crypto assets is determined by the supply and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:219.57pt">demand for crypto assets in the global market</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:309.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:315.28pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:328.1pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:333.81pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:347.24pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.95pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:384.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:389.8pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:398.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:404.67pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:432.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.47pt;position:var(--position);text-decoration:none;white-space:pre;width:28.4pt">assets,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:466.87pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.58pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:499.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:505.16pt;position:var(--position);text-decoration:none;white-space:pre;width:34.82pt">consists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">primarily</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:130.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:134.57pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.73pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.4pt;position:var(--position);text-decoration:none;white-space:pre;width:52.51pt">transactions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:199.91pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:214.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.25pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.34pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.01pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:271.38pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:275.05pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:306.19pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:309.86pt;position:var(--position);text-decoration:none;white-space:pre;width:230.09pt">platforms. The value of crypto assets has been, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">may continue to be, substantially dependent on speculation, such that trading and investing in crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:262.03pt">assets generally may not be based on fundamental analysis.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:352.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:355.15pt;position:var(--position);text-decoration:none;white-space:pre;width:184.72pt">The Global Portfolio’s exposure to crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:339.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:249.18pt">assets can result in substantial losses to the Global Fund.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.74pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90.74pt;position:var(--position);text-decoration:none;white-space:pre;width:449.24pt">Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:376.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">oversight of a central authority or banks. The value of crypto assets are not backed by any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">destruction.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:6pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:93pt;position:var(--position);text-decoration:none;white-space:pre;width:446.91pt">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:119.78pt">therefore be more exposed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:209.78pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:222.28pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.23pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">fraud</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:249.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:253.38pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:269.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:273.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:28.68pt">failure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:301.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:305.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">than</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:324.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:328.72pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">established,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:380.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:384.27pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">regulated</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.17pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.12pt;position:var(--position);text-decoration:none;white-space:pre;width:45.8pt">exchanges</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:474.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.87pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.69pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.64pt;position:var(--position);text-decoration:none;white-space:pre;width:44.26pt">securities,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:453.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:48.23pt">derivatives</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:138.23pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:141.29pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:157.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:160.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:182.82pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.88pt;position:var(--position);text-decoration:none;white-space:pre;width:354.05pt">currencies. These crypto asset trading platforms can cease operating temporarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">or even permanently, resulting in the potential loss of users’ crypto assets or other market disruptions.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Crypto asset trading platforms may be more exposed to the risk of market manipulation than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">assets in which the Global Portfolio may invest indirectly (also known as “whales”) may have the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on which crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assets are traded are or may become subject to enforcement actions by regulatory authorities. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">asset trading platforms that are regulated typically must comply with minimum net worth,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:560.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">cybersecurity, and anti-money laundering requirements, but are not typically required to protect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">customers or their markets to the same extent that regulated securities exchanges or futures exchanges</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">are required to do so. Furthermore, crypto asset trading platforms may be operating out of compliance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">with regulations and many crypto asset trading platforms lack certain safeguards established by more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">traditional exchanges to enhance the stability of trading on the exchange, such as measures designed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:626.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:300.93pt">to prevent sudden drops in value of items traded on the exchange (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:390.93pt;position:var(--position);text-decoration:none;white-space:pre;width:14.65pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:405.58pt;position:var(--position);text-decoration:none;white-space:pre;width:79.55pt">, “flash crashes”).</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:485.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:488.83pt;position:var(--position);text-decoration:none;white-space:pre;width:51.17pt">As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:640.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">the prices of crypto assets on crypto asset trading platforms may be subject to larger and more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:327.92pt">frequent sudden declines than assets traded on more traditional exchanges.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:676.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">markets, or a contraction of such use, may result in increased volatility or a reduction in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">crypto assets, either of which could adversely impact the value of the Global Portfolio’s investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">In addition, to the extent market participants develop a preference for one crypto asset over another,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">the value of the less preferred crypto assets would likely be adversely affected. Crypto assets are a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">new technological innovation with a limited history; it is a highly speculative asset and future</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Global Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:99.52pt">utilize it for payments.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.82pt">ª</span><span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:77.82pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:122.24pt">Crypto Asset Industry Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.24pt;position:var(--position);text-decoration:none;white-space:pre;width:327.64pt">: The crypto asset industry is a newer, speculative, and still-developing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">industry that faces many risks. The crypto asset industry may still be experiencing a bubble or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:199.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">experience a bubble again in the future. For example, in the first half of 2022, each of Celsius</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confidence in participants of the digital asset ecosystem and negative publicity surrounding digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”), one of the largest digital asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">platforms by volume at the time, halted customer withdrawals amid rumors of the company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">(“CFTC”) brought civil securities and commodities fraud charges, against certain of FTX’s and its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affiliates’ senior executives, including its former CEO. In addition, several other entities in the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:358.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:371.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">extreme volatility and other entities in the crypto asset industry have been negatively affected. It is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">possible that similar events could occur in the future, which would undermine confidence in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:411pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">this time all of the risks that they may pose to the Global Portfolio, and therefore the Global Fund, its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:260.46pt">service providers or to the crypto asset industry as a whole.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:459.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.97pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90.97pt;position:var(--position);text-decoration:none;white-space:pre;width:448.95pt">Factors affecting the further development of crypto assets include, but are not limited to, continued</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:487.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.68pt">digital assets; government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:205.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.12pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:225pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.44pt;position:var(--position);text-decoration:none;white-space:pre;width:79.39pt">quasi-government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:307.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:311.27pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:355.84pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:359.28pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.44pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:371.88pt;position:var(--position);text-decoration:none;white-space:pre;width:48.84pt">restrictions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:420.72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.16pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.16pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.6pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:447.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:451.2pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:495.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:499.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:508.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.81pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">access</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:501.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:98.55pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:106.24pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.12pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">operation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:188.18pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.87pt;position:var(--position);text-decoration:none;white-space:pre;width:344.09pt">digital asset networks; changes in consumer demographics and public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:278.88pt">preferences; maintenance and development of open-source</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.88pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:375.94pt;position:var(--position);text-decoration:none;white-space:pre;width:37.85pt">software</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:413.79pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.85pt;position:var(--position);text-decoration:none;white-space:pre;width:39.69pt">protocol;</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:460.54pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.6pt;position:var(--position);text-decoration:none;white-space:pre;width:49.44pt">availability</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:517.04pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:524.1pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:530.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:45.19pt">popularity</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:135.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:140.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:149.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.13pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:177.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:183.11pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">forms</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:208.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.15pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:223.31pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.7pt;position:var(--position);text-decoration:none;white-space:pre;width:37.26pt">methods</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:265.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:271.35pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:280.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.9pt;position:var(--position);text-decoration:none;white-space:pre;width:30.55pt">buying</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:316.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:337.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:343.11pt;position:var(--position);text-decoration:none;white-space:pre;width:29.31pt">selling</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:372.42pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.81pt;position:var(--position);text-decoration:none;white-space:pre;width:162.14pt">goods and services; the use of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">networks supporting digital assets, such as those for developing smart contracts and distributed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">applications; general economic conditions and the regulatory environment relating to digital assets;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">negative consumer or public perception; and general risks tied to the use of information technologies,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.53pt">including cyber risks.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:186.53pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.31pt;position:var(--position);text-decoration:none;white-space:pre;width:7.94pt">A</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:198.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:202.03pt;position:var(--position);text-decoration:none;white-space:pre;width:337.79pt">hack or failure of one crypto asset may lead to a loss in confidence in, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:598.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:251.6pt">thus decreased usage and/or value of, other crypto assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:139.21pt">Crypto Asset Regulatory Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.21pt;position:var(--position);text-decoration:none;white-space:pre;width:310.76pt">: Crypto asset markets in the U.S. exist in a state of regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:634.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:647.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.6pt">adversely affect the value of the Global Portfolio’s indirect investments in crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.6pt;position:var(--position);text-decoration:none;white-space:pre;width:4.13pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.73pt;position:var(--position);text-decoration:none;white-space:pre;width:44.18pt">As digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:661.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">assets have grown in both popularity and market size, a number of state and federal agencies have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">issued consumer advisories regarding the risks posed by digital assets to investors. In addition, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Securities and Exchange Commission, U.S. state securities regulators and several foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:56.8pt">governments</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:146.8pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.5pt;position:var(--position);text-decoration:none;white-space:pre;width:20.76pt">have</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:27.49pt">issued</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:202.45pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.15pt;position:var(--position);text-decoration:none;white-space:pre;width:40.31pt">warnings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.46pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.16pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:266.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.74pt;position:var(--position);text-decoration:none;white-space:pre;width:40.91pt">instituted</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:310.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:314.35pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">legal</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:335.71000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:53.13pt">proceedings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:392.54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:396.24pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">in</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:404.79pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:408.49pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:439.06pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">they</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:457.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:461.69pt;position:var(--position);text-decoration:none;white-space:pre;width:24.42pt">argue</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:486.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:489.81pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:506.29pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:509.99pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">certain</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:118.08pt;position:var(--position);text-decoration:none;white-space:pre;width:3.89pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.97pt;position:var(--position);text-decoration:none;white-space:pre;width:417.88pt">assets may be classified as securities and that both those digital assets and any related initial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:227.94pt">coin offerings are subject to securities regulations.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:317.94pt;position:var(--position);text-decoration:none;white-space:pre;width:4.1pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:217.88pt">Additionally, U.S. state and federal, and foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regulators and legislatures have taken action against virtual currency businesses or enacted restrictive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:127.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:178.59pt">stemming from virtual currency activity.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:149.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.54pt"> <span style="display:inline-block;height:8.32pt;width:15pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:92.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:447.37pt">The Global Portfolio’s exposure to crypto assets may change over time and, accordingly, such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">exposure may not be represented in the Global Portfolio’s portfolio at any given time. Many</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">significant aspects of the tax treatment of investments in crypto assets are uncertain, and a direct or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>indirect investment in crypto assets may produce non-qualifying income. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:110.41pt">Foreign Securities Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:200.41pt;position:var(--position);text-decoration:none;white-space:pre;width:248.05pt">: Investing in foreign securities directly or indirectly (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:448.46pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.09pt;position:var(--position);text-decoration:none;white-space:pre;width:72.89pt"> through ADRs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:225.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">GDRs, and IDRs) can carry higher returns but involve more risks than those associated with U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:238.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investments. Additional risks associated with investment in foreign securities include currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">information, differences in financial reporting standards and less stringent regulation of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:278.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">markets. Foreign securities in which the Portfolio invests may be traded in markets that close before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:291.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:304.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:331.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:374.35pt">days when shareholders are not able to purchase or redeem the Global Fund’s shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:165.44pt">Single Security Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:255.44pt;position:var(--position);text-decoration:none;white-space:pre;width:284.44pt">Holding a large portion of its net assets in a single security or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">issuer exposes the Portfolio to various risks relating to that security or issuer and to the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:379.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">volatility of that specific security or issuer if the security or issuer performs worse than the market as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:293.69pt">a whole, which could adversely affect the Portfolio’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:89.87pt;position:var(--position);text-decoration:none;white-space:pre;width:141.88pt">Petroleum and Gas Sector Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.75pt;position:var(--position);text-decoration:none;white-space:pre;width:308.11pt"> The profitability of companies in the oil and gas industry is related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">worldwide energy prices, exploration costs and production spending. Companies in the oil and gas</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">industry may be at risk for environmental damage claims and other types of litigation. Companies in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:466.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">in exchange rates or interest rates; prices for competitive energy services, economic conditions, tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:479.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">treatment, or government regulation; government intervention; negative public perception; or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:288.84pt">unfavorable events in the regions where companies operate (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:378.84pt;position:var(--position);text-decoration:none;white-space:pre;width:17.32pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:396.16pt;position:var(--position);text-decoration:none;white-space:pre;width:143.8pt">, expropriation, nationalization,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:506.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">gas industry may have significant capital investments in, or engage in transactions involving,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:264.11pt">emerging market countries, which may heighten these risks.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:88.11pt;position:var(--position);text-decoration:none;white-space:pre;width:124.48pt">Sector Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.59pt;position:var(--position);text-decoration:none;white-space:pre;width:327.4pt">Although the Global Portfolio will not concentrate its investments in any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">industries, the Global Portfolio may, at certain times, have concentrations in one or more sectors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">which may cause the Portfolio to be more sensitive to economic changes or events occurring in those</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:605.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:299.36pt">sectors, and the Portfolio's investments may be more volatile. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:389.36pt;position:var(--position);text-decoration:none;white-space:pre;width:150.64pt">As of December 31, 2025, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:309.33pt">Portfolio had 25.7% invested in the Finance and Insurance sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:175.65pt">Small and Medium-Size Company Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.65pt;position:var(--position);text-decoration:none;white-space:pre;width:274.3pt">: Investing in small and medium-size companies often involve</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:653.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">more risks than investing in larger companies as small and medium-size companies have narrower</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:667.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">markets and more limited managerial and financial resources than do larger, more established</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:680.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">companies. As a result, their performance can be more volatile and they face a greater risk of business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:693.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">failure, which could increase the volatility of the Global Portfolio’s assets and have an adverse effect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:706.65pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:138pt">on the Portfolio’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:91.08pt;position:var(--position);text-decoration:none;white-space:pre;width:58.96pt">Market Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:389.83pt">: Mutual funds are subject to market risks and significant fluctuations in value. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">market declines in value, the Global Portfolio is likely to decline in value and you could lose money</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:99.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">on your investment. Natural disasters, public health emergencies (including epidemics and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:112.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">unforeseeable events may lead to instability in world economies and markets, market volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:139.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">may have adverse long-term effects. Advancements in technology may adversely impact markets and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:152.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">the overall performance of the Fund.  For example, as artificial intelligence is used more widely, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:165.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">profitability and growth of Portfolio holdings may be impacted, which could significantly impact the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:145.02pt">overall performance of the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.5pt">Stock Selection Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.5pt;position:var(--position);text-decoration:none;white-space:pre;width:353.43pt">: The portfolio securities selected by the Investment Adviser may decline in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:211.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">value or not increase in value when the stock market in general is rising and may fail to meet the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:224.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:325.17pt">Global Portfolio’s, and therefore the Global Fund’s, investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.34pt">Volatility Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.34pt;position:var(--position);text-decoration:none;white-space:pre;width:380.64pt"> The Portfolio may have investments, including but not limited to bitcoin, that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">appreciate or depreciate significantly in value over short periods of time. This may cause the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio’s net asset value per share to experience significant increases or declines in value over short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:286.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.31pt">periods of time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:92.33pt">Management Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:182.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:357.6pt">There is no guarantee that the Global Fund will meet its investment objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:321.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">The Investment Adviser does not guarantee the performance of the Global Fund, nor can it assure you</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:252.18pt">that the market value of your investment will not decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:113.09pt">Emerging Markets Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:203.09pt;position:var(--position);text-decoration:none;white-space:pre;width:3.42pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.51pt;position:var(--position);text-decoration:none;white-space:pre;width:326.71pt">The risk that the securities markets of emerging countries are less liquid,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:370.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">are especially subject to greater price volatility, have smaller market capitalizations, have less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:383.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.24pt">government regulation and are not subject to as extensive and frequent accounting, financial and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt">other reporting requirements as the securities markets of more developed countries as have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.23pt">historically been the case. The information available about an emerging market issuer may be less</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:423pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.2pt">reliable than for comparable issuers in more developed capital markets. In addition, investments in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:436.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.24pt">certain emerging markets are subject to an elevated risk of loss resulting from market manipulation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:449.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">and the imposition of exchange controls (including repatriation restrictions). The legal rights and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:462.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">remedies available for investors in emerging markets may be more limited than the rights and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:475.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.13pt">remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:417.36pt">Department of Justice) to bring actions against bad actors in emerging markets may be limited.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:48.99pt">Tax Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:138.99pt;position:var(--position);text-decoration:none;white-space:pre;width:401.01pt">In order to qualify as a RIC, the Global Fund must meet certain requirements regarding the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:524.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">source of its income, the diversification of its assets and the distribution of its income. Under the test</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:537.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year must</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:550.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">be qualifying income, which consists of dividends, interest, gains on investments in securities and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:564pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">certain other categories of investment income. It appears to be the position of the Internal Revenue</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Service (the “IRS”) that gain realized on bitcoin investments such as investments in the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">Bitcoin Trust will not be qualifying income. The Global Portfolio’s investment in each Subsidiary is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">expected to provide the Global Fund with exposure to such bitcoin investments within the limitations</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:616.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">of the Internal Revenue Code for qualification as a RIC because, under applicable tax rules, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">earnings of each Subsidiary will be qualifying income for the RIC when distributed by the Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">even though the income would not be qualifying income if earned directly by the RIC or directly by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:656.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">an entity classified as a partnership for federal income tax purposes, such as the Global Portfolio, in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:669.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">which the RIC invests. There is a risk, however, that the IRS might assert that the income derived</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">from the Global Portfolio’s investment in a Subsidiary will not be considered qualifying income. If</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">the Global Fund were to fail to qualify as a RIC and became subject to federal income tax,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:709.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:339.34pt">shareholders of the Global Fund would be subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.34pt;position:var(--position);text-decoration:none;white-space:pre;width:110.57pt">Additionally, the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Fund invests, directly and indirectly, in entities that take the position that they are not subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">entity-level tax. If any such entity is reclassified as a corporation for U.S. federal income tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:381.8pt">purposes, shareholders of the Global Fund would be subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:471.8pt;position:var(--position);text-decoration:none;white-space:pre;width:68.11pt">Changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Global Portfolio and/or its Subsidiaries to operate as described in this Prospectus and could adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">affect the Global Fund. For example, the Cayman Islands does not currently impose any income,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">corporate or capital gains tax or withholding tax on the Cayman Subsidiary. If Cayman Islands law</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">changes such that the Cayman Subsidiary must pay Cayman Islands taxes, Global Fund shareholders</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:216.77pt">would likely suffer decreased investment returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:78.01pt">Subsidiary Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:168.01pt;position:var(--position);text-decoration:none;white-space:pre;width:4.11pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:172.12pt;position:var(--position);text-decoration:none;white-space:pre;width:367.78pt">By investing in its Subsidiaries, the Global Portfolio is indirectly exposed to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">risks associated with each Subsidiary’s investments. Those investments held by the Subsidiaries are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">generally similar to the investments that are permitted to be held by the Global Portfolio and are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">subject to the same risks that would apply to similar investments if held directly by the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Portfolio. Each Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">Prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">laws of the United States, Delaware and/or the Cayman Islands could result in the inability of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Global Portfolio and/or its Subsidiaries to continue to operate and could adversely affect the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">Fund’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:65.79pt">Liquidity Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.18pt">: The Investment Adviser may not be able to sell portfolio securities at an optimal time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or price. The Portfolio’s significant investment in a single position, makes the Portfolio especially</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">susceptible to the risk that during certain periods the liquidity of the single position will decrease or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">disappear suddenly and without warning as a result of adverse market or political events, or adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">investor perceptions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:71.44pt">Valuation Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.44pt;position:var(--position);text-decoration:none;white-space:pre;width:378.55pt">The sales price the Portfolio could receive for any particular portfolio investment may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">methodology. Valuation may be more difficult in times of market turmoil since many investors and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">market makers may be reluctant to purchase complex instruments or quote prices for them. Fair</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">its investments may be impacted by technological issues and/or errors by pricing services or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">third-party service providers. Shares of the Grayscale Bitcoin Trust are intended to reflect the price of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">bitcoin assets, less fees and expenses, and the shares of the Grayscale Bitcoin Trust have historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.95pt">$1 of a portfolio will actually own less than $1 in assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:85.5pt">Interest Rate Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:175.5pt;position:var(--position);text-decoration:none;white-space:pre;width:364.42pt"> The risk that when interest rates increase, fixed-income securities held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Global Portfolio will decline in value. Long-term fixed-income securities will normally have more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:609.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price volatility because of this risk than short-term fixed-income securities. A low or negative interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:622.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">rate environment could cause the Global Portfolio's earnings to fall below the Portfolio's expense</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">ratio, resulting in a decline in the Portfolio's share price. A general rise in interest rates may cause</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:649.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">investors to move out of fixed income securities on a large scale, which could adversely affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price and liquidity of fixed income securities. The risks associated with changing interest rates may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:356.45pt">have unpredictable effects on the markets and the Global Portfolio's investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:176.66pt">Exchange-Traded Funds (ETFs) Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:266.65999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:266.53pt">ETFs are registered investment companies whose shares are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.12pt">listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">general, passively-managed ETFs seek to track a specified securities index or a basket of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.24pt">that an “index provider,” such as S&amp;P Global, selects as representative of a market, market segment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.15pt">or industry sector. A passively-managed ETF is designed so that its performance will correspond</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.23pt">closely with that of the index it tracks. Actively-managed ETFs may not meet their investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.15pt">objective based on an ETF’s investment adviser’s success or failure to implement strategies for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.18pt">ETF and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt">engage in transactions and purchase instruments that give rise to forms of leverage, including,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">among others, the use of reverse repurchase agreements and other borrowings, the investment of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.17pt">collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.21pt">commitment transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.21pt">exposure to their underlying indexes through the use of derivative instruments, the fund will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:175.68pt">indirectly be subject to leveraging risk.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:265.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.82pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.5pt;position:var(--position);text-decoration:none;white-space:pre;width:263.74pt">As a shareholder in an ETF, the Global Portfolio will bear</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">its pro rata portion of an ETF’s expenses, including advisory fees, in addition to its own expenses.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:271.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">The existence of extreme market volatility or potential lack of an active trading market for an ETF’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:284.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:405.49pt">shares could result in such shares trading at a significant premium or discount to their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.53pt">Counterparty Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.53pt;position:var(--position);text-decoration:none;white-space:pre;width:346.71pt">Transactions involving a counterparty are subject to the credit risk of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.25pt">counterparty. A Portfolio that enters into contracts with counterparties, such as repurchase or reverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.23pt">repurchase agreements or over-the-counter (“OTC”) derivatives contracts, or that lends its securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:346.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.2pt">run the risk that the counterparty will be unable or unwilling to make timely settlement payments or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:359.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">otherwise honor its obligations. If a counterparty fails to meet its contractual obligations, goes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:372.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">bankrupt, or otherwise experiences a business interruption, the Portfolio could suffer losses,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:385.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">including monetary losses, miss investment opportunities or be forced to hold investments it would</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:397.25pt">prefer to sell. Counterparty risk is heightened during unusually adverse market conditions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:130.96pt">Convertible Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:220.96pt;position:var(--position);text-decoration:none;white-space:pre;width:312.19pt">Convertible securities are subject to the risks affecting both equity and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:434.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:350.47pt">fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:216.37pt">Below Investment Grade Debt Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:306.37pt;position:var(--position);text-decoration:none;white-space:pre;width:43.34pt">Generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:349.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.46pt;position:var(--position);text-decoration:none;white-space:pre;width:180.72pt"> below investment grade debt securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:16.18pt">i.e.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:106.18pt;position:var(--position);text-decoration:none;white-space:pre;width:426.96pt"> junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:311.44pt">grade securities. Junk bonds are considered to be speculative in nature.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:80.84pt">Leveraging Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:170.84pt;position:var(--position);text-decoration:none;white-space:pre;width:362.39pt"> Investments in derivative instruments may give rise to a form of leverage. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.21pt">Investment Adviser may engage in speculative transactions, which involve substantial risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.17pt">leverage. The use of leverage by the Investment Adviser may increase the volatility of the Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.2pt">Portfolio. These leveraged instruments may result in losses to the Global Portfolio or may adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">affect the Global Portfolio’s NAV or total return, because instruments that contain leverage are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.11pt">more sensitive to changes in interest rates. The Global Portfolio may also have to sell assets at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:352.69pt">inopportune times to satisfy its obligations in connection with such transactions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.58pt">IPO Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:131.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:401.66pt">: IPO share prices can be volatile and fluctuate considerably due to factors such as the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">absence of a prior public market, unseasoned trading, a limited number of shares available for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">trading, and limited operating history and/or information about the issuer. The purchase of IPO</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:646.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:430.84pt">shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:87.06pt">Cybersecurity Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:177.06pt;position:var(--position);text-decoration:none;white-space:pre;width:332.91pt"> Cybersecurity incidents may allow an unauthorized party to gain access to </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:509.97pt;position:var(--position);text-decoration:none;white-space:pre;width:29.92pt">Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:681.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Fund assets or proprietary information, or cause the fund, the Investment Adviser, and/or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">service providers (including custodians and financial intermediaries) to suffer data breaches or data</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:420.04pt">corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:510.04pt;position:var(--position);text-decoration:none;white-space:pre;width:29.92pt">Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:182.95pt">Fund, the Investment Adviser, or the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:272.95pt;position:var(--position);text-decoration:none;white-space:pre;width:29.92pt">Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:302.87pt;position:var(--position);text-decoration:none;white-space:pre;width:237.11pt"> Fund’s other service providers, or the issuers of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:105.96pt">securities in which the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:29.92pt">Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.88pt;position:var(--position);text-decoration:none;white-space:pre;width:313.99pt"> Portfolio invests have the ability to disrupt and negatively affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Fund’s business operations, including the ability to purchase and sell fund shares, potentially resulting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:109pt">in financial losses to the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:199pt;position:var(--position);text-decoration:none;white-space:pre;width:29.92pt">Global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.92pt;position:var(--position);text-decoration:none;white-space:pre;width:118.19pt"> Fund and its shareholders.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:162.89pt">Temporary Defensive Position Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:252.89pt;position:var(--position);text-decoration:none;white-space:pre;width:287.01pt"> If the Global Portfolio takes a temporary defensive position, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">may invest all or a large portion of its assets in cash and/or cash equivalents. If the Global Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:422.88pt">takes a temporary defensive position, the Global Fund may not achieve its investment objective.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">The Institutional Class shares of the Global Fund had not commenced operations as of December 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:24.75pt">2023.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:96.75pt;position:var(--position);text-decoration:none;white-space:pre;width:3.88pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:100.63pt;position:var(--position);text-decoration:none;white-space:pre;width:439.22pt">The performance information shown below is for another class of shares (No Load Class) of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">Fund that is not offered in this Prospectus but would have substantially similar annual returns because</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:317.29pt">each Class of shares will be invested in the same portfolio of securities.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:389.29pt;position:var(--position);text-decoration:none;white-space:pre;width:150.56pt"> Annual returns will differ only to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:254.96pt">the extent that the Classes do not have the same expenses.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The bar chart and table shown below illustrate the variability of the returns for the Global Fund’s No</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:52.65pt">Load Class.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.65pt;position:var(--position);text-decoration:none;white-space:pre;width:415.35pt"> The bar chart indicates the risks of investing in the Global Fund by showing the changes in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:353.56pt">the Global Fund’s performance from year to year (on a calendar year basis). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:425.56pt;position:var(--position);text-decoration:none;white-space:pre;width:114.4pt">The table shows how the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:414.73pt">Global Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:486.73pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:492.16pt;position:var(--position);text-decoration:none;white-space:pre;width:47.84pt"> 500 Index</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">and the MSCI ACWI (All Country World Index) Index (“MSCI ACWI Index”), which represent broad</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:150.53pt">measures of market performance. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.53pt;position:var(--position);text-decoration:none;white-space:pre;width:317.39pt">As of March 14, 2008, the Global Fund and the Global Portfolio, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">were formerly known as the Internet Emerging Growth Fund and the Internet Emerging Growth Portfolio,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">respectively, changed to the investment strategy set forth in this Prospectus. The performance shown for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">periods or portions of periods prior to March 14, 2008 represents performance of the Global Portfolio’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:523.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">prior strategy to invest at least 80% of its net assets plus any borrowings for investment purposes in equity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:536.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">securities of small and medium-capitalization U.S. and foreign companies engaged in the Internet and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:121.4pt">Internet-related activities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:193.4pt;position:var(--position);text-decoration:none;white-space:pre;width:346.47pt">The past performance of the Global Fund, before and after taxes, is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Performance reflects fee waivers in effect. If fee waivers were not in place, the Global Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:589.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">performance would be reduced. Updated performance information is available on the Fund’s website at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:602.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre;width:137.41pt">https://www.kineticsfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.41pt;position:var(--position);text-decoration:none;white-space:pre;width:151.43pt"> or by calling the Fund toll-free at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:360.84pt;position:var(--position);text-decoration:none;white-space:pre;width:68.73pt">(800) 930-3828</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.57pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div> The Institutional Class shares of the Global Fund had not commenced operations as of December 31, 2023. The performance information shown below is for another class of shares (No Load Class) of the Fund that is not offered in this Prospectus but would have substantially similar annual returns because each Class of shares will be invested in the same portfolio of securities. The bar chart and table shown below illustrate the variability of the returns for the Global Fund’s No Load Class. The table shows how the Global 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 Global Fund, before and after taxes, is not necessarily an indication of how the Global Fund or the Global Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Global Fund – No Load Class Calendar Year Returns as of 12/31 <div style="font-size:0pt;left:129pt;position:var(--position);width:354pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:144.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #00000a;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #00000a;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.91pt;width:139.5pt"><span style="font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);white-space:pre">Q4 2020</span></div></div></div></td><td style="border-bottom:1pt solid #00000a;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.91pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:17.18pt;position:var(--position);text-decoration:none;white-space:pre">30.71%</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);top:15pt;width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.91pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q4 2018</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #00000a;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);top:15pt;width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.91pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:15.35pt;position:var(--position);text-decoration:none;white-space:pre">-18.32%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter: 2020-12-31 0.3071 Worst Quarter: 2018-12-31 -0.1832 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Global Fund’s after-tax returns as shown in the following table are calculated using the historical</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:418.27pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.27pt;position:var(--position);text-decoration:none;white-space:pre;width:49.72pt">If you own</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Fund shares in a tax-deferred account, such as a 401(k) plan or an individual retirement account (“IRA”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:310.66pt">the information on after-tax returns is not relevant to your investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:382.66pt;position:var(--position);text-decoration:none;white-space:pre;width:3.01pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:385.67pt;position:var(--position);text-decoration:none;white-space:pre;width:154.25pt">After-tax returns are shown for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:127.11pt">No Load Class shares only.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:199.11pt;position:var(--position);text-decoration:none;white-space:pre;width:4.37pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.48pt;position:var(--position);text-decoration:none;white-space:pre;width:280.69pt">After-tax returns for the Institutional Class shares will differ.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:484.17pt;position:var(--position);text-decoration:none;white-space:pre;width:4.37pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:488.54pt;position:var(--position);text-decoration:none;white-space:pre;width:51.38pt">The Return</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:212.56pt">loss occurs upon the redemption of Fund shares.</span></div> The Global 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. If you own 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. After-tax returns are shown for the No Load Class shares only. After-tax returns for the Institutional Class shares will differ. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. Average Annual Total Returns as of 12/31/2025 Return Before Taxes 0.0289 0.0289 0.1661 0.1661 0.1564 0.1564 0.0360 0.0360 Return After Taxes on Distributions 0.0216 0.0216 0.1583 0.1583 0.1498 0.1498 0.0316 0.0316 Return After Taxes on Distributions and Sale of Fund Shares 0.0204 0.0204 0.1312 0.1312 0.1299 0.1299 0.0273 0.0273 S&P 500® Index (reflects no deductions for fees, expenses or taxes) 0.1788 0.1788 0.1442 0.1442 0.1482 0.1482 0.0807 0.0807 MSCI ACWI Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.2234 0.2234 0.1119 0.1119 0.1172 0.1172 0.0621 0.0621 1999-12-31 THE PARADIGM FUND Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:141.96pt">The investment objective of the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.96pt;position:var(--position);text-decoration:none;white-space:pre;width:67.49pt">Paradigm Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:281.45pt;position:var(--position);text-decoration:none;white-space:pre;width:136.78pt"> is long-term growth of capital.</span> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:76.79pt">Paradigm Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:148.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:391.11pt">You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:311.98pt">intermediaries, which are not reflected in the table and example below.</span></div> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0034 0.0020 0.0014 0.0159 -0.0015 0.0144 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:119.22999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:420.66pt">This Example is intended to help you compare the cost of investing in the Paradigm Fund with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.91pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558.11pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Paradigm Fund for the time periods indicated and then redeem all of your shares at the end of these</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.31pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">periods. The Example also assumes that your investment has a 5% return each year and that the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.51pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Fund’s operating expenses remain the same (taking into account the expense limitations only in the first</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:25.33pt">year).</span> Although your actual costs may be higher or lower, based on these assumptions your cost for the Paradigm Fund would be: 147 487 851 1877 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:165.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:367.92pt">The Paradigm Portfolio pays transaction costs, such as commissions, when it buys</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.51pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:698.71pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.1pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.17pt">costs, which are not reflected in annual fund operating expenses or in the Example, affect the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">Portfolio’s, and therefore the Paradigm Fund’s, performance. During the most recent fiscal year, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:212.19pt">Paradigm Portfolio’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:284.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.94pt;position:var(--position);text-decoration:none;white-space:pre;width:14.66pt">3%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:301.6pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:304.35pt;position:var(--position);text-decoration:none;white-space:pre;width:157.84pt">of the average value of its portfolio.</span> 0.03 Principal Investment Strategy <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Paradigm Fund is a non-diversified fund that invests all of its investable assets in the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Paradigm Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">invests at least 65% of its net assets in common stocks, exchange-traded funds (“ETFs”), convertible</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">securities, warrants, and other equity securities having the characteristics of common stocks (such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">Depositary Receipts (“IDRs”)) of U.S. and foreign companies that the Investment Adviser believes are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">undervalued, that have, or are expected to soon have, high returns on equity and that are well positioned</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">to reduce their costs, extend the reach of their distribution channels and experience significant growth in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">their assets or revenues. The Paradigm Portfolio will carry out its investment strategy by regarding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">investments as representing fractional ownership in the underlying companies’ assets. This will allow the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">Paradigm Portfolio, and therefore the Paradigm Fund, to attempt to achieve its investment objective by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">acting as a classic value investor seeking high returns on equity, an intrinsic characteristic of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">investment, not a reappraisal of a company’s stock value by the market, an external factor. The Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:410.09pt">Portfolio may also purchase and write options for hedging purposes and/or direct investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:482.09pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">The Paradigm Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">securities rated below investment grade, also known as junk bonds, or unrated securities that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Investment Adviser has determined to be of comparable quality. The Paradigm Portfolio may invest up to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:292.81pt">100% of its total assets in companies located in emerging markets.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:364.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">The Investment Adviser selects portfolio securities by evaluating a company’s positioning and traditional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">business lines as well as its ability to expand its activities or achieve competitive advantage in cost/</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:428.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">profitability and brand image leveraging. The Investment Adviser also considers a company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends. The Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">Portfolio may invest in companies of any size, including small and medium-size companies. Additionally,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">the Paradigm Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">in its portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:97.1pt">return on its portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:169.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">The Paradigm Portfolio invests indirectly in bitcoin through the Grayscale Bitcoin Trust and through</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">other pooled investment vehicles that provide exposure to crypto assets. Certain of these investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">vehicles, including the Grayscale Bitcoin Trust, are not registered under the 1940 Act and do not receive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:560.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:149.25pt">the protections of the 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:221.25pt;position:var(--position);text-decoration:none;white-space:pre;width:318.62pt">The Paradigm Portfolio will not invest directly in bitcoin or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:64.08pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.07999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:21.01pt"> The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:157.09pt;position:var(--position);text-decoration:none;white-space:pre;width:3.92pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.01pt;position:var(--position);text-decoration:none;white-space:pre;width:378.85pt">Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">directly. Bitcoin is a type of crypto asset that is not issued by a government, bank or central organization.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Bitcoin exists on the Bitcoin Network that hosts the Bitcoin Blockchain. Bitcoin has no physical existence</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:626.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">and exists solely through the record of bitcoin transactions on the Blockchain. The Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:112.38pt">Trust invests principally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:184.38pt;position:var(--position);text-decoration:none;white-space:pre;width:5.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:189.89pt;position:var(--position);text-decoration:none;white-space:pre;width:52.85pt">in bitcoin. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:242.74pt;position:var(--position);text-decoration:none;white-space:pre;width:297.23pt">The Paradigm Portfolio held 8.25% of its net assets in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:217.75pt">Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.75pt;position:var(--position);text-decoration:none;white-space:pre;width:250.17pt"> The Paradigm Portfolio may also invest in other pooled</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">investment vehicles that provide exposure to the spot price of crypto assets. For example, the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:679.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:272.63pt">Portfolio may invest in the Grayscale Ethereum Classic Trust.</span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:409.68pt">The Paradigm Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:481.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.52pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.2pt;position:var(--position);text-decoration:none;white-space:pre;width:54.67pt">to a wholly-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Subsidiary” or the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:106.28pt">“Cayman Subsidiary”). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.28pt;position:var(--position);text-decoration:none;white-space:pre;width:361.65pt">Additional information regarding the tax treatment of the Fund is provided in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:121.2pt">“Taxes” section of the SAI.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">In the future, the Paradigm Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">that may not produce qualifying income for the Paradigm Fund under the Internal Revenue Code of 1986,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">as amended (the “Internal Revenue Code”) if held directly. The Paradigm Portfolio will not make any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">additional investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">investment in the Grayscale Bitcoin Trust, either directly or through the Subsidiary, would be more than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:219.42pt">15% of its assets at the time of the investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:291.41999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:248.47pt"> However, the Portfolio’s investment in the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:341.04pt">Bitcoin Trust may, at times, exceed 15% of its net assets, due to appreciation.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Paradigm Portfolio will invest in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.92pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">Subsidiary in a manner that is consistent with the limitations of the federal tax laws, rules and regulations</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.24pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">that apply to the Paradigm Fund as a “regulated investment company” (“RIC”) under Subchapter M of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:280.56pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Paradigm Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.88pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">the extent those restrictions are applicable to the investment activities of the Subsidiary. The Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:317.52pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody, and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:329.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:342.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">with respect to the Subsidiary. Unlike the Paradigm Fund, the Subsidiary does not, and will not, seek to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354.48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">qualify as a RIC. The Paradigm Portfolio is the sole shareholder of the Subsidiary and does not expect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">shares of the Subsidiary to be offered or sold to other investors. The Subsidiary includes entities that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:379.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">engage in investment activities in securities or other assets that are primarily controlled by the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">Portfolio. The Paradigm Portfolio does not intend to create or acquire primary control of any entity which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">primarily engages in investment activities in securities or other assets other than entities wholly-owned by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.08pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:102.89pt">the Paradigm Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Sell decisions are generally triggered by either adequate value being achieved, as determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">investment opportunity that it believes is more compelling and represents a greater risk reward profile</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:247.93pt">than other investment(s) held by the Paradigm Portfolio.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Paradigm Portfolio may maintain during a temporary period, which could be for a short period or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">invest in such short-term cash positions to the extent that the Investment Adviser is unable to find</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:587.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">additional equity securities would not further the investment objective of the Paradigm Portfolio during</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">such periods of time. Additionally, to respond to adverse market, economic, political or other conditions,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">which may persist for short or long periods of time, the Paradigm Portfolio may invest up to 100% of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:640.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">assets in the types of high quality, U.S. short-term debt securities and money market instruments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:653.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.89pt">described above.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">If the market advances during periods when the Paradigm Portfolio is holding a large cash position, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Portfolio may not participate as much as it would have if it had been more fully invested in securities. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">the aforementioned temporary defensive periods, the Investment Adviser believes that an additional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">amount of liquidity in the Paradigm Portfolio is desirable both to meet operating requirements and to take</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">advantage of new investment opportunities. When the Paradigm Portfolio holds a significant portion of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:337.08pt">assets in cash and cash equivalents, it may not meet its investment objective.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">The Paradigm Portfolio held 69.11% of its net assets in the Texas Pacific Land Corporation (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:204.69pt">“Land Corporation”) as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.69pt;position:var(--position);text-decoration:none;white-space:pre;width:263.26pt"> The Land Corporation is a corporation organized under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">cash flow to return capital to unitholders through share repurchases and dividends. While the Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Corporation has held the majority of its assets since its formation in 1888, the development of energy</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">resources subject to its royalty interests and related land use have experienced rapid growth in recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:319.37pt">years due to advances in energy exploration and extraction technologies.</span></div> 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. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:369.13pt">Investing in common stocks has inherent risks that could cause you to lose money.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:165.44pt">Single Security Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:255.44pt;position:var(--position);text-decoration:none;white-space:pre;width:284.44pt">Holding a large portion of its net assets in a single security or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:394.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">issuer exposes the Portfolio to various risks relating to that security or issuer and to the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">volatility of that specific security or issuer if the security or issuer performs worse than the market as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt">a whole, which could adversely affect the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.97pt">Non-Diversification Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:205.97pt;position:var(--position);text-decoration:none;white-space:pre;width:334pt">: Holding a large portion of its net assets in a small number of issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">exposes the Portfolio to various risks relating to those issuers. A change in the value of any one</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">investment may affect the overall value of the Paradigm Portfolio’s shares, and therefore the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:440.32pt">Paradigm Fund’s shares, more than shares of a diversified mutual fund that holds more investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:141.88pt">Petroleum and Gas Sector Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.88pt;position:var(--position);text-decoration:none;white-space:pre;width:308.11pt"> The profitability of companies in the oil and gas industry is related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">worldwide energy prices, exploration costs and production spending. Companies in the oil and gas</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">industry may be at risk for environmental damage claims and other types of litigation. Companies in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">in exchange rates or interest rates; prices for competitive energy services, economic conditions, tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">treatment, or government regulation; government intervention; negative public perception; or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:289.96pt">unfavorable events in the regions where companies operate (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:379.96pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:395.84pt;position:var(--position);text-decoration:none;white-space:pre;width:144.08pt">, expropriation, nationalization,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:597.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:610.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">gas industry may have significant capital investments in, or engage in transactions involving,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:264.11pt">emerging market countries, which may heighten these risks.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:30.54pt">Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:120.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:125.83pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:149.03pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:154.32pt;position:var(--position);text-decoration:none;white-space:pre;width:41.53pt">Exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:195.85pt;position:var(--position);text-decoration:none;white-space:pre;width:25.93pt"> Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:221.78pt;position:var(--position);text-decoration:none;white-space:pre;width:38.63pt">: Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:260.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.7pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:291.35pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:296.64pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">(also</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.01pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:323.3pt;position:var(--position);text-decoration:none;white-space:pre;width:34.78pt">referred</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:358.08pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:363.37pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">as</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:386.37pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:391.66pt;position:var(--position);text-decoration:none;white-space:pre;width:33.57pt">“virtual</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.52pt;position:var(--position);text-decoration:none;white-space:pre;width:50.05pt">currencies”</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.86pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:501.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.03pt;position:var(--position);text-decoration:none;white-space:pre;width:32.96pt">“digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:673.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">currencies”)</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.71pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:13.42pt">are</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:160.15pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:191.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:219.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.94pt;position:var(--position);text-decoration:none;white-space:pre;width:39.09pt">designed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:262.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.05pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:273.6pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.62pt;position:var(--position);text-decoration:none;white-space:pre;width:12.81pt">act</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre;width:247.51pt">as a medium of exchange. Although crypto assets are an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">emerging asset class, they are not presently widely accepted as a medium of exchange. There are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:298.36pt">thousands of crypto assets, the most well-known of which is bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:388.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt">.</span></div><div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:114.33pt">issued by a government,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:204.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.38pt">bank</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:231.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.67pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:245.83pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.31pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">central</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.69pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">organization.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:344.39pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:349.87pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:382.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.71pt;position:var(--position);text-decoration:none;white-space:pre;width:25.04pt">exists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:412.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:418.23pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:10.38pt">an</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:445.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.57pt;position:var(--position);text-decoration:none;white-space:pre;width:30.23pt">online,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:486.28pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">peer-to-peer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">computer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:131.52pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.03pt">network</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:172.2pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.85pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.61pt">hosts</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:220.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.24pt;position:var(--position);text-decoration:none;white-space:pre;width:314.69pt">the Bitcoin Blockchain. Bitcoin has no physical existence and exists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Bitcoin Network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:141.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">known as a Blockchain. The Fund may invest indirectly in bitcoin through the Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:154.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.2pt">Trust and through other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:279.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.48pt;position:var(--position);text-decoration:none;white-space:pre;width:36.02pt">vehicles</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:338.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:341.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:33.59pt">provide</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:375.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:378.41pt;position:var(--position);text-decoration:none;white-space:pre;width:39.7pt">exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:418.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.39pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.22pt;position:var(--position);text-decoration:none;white-space:pre;width:59.52pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:492.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.02pt;position:var(--position);text-decoration:none;white-space:pre;width:43.95pt">Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:169.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.87pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Trust</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:150.07pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.33pt">is</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:161.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:373.47pt">a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.52pt">security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:205.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:7.62pt;width:18pt"></span></span><span style="left:90pt;position:var(--position);width:449.87pt">In addition to the general risks of investing in other investment vehicles, the value of the Paradigm</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio’s indirect investments in crypto assets are subject to fluctuations in the value of the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:232.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">asset, which can be highly volatile. The value of crypto assets is determined by the supply and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:245.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:219.57pt">demand for crypto assets in the global market</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:309.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:315.28pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:328.1pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:333.81pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:347.24pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.95pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:384.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:389.8pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:398.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:404.67pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:432.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.47pt;position:var(--position);text-decoration:none;white-space:pre;width:28.4pt">assets,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:466.87pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.58pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:499.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:505.16pt;position:var(--position);text-decoration:none;white-space:pre;width:34.82pt">consists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">primarily</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:130.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:134.57pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.73pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.4pt;position:var(--position);text-decoration:none;white-space:pre;width:52.51pt">transactions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:199.91pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:214.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.25pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.34pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.01pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:271.38pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:275.05pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:306.19pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:309.86pt;position:var(--position);text-decoration:none;white-space:pre;width:230.09pt">platforms. The value of crypto assets has been, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:274.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">may continue to be, substantially dependent on speculation, such that trading and investing in crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:273.63pt">assets generally may not be based on fundamental analysis.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:363.63pt;position:var(--position);text-decoration:none;white-space:pre;width:4.57pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:368.2pt;position:var(--position);text-decoration:none;white-space:pre;width:171.77pt">The Paradigm Portfolio’s exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:292.23pt">crypto assets can result in substantial losses to the Paradigm Fund.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">oversight of a central authority or banks. The value of crypto assets are not backed by any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">destruction.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:401.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:119.78pt">therefore be more exposed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:209.78pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:222.28pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.23pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">fraud</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:249.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:253.38pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:269.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:273.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:28.68pt">failure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:301.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:305.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">than</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:324.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:328.72pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">established,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:380.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:384.27pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">regulated</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.17pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.12pt;position:var(--position);text-decoration:none;white-space:pre;width:45.8pt">exchanges</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:474.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.87pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.69pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.64pt;position:var(--position);text-decoration:none;white-space:pre;width:44.26pt">securities,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:48.23pt">derivatives</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:138.23pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:141.29pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:157.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:160.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:182.82pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.88pt;position:var(--position);text-decoration:none;white-space:pre;width:354.05pt">currencies. These crypto asset trading platforms can cease operating temporarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">or even permanently, resulting in the potential loss of users’ crypto assets or other market disruptions.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:443.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Crypto asset trading platforms may be more exposed to the risk of market manipulation than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">assets in which the Paradigm Portfolio may invest indirectly (also known as “whales”) may have the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on which crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assets are traded are or may become subject to enforcement actions by regulatory authorities. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:509.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">asset trading platforms that are regulated typically must comply with minimum net worth,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">cybersecurity, and anti-money laundering requirements, but are not typically required to protect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">customers or their markets to the same extent that regulated securities exchanges or futures exchanges</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">are required to do so. Furthermore, crypto asset trading platforms may be operating out of compliance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">with regulations, and many crypto asset trading platforms lack certain safeguards established by more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:575.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">traditional exchanges to enhance the stability of trading on the exchange, such as measures designed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:300.93pt">to prevent sudden drops in value of items traded on the exchange (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:390.93pt;position:var(--position);text-decoration:none;white-space:pre;width:14.65pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:405.58pt;position:var(--position);text-decoration:none;white-space:pre;width:79.55pt">, “flash crashes”).</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:485.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:488.83pt;position:var(--position);text-decoration:none;white-space:pre;width:51.17pt">As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">the prices of crypto assets on crypto asset trading platforms may be subject to larger and more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:616.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:327.92pt">frequent sudden declines than assets traded on more traditional exchanges.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:638.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.97pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:91.22pt;position:var(--position);width:448.72pt">Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace,</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:664.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">markets, or a contraction of such use, may result in increased volatility or a reduction in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">crypto assets, either of which could adversely impact the value of the Paradigm Portfolio’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">investment. In addition, to the extent market participants develop a preference for one crypto asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:704.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">over another, the value of the less preferred crypto assets would likely be adversely affected. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">assets are a new technological innovation with a limited history; it is a highly speculative asset and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Paradigm Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:99.52pt">utilize it for payments.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:122.24pt">Crypto Asset Industry Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.24pt;position:var(--position);text-decoration:none;white-space:pre;width:327.64pt">: The crypto asset industry is a newer, speculative, and still-developing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">industry that faces many risks. The crypto asset industry may still be experiencing a bubble or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">experience a bubble again in the future. For example, in the first half of 2022, each of Celsius</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:173.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:417.45pt">confidence in participants of the digital asset ecosystem and negative publicity surrounding</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:507.45pt;position:var(--position);text-decoration:none;white-space:pre;width:4.45pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.9pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:201pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:115.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:119.24pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">more</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:141.82999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:145.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.34pt">broadly.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:181.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.35pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">In</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:194.51pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:198.1pt;position:var(--position);text-decoration:none;white-space:pre;width:46.41pt">November</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:244.51pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:248.1pt;position:var(--position);text-decoration:none;white-space:pre;width:24.75pt">2022,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:272.85pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.44pt;position:var(--position);text-decoration:none;white-space:pre;width:20.76pt">FTX</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:297.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:300.78999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:34.8pt">Trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:335.59000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.18pt;position:var(--position);text-decoration:none;white-space:pre;width:18.01pt">Ltd.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:357.19pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:360.78pt;position:var(--position);text-decoration:none;white-space:pre;width:40.59pt">(“FTX”),</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:401.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:404.96pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">one</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:420.84pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.43pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:433.59pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:437.18pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:450.61pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:454.2pt;position:var(--position);text-decoration:none;white-space:pre;width:29.3pt">largest</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:483.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.59pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:487.09pt;position:var(--position);text-decoration:none;white-space:pre;width:52.79pt">digital asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:215.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">platforms by volume at the time, halted customer withdrawals amid rumors of the company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:228.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:241.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:185.51pt">States, while other affiliates have entered</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:275.51pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:279.35pt;position:var(--position);text-decoration:none;white-space:pre;width:50.39pt">insolvency,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:329.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:333.58000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:50.38pt">liquidation,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:383.96pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.8pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:396.96pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:400.8pt;position:var(--position);text-decoration:none;white-space:pre;width:30.52pt">similar</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:431.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:435.16pt;position:var(--position);text-decoration:none;white-space:pre;width:53.13pt">proceedings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:488.29pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:492.13pt;position:var(--position);text-decoration:none;white-space:pre;width:30.54pt">around</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:522.6700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:3.84pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:526.51pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:269.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:27.18pt">globe,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:117.18pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:120.5pt;position:var(--position);text-decoration:none;white-space:pre;width:42.75pt">following</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:163.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.57pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.44pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:196.76pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:210.19pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.51pt;position:var(--position);text-decoration:none;white-space:pre;width:19.55pt">U.S.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:233.06pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.38pt;position:var(--position);text-decoration:none;white-space:pre;width:51.89pt">Department</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:288.27pt;position:var(--position);text-decoration:none;white-space:pre;width:3.32pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:291.59000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:248.35pt">of Justice brought criminal fraud and other charges, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">(“CFTC”) brought civil securities and commodities fraud charges, against certain of FTX’s and its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:310.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affiliates’ senior executives, including its former CEO. In addition, several other entities in the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:323.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">extreme volatility and other entities in the crypto asset industry have been negatively affected. It is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">possible that similar events could occur in the future, which would undermine confidence in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:376.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">this time all of the risks that they may pose to the Paradigm Portfolio, and therefore the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:298.95pt">Fund, its service providers or to the crypto asset industry as a whole</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:388.95pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt">.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Factors affecting the further development of crypto assets include, but are not limited to, continued</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:440.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:453.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.68pt">digital assets; government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:205.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.12pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:225pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.44pt;position:var(--position);text-decoration:none;white-space:pre;width:79.39pt">quasi-government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:307.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:311.27pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:355.84pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:359.28pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.44pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:371.88pt;position:var(--position);text-decoration:none;white-space:pre;width:48.84pt">restrictions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:420.72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.16pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.16pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.6pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:447.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:451.2pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:495.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:499.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:508.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.81pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">access</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:98.55pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:106.24pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.12pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">operation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:188.18pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.87pt;position:var(--position);text-decoration:none;white-space:pre;width:344.09pt">digital asset networks; changes in consumer demographics and public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:482.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:278.88pt">preferences; maintenance and development of open-source</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.88pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:375.94pt;position:var(--position);text-decoration:none;white-space:pre;width:37.85pt">software</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:413.79pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.85pt;position:var(--position);text-decoration:none;white-space:pre;width:39.69pt">protocol;</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:460.54pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.6pt;position:var(--position);text-decoration:none;white-space:pre;width:49.44pt">availability</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:517.04pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:524.1pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:45.19pt">popularity</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:135.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:140.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:149.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.13pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:177.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:183.11pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">forms</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:208.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.15pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:223.31pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.7pt;position:var(--position);text-decoration:none;white-space:pre;width:37.26pt">methods</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:265.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:271.35pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:280.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.9pt;position:var(--position);text-decoration:none;white-space:pre;width:30.55pt">buying</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:316.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:337.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:343.11pt;position:var(--position);text-decoration:none;white-space:pre;width:29.31pt">selling</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:372.42pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.81pt;position:var(--position);text-decoration:none;white-space:pre;width:162.14pt">goods and services; the use of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:511.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">networks supporting digital assets, such as those for developing smart contracts and distributed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:524.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">applications; general economic conditions and the regulatory environment relating to digital assets;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:537.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">negative consumer or public perception; and general risks tied to the use of information technologies,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:550.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.53pt">including cyber risks.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:186.53pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.31pt;position:var(--position);text-decoration:none;white-space:pre;width:7.94pt">A</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:198.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:202.03pt;position:var(--position);text-decoration:none;white-space:pre;width:337.79pt">hack or failure of one crypto asset may lead to a loss in confidence in, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:251.6pt">thus decreased usage and/or value of, other crypto assets.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:139.21pt">Crypto Asset Regulatory Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.21pt;position:var(--position);text-decoration:none;white-space:pre;width:310.76pt">: Crypto asset markets in the U.S. exist in a state of regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:403.37pt">adversely affect the value of the Paradigm Portfolio’s indirect investments in crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:493.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.26pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.63pt;position:var(--position);text-decoration:none;white-space:pre;width:43.31pt">As digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:628.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">assets have grown in both popularity and market size, a number of state and federal agencies have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">issued consumer advisories regarding the risks posed by digital assets to investors. In addition, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Securities and Exchange Commission, U.S. state securities regulators and several foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:667.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:56.8pt">governments</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:146.8pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.5pt;position:var(--position);text-decoration:none;white-space:pre;width:20.76pt">have</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:27.49pt">issued</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:202.45pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.15pt;position:var(--position);text-decoration:none;white-space:pre;width:40.31pt">warnings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.46pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.16pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:266.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.74pt;position:var(--position);text-decoration:none;white-space:pre;width:40.91pt">instituted</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:310.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:314.35pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">legal</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:335.71000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:53.13pt">proceedings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:392.54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:396.24pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">in</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:404.79pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:408.49pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:439.06pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">they</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:457.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:461.69pt;position:var(--position);text-decoration:none;white-space:pre;width:24.42pt">argue</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:486.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:489.81pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:506.29pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:509.99pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">certain</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:118.08pt;position:var(--position);text-decoration:none;white-space:pre;width:3.89pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.97pt;position:var(--position);text-decoration:none;white-space:pre;width:417.88pt">assets may be classified as securities and that both those digital assets and any related initial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:227.94pt">coin offerings are subject to securities regulations.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:317.94pt;position:var(--position);text-decoration:none;white-space:pre;width:4.1pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:217.88pt">Additionally, U.S. state and federal, and foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regulators and legislatures have taken action against virtual currency businesses or enacted restrictive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:178.59pt">stemming from virtual currency activity.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:268.59000000000003pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:1.41pt"></span></span></span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:121.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">The Paradigm Portfolio’s exposure to crypto assets may change over time and, accordingly, such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:136.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">exposure may not be represented in the Paradigm Portfolio’s portfolio at any given time. Many</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:149.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">significant aspects of the tax treatment of investments in crypto assets are uncertain, and a direct or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:320.91pt">indirect investment in crypto assets may produce non-qualifying income.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:120.79pt">Sector Concentration Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.79pt;position:var(--position);text-decoration:none;white-space:pre;width:322.43pt"> Although the Paradigm Portfolio will not concentrate its investments in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:198pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.2pt">any industries, the Paradigm Portfolio may, at certain times, have concentrations in one or more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:211.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt">sectors which may cause the Portfolio to be more sensitive to economic changes or events occurring</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:224.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:321.21pt">in those sectors, and the Portfolio’s investments may be more volatile. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:411.21pt;position:var(--position);text-decoration:none;white-space:pre;width:121.93pt">As of December 31, 2025,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:255.86pt">the Portfolio had 61.5% invested in the Utilities sector.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:91.08pt;position:var(--position);text-decoration:none;white-space:pre;width:58.96pt">Market Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:389.83pt">: Mutual funds are subject to market risks and significant fluctuations in value. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:274.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">market declines in value, the Paradigm Portfolio is likely to decline in value and you could lose</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:287.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">money on your investment. Natural disasters, public health emergencies (including epidemics and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:300.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:313.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">unforeseeable events may lead to instability in world economies and markets, market volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">may have adverse long-term effects. Advancements in technology may adversely impact markets and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">the overall performance of the Fund. For example, as artificial intelligence is used more widely, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:353.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">profitability and growth of Portfolio holdings may be impacted, which could significantly impact the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:366.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:145.02pt">overall performance of the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.5pt">Stock Selection Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.5pt;position:var(--position);text-decoration:none;white-space:pre;width:353.43pt">: The portfolio securities selected by the Investment Adviser may decline in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:399pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">value or not increase in value when the stock market in general is rising and may fail to meet the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:412.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:349.59pt">Paradigm Portfolio’s, and therefore the Paradigm Fund’s, investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:46.42pt">Tax Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:403.54pt"> In order to qualify as a RIC, the Paradigm Fund must meet certain requirements regarding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:447.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">the source of its income, the diversification of its assets and the distribution of its income. Under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:460.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">must be qualifying income, which consists of dividends, interest, gains on investments in securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:487.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">and certain other categories of investment income. It appears to be the position of the Internal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Revenue Service (the “IRS”) that gain realized on bitcoin investments such as investments in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Grayscale Bitcoin Trust will not be qualifying income. The Paradigm Portfolio’s investment in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:526.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Subsidiary is expected to provide the Paradigm Fund with exposure to such bitcoin investments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">within the limitations of the Internal Revenue Code for qualification as a RIC because, under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:553.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">applicable tax rules, the earnings of the Subsidiary will be qualifying income for the RIC when</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:566.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">distributed by the Subsidiary even though the income would not be qualifying income if earned</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:579.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">directly by the RIC or directly by an entity classified as a partnership for federal income tax purposes,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">such as the Paradigm Portfolio, in which the RIC invests. There is a risk, however, that the IRS might</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assert that the income derived from the Paradigm Portfolio’s investment in the Subsidiary will not be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">considered qualifying income. If the Paradigm Fund were to fail to qualify as a RIC and became</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:632.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">subject to federal income tax, shareholders of the Paradigm Fund would be subject to diminished</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:645.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:38.21pt">returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:128.21pt;position:var(--position);text-decoration:none;white-space:pre;width:411.77pt">Additionally, the Paradigm Fund invests, directly and indirectly, in entities that take the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:658.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">position that they are not subject to entity-level tax. If any such entity is reclassified as a corporation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">for U.S. federal income tax purposes, shareholders of the Paradigm Fund would be subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:88.92pt">diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:360.99pt">Changes in the laws of the United States and/or the Cayman Islands could result</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:698.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">in the inability of the Paradigm Portfolio and/or its Subsidiary to operate as described in this</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Prospectus and could adversely affect the Paradigm Fund. For example, the Cayman Islands does not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">currently impose any income, corporate or capital gains tax or withholding tax on the Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Subsidiary. If Cayman Islands law changes such that the Cayman Subsidiary must pay Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:407.32pt">Islands taxes, Paradigm Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:77.4pt">Subsidiary Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.4pt;position:var(--position);text-decoration:none;white-space:pre;width:372.51pt"> By investing in the Subsidiary, the Paradigm Portfolio is indirectly exposed to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">risks associated with the Subsidiary’s investments. Those investments held by the Subsidiary are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">generally similar to the investments that are permitted to be held by the Paradigm Portfolio and are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">subject to the same risks that would apply to similar investments if held directly by the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio. The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">Prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">laws of the United States and/or the Cayman Islands could result in the inability of the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:223.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Portfolio and/or its Subsidiary to continue to operate and could adversely affect the Paradigm Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:236.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:58.3pt">performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.34pt">Volatility Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.34pt;position:var(--position);text-decoration:none;white-space:pre;width:380.64pt"> The Portfolio may have investments, including but not limited to bitcoin, that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:271.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">appreciate or depreciate significantly in value over short periods of time. This may cause the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio’s net asset value per share to experience significant increases or declines in value over short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:298.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.31pt">periods of time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:175.65pt">Small and Medium-Size Company Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.65pt;position:var(--position);text-decoration:none;white-space:pre;width:274.3pt">: Investing in small and medium-size companies often involve</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:333.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">more risk than investing in larger companies as small and medium-size companies have narrower</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:346.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">markets and more limited managerial and financial resources than do larger, more established</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">companies. As a result, their performance can be more volatile and they face a greater risk of business</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:373.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">failure, which could increase the volatility of the Paradigm Portfolio’s assets and have an adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:386.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:165.76pt">effect on the Portfolio’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:90.59pt">Management Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:180.59pt;position:var(--position);text-decoration:none;white-space:pre;width:359.37pt">There is no guarantee that the Paradigm Fund will meet its investment objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:421.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">The Investment Adviser does not guarantee the performance of the Paradigm Fund, nor can it assure</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:435pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:271.43pt">you that the market value of your investment will not decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:65.79pt">Liquidity Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.18pt">: The Investment Adviser may not be able to sell portfolio securities at an optimal time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or price. The Portfolio’s significant investment in a single position, makes the Portfolio especially</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">susceptible to the risk that during certain periods the liquidity of the single position will decrease or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">disappear suddenly and without warning as a result of adverse market or political events, or adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">investor perceptions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:71.44pt">Valuation Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.44pt;position:var(--position);text-decoration:none;white-space:pre;width:378.55pt">The sales price the Portfolio could receive for any particular portfolio investment may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">methodology. Valuation may be more difficult in times of market turmoil since many investors and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">market makers may be reluctant to purchase complex instruments or quote prices for them. Fair</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:598.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:611.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">its investments may be impacted by technological issues and/or errors by pricing services or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">third-party service providers. Shares of the Grayscale Bitcoin Trust are intended to reflect the price of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">bitcoin assets, less fees and expenses, and shares of the Grayscale Bitcoin Trust have historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:664.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:677.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.95pt">$1 of a portfolio will actually own less than $1 in assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:110.41pt">Foreign Securities Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:200.41pt;position:var(--position);text-decoration:none;white-space:pre;width:248.05pt">: Investing in foreign securities directly or indirectly (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:448.46pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.09pt;position:var(--position);text-decoration:none;white-space:pre;width:72.89pt"> through ADRs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">GDRs, and IDRs) can carry higher returns but involve more risks than those associated with U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investments. Additional risks associated with investment in foreign securities include currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">information, differences in financial reporting standards and less stringent regulation of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">markets. Foreign securities in which the Portfolio invests may be traded in markets that close before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:386.56pt">days when shareholders are not able to purchase or redeem the Paradigm Fund’s shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:124.55pt">Emerging Markets Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.55pt;position:var(--position);text-decoration:none;white-space:pre;width:318.66pt">The risks of foreign investments are usually much greater for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.2pt">emerging markets. Investments in emerging markets may be considered speculative. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.18pt">information available about an emerging market issuer may be less reliable than for comparable</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">issuers in more developed capital markets. In addition, investments in certain emerging markets are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.12pt">subject to an elevated risk of loss resulting from market manipulation and the imposition of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.25pt">exchange controls (including repatriation restrictions). The legal rights and remedies available for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.11pt">investors in emerging markets may be more limited than the rights and remedies available in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.4pt">U.S., and the ability of U.S. authorities (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:279.4pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:295.28pt;position:var(--position);text-decoration:none;white-space:pre;width:237.93pt">, SEC and the U.S. Department of Justice) to bring</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt">actions against bad actors in emerging markets may be limited.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:176.66pt">Exchange-Traded Funds (ETFs) Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:266.65999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:266.53pt">ETFs are registered investment companies whose shares are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.12pt">listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">general, passively-managed ETFs seek to track a specified securities index or a basket of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.24pt">that an “index provider,” such as S&amp;P Global, selects as representative of a market, market segment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.15pt">or industry sector. A passively-managed ETF is designed so that its performance will correspond</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:406.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.23pt">closely with that of the index it tracks. Actively-managed ETFs may not meet their investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">objective based on an ETF’s investment adviser success or failure to implement strategies for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.18pt">ETF and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:446.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.14pt">engage in transactions and purchase instruments that give rise to forms of leverage, including,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:459.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">among others, the use of reverse repurchase agreements and other borrowings, the investment of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:472.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.17pt">collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.21pt">commitment transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.21pt">exposure to their underlying indexes through the use of derivative instruments, the fund will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:512.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:171.83pt">indirectly be subject to leveraging risk.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:261.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.05pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:264.88pt;position:var(--position);text-decoration:none;white-space:pre;width:268.25pt">As a shareholder in an ETF, the Paradigm Portfolio will bear</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:526.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">its pro rata portion of an ETF’s expenses, including advisory fees, in addition to its own expenses.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.19pt">The existence of extreme market volatility or potential lack of an active trading market for an ETF’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:553.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:405.49pt">shares could result in such shares trading at a significant premium or discount to their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:216.37pt">Below Investment Grade Debt Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:306.37pt;position:var(--position);text-decoration:none;white-space:pre;width:43.34pt">Generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:349.71pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.46pt;position:var(--position);text-decoration:none;white-space:pre;width:180.72pt"> below investment grade debt securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:103.43pt;position:var(--position);text-decoration:none;white-space:pre;width:429.71pt">, junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:601.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:311.44pt">grade securities. Junk bonds are considered to be speculative in nature.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:130.96pt">Convertible Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:220.96pt;position:var(--position);text-decoration:none;white-space:pre;width:312.19pt">Convertible securities are subject to the risks affecting both equity and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:350.47pt">fixed income securities, including market, credit, liquidity and interest rate risk.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:85.5pt">Interest Rate Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:175.5pt;position:var(--position);text-decoration:none;white-space:pre;width:364.42pt"> The risk that when interest rates increase, fixed-income securities held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Paradigm Portfolio will decline in value. Long-term fixed-income securities will normally have more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price volatility because of this risk than short-term fixed-income securities. A low or negative interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">rate environment could cause the Paradigm Portfolio's earnings to fall below the Portfolio's expense</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">ratio, resulting in a decline in the Portfolio's share price. A general rise in interest rates may cause</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">investors to move out of fixed income securities on a large scale, which could adversely affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price and liquidity of fixed income securities. The risks associated with changing interest rates may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:368.66pt">have unpredictable effects on the markets and the Paradigm Portfolio's investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:81.32pt">Leveraging Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:171.32pt;position:var(--position);text-decoration:none;white-space:pre;width:368.63pt"> Investments in derivative instruments may give rise to a form of leverage. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Investment Adviser may engage in speculative transactions, which involve substantial risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">leverage. The use of leverage by the Investment Adviser may increase the volatility of the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:173.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">Portfolio. These leveraged instruments may result in losses to the Paradigm Portfolio or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">adversely affect the Paradigm Portfolio’s NAV or total return, because instruments that contain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:199.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">leverage are more sensitive to changes in interest rates. The Paradigm Portfolio may also have to sell</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:391.77pt">assets at inopportune times to satisfy its obligations in connection with such transactions.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.58pt">IPO Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:131.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:401.66pt">: IPO share prices can be volatile and fluctuate considerably due to factors such as the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:248.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt">absence of a prior public market, unseasoned trading, a limited number of shares available for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:261.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:443.22pt">trading, and limited operating history and/or information about the issuer. The purchase of IPO</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:274.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:430.84pt">shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:89.79pt">Cybersecurity Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:360.13pt"> Cybersecurity incidents may allow an unauthorized party to gain access to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:310.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:42.13pt">Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.13pt;position:var(--position);text-decoration:none;white-space:pre;width:407.77pt"> Fund assets or proprietary information, or cause the fund, the Investment Adviser, and/or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:323.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">other service providers (including custodians and financial intermediaries) to suffer data breaches or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:47.26pt">Paradigm </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:137.26pt;position:var(--position);text-decoration:none;white-space:pre;width:178.57pt">Fund, the Investment Adviser, or the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:315.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:42.13pt">Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:357.96pt;position:var(--position);text-decoration:none;white-space:pre;width:181.92pt"> Fund’s other service providers, or the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:147.75pt">issuers of securities in which the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:237.75pt;position:var(--position);text-decoration:none;white-space:pre;width:42.13pt">Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:279.88pt;position:var(--position);text-decoration:none;white-space:pre;width:260.1pt"> Portfolio invests have the ability to disrupt and negatively</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:376.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">affect the Fund’s business operations, including the ability to purchase and sell fund shares,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:199.98pt">potentially resulting in financial losses to the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:289.98pt;position:var(--position);text-decoration:none;white-space:pre;width:42.13pt">Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:332.11pt;position:var(--position);text-decoration:none;white-space:pre;width:118.19pt"> Fund and its shareholders.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:160.07pt">Temporary Defensive Position Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.07pt;position:var(--position);text-decoration:none;white-space:pre;width:289.82pt"> If the Paradigm Portfolio takes a temporary defensive position, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">may invest all or a large portion of its assets in cash and/or cash equivalents. If the Paradigm Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:435.09pt">takes a temporary defensive position, the Paradigm Fund may not achieve its investment objective.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:428.65pt">The bar chart and table shown below illustrate the variability of the Paradigm Fund’s returns.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:500.65pt;position:var(--position);text-decoration:none;white-space:pre;width:4.08pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:504.73pt;position:var(--position);text-decoration:none;white-space:pre;width:35.21pt">The bar</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:616.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">chart indicates the risks of investing in the Paradigm Fund by showing the changes in the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:629.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:305.8pt">Fund’s performance from year to year (on a calendar year basis). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.8pt;position:var(--position);text-decoration:none;white-space:pre;width:162.2pt">The table shows how the Paradigm</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:399.21pt">Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:471.21pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:476.64pt;position:var(--position);text-decoration:none;white-space:pre;width:63.35pt"> Index and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">MSCI ACWI (All Country World Index) Index (“MSCI ACWI Index”), which represent broad measures</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:669pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:113.73pt">of market performance. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:354.24pt">The past performance of the Paradigm Fund, before and after taxes, is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">necessarily an indication of how the Paradigm Fund or the Paradigm Portfolio will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:695.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Performance reflects fee waivers in effect. If fee waivers were not in place, the Paradigm Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">performance would be reduced. Updated performance information is available on the Fund’s website at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:underline;white-space:pre;width:137.41pt">https://www.kineticsfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.41pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.16pt;position:var(--position);text-decoration:none;white-space:pre;width:145.93pt">or by calling the Fund toll-free at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:358.09pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:360.84pt;position:var(--position);text-decoration:none;white-space:pre;width:68.73pt">(800) 930-3828</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.57pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> The bar chart and table shown below illustrate the variability of the Paradigm Fund’s returns. 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. https://www.kineticsfunds.com (800) 930-3828 The Paradigm Fund – Institutional Class Calendar Year Returns as of 12/31 <div style="font-size:0pt;left:129pt;position:var(--position);width:354pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:144.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);white-space:pre">Q1 2021</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:17.18pt;position:var(--position);text-decoration:none;white-space:pre">54.49%</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);top:15pt;width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);top:15pt;width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:15.35pt;position:var(--position);text-decoration:none;white-space:pre">-32.17%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter: 2021-03-31 0.5449 Worst Quarter: 2020-03-31 -0.3217 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">The Paradigm Fund’s after-tax returns as shown in the following table are calculated using the historical</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:438pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:418.27pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.27pt;position:var(--position);text-decoration:none;white-space:pre;width:49.72pt">If you own</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:451.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Fund shares in a tax-deferred account, such as a 401(k) plan or an individual retirement account (“IRA”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:308.06pt">the information on after-tax returns is not relevant to your investment.</span> 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. If you own 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 2005-05-27 Return Before Taxes -0.1441 0.1925 0.1698 0.1126 Return After Taxes on Distributions -0.1591 0.1815 0.1608 0.1078 Return After Taxes on Distributions and Sale of Fund Shares -0.0743 0.1560 0.1428 0.0980 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1094 MSCI ACWI Net Total Return Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.2234 0.1119 0.1172 0.0852 THE SMALL CAP OPPORTUNITIES FUND Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:151.86pt">The investment objective of the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:223.86pt;position:var(--position);text-decoration:none;white-space:pre;width:145.34pt">Small Cap Opportunities Fund </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:369.2pt;position:var(--position);text-decoration:none;white-space:pre;width:170.8pt">(the “Small Cap Fund”) is long-term</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:118.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">growth of capital. The Small Cap Fund is the sole “feeder fund” to The Small Cap Opportunities Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:131.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:285.45pt">(the “Small Cap Portfolio”), a series of Kinetics Portfolios Trust.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:439.28pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.28pt;position:var(--position);text-decoration:none;white-space:pre;width:28.64pt"> Small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:55.63pt">Cap Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:127.63pt;position:var(--position);text-decoration:none;white-space:pre;width:412.3pt">You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:311.98pt">intermediaries, which are not reflected in the table and example below.</span></div> SHAREHOLDER FEES (fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0035 0.0020 0.0015 0.0160 -0.0016 0.0144 April 30, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:118.78999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:421.15pt">This Example is intended to help you compare the cost of investing in the Small Cap Fund with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the Small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Cap Fund for the time periods indicated and then redeem all of your shares at the end of these periods.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">The Example also assumes that your investment has a 5% return each year and that the Small Cap Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">operating expenses remain the same (taking into account the expense limitations only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your cost for the Small Cap Fund would be: 147 489 856 1887 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:164.37pt;position:var(--position);text-decoration:none;white-space:pre;width:368.84pt">The Small Cap Portfolio pays transaction costs, such as commissions, when it buys</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.1pt">transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">costs, which are not reflected in annual fund operating expenses or in the Example, affect the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:278.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">Portfolio’s, and therefore the Small Cap Fund’s, performance. During the most recent fiscal year, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:216.16pt">Small Cap Portfolio’s portfolio turnover rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:288.15999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:290.90999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:14.66pt">0%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:305.57pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:308.32pt;position:var(--position);text-decoration:none;white-space:pre;width:157.84pt">of the average value of its portfolio.</span></div> 0 Principal Investment Strategy <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">The Small Cap Fund is a non-diversified fund that invests all of its investable assets in the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:344.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the Small Cap Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:358.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:371.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">convertible securities, warrants and other equity securities having the characteristics of common stocks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">(such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">International Depositary Receipts (“IDRs”)) of U.S. and foreign small capitalization companies that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:410.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">provide attractive valuation opportunities. The Small Cap Portfolio’s Investment Adviser considers small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">cap companies to be those with market capitalizations at or below the highest market capitalization of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:191.85pt">component security within the S&amp;P 600</span><span style="font-family:'Arial', sans-serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:263.85pt;position:var(--position);text-decoration:none;top:-2.8pt;vertical-align:super;white-space:pre;width:5.26pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.11pt;position:var(--position);text-decoration:none;white-space:pre;width:270.79pt"> SmallCap Index. The highest market capitalization of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:136.82pt">company within the S&amp;P 600</span><span style="font-family:'Arial', sans-serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:208.82pt;position:var(--position);text-decoration:none;top:-2.8pt;vertical-align:super;white-space:pre;width:5.26pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.08pt;position:var(--position);text-decoration:none;white-space:pre;width:325.83pt"> SmallCap Index was approximately [$11.967 billion] as of March 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">2026. The Small Cap Portfolio may also invest in exchange-traded funds (“ETFs”) and purchase and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:476.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:265.66pt">write options for hedging purposes and/or direct investment.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:503.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Small Cap Portfolio may invest up to 20% of its total assets in convertible and non-convertible debt</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">securities rated below investment grade, also known as junk bonds, or unrated securities that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:529.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:282.42pt">Investment Adviser has determined to be of comparable quality.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:354.42pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Small Cap Portfolio focuses on undervalued and special situation small capitalization equities that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:569.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Investment Adviser believes have the potential for rewarding long-term investment results. Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:582.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">Portfolio securities will generally be selected from companies that are engaged in a number of industries</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:595.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">if, in the Investment Adviser’s opinion, they are selling below their perceived intrinsic value, have limited</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:608.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">or no institutional ownership, have had short-term earnings shortfalls, have had a recent initial public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:622.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">offering (“IPO”) but have not attracted significant analyst coverage, are selling at or below book or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:635.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">replacement value, or have modest price to earnings ratios. The Investment Adviser considers a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">company’s fundamentals by reviewing its balance sheets, corporate revenues, earnings and dividends.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:661.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">The Investment Adviser also looks at the amount of capital a company spends on research and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:674.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">development. Additionally, the Small Cap Portfolio may participate in securities lending arrangements up</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">to 33-1/3% of the securities in its portfolio with brokers, dealers, and financial institutions (but not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:255.86pt">individuals) in order to increase the return on its portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:327.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Small Cap Portfolio invests indirectly in bitcoin through the Grayscale Bitcoin Trust and through</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">other pooled investment vehicles that provide exposure to crypto assets. Certain of these investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">vehicles, including the Grayscale Bitcoin Trust, are not registered under the 1940 Act and do not receive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:147.87pt">the protections of the 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:219.87pt;position:var(--position);text-decoration:none;white-space:pre;width:320.06pt">The Small Cap Portfolio will not invest directly in bitcoin or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:68pt">crypto assets. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:140pt;position:var(--position);text-decoration:none;white-space:pre;width:399.86pt">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables investors to gain exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">bitcoin in the form of a security while avoiding the challenges of buying, storing, and safekeeping bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">directly.  Bitcoin is a type of crypto asset that is not issued by a government, bank or central organization.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Bitcoin exists on the Bitcoin Network that hosts the Bitcoin Blockchain. Bitcoin has no physical existence</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">and exists solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:142.57pt">Bitcoin Trust invests principally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:214.57pt;position:var(--position);text-decoration:none;white-space:pre;width:2.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:217.52pt;position:var(--position);text-decoration:none;white-space:pre;width:47.73pt">in bitcoin. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:265.25pt;position:var(--position);text-decoration:none;white-space:pre;width:274.59pt">The Small Cap Portfolio held 3.11% of its net assets in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:216pt">Grayscale Bitcoin Trust as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:288pt;position:var(--position);text-decoration:none;white-space:pre;width:251.99pt"> The Small Cap Portfolio may also invest in other pooled</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">investment vehicles that provide exposure to the spot price of crypto assets. For example, the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:272.63pt">Portfolio may invest in the Grayscale Ethereum Classic Trust.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:344.63pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">The Small Cap Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust to a wholly-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:443.36pt">owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:515.36pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.85pt">In the future, the Small Cap Portfolio may seek to gain additional exposure to the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">that may not produce qualifying income for the Small Cap Fund under the Internal Revenue Code of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">1986, as amended (the “Internal Revenue Code”) if held directly. The Small Cap Portfolio will not make</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">any additional investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">investment in the Grayscale Bitcoin Trust, either directly or through a Subsidiary, would be more than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">15% of its assets at the time of the investment. However, the Portfolio’s investment in the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:388.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:341.04pt">Bitcoin Trust may, at times, exceed 15% of its net assets, due to appreciation.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:413.04pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Small Cap Portfolio will invest in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:427.52pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Subsidiary in a manner consistent with the limitations of the federal tax laws, rules and regulations that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">apply to the Small Cap Fund as a “regulated investment company” (“RIC”) under Subchapter M of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.16pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">Subtitle A, Chapter 1, of the Internal Revenue Code (“Subchapter M”). However, the Small Cap Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:464.48pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">and its Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:476.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">extent those restrictions are applicable to the investment activities of the Subsidiary. The Subsidiary also</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489.12pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:424.22pt">complies with Section 17 of the 1940 Act relating to affiliated transactions and custody</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.22pt;position:var(--position);text-decoration:none;white-space:pre;width:43.78pt">, and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:501.44pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513.76pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:132.6pt">with respect to the Subsidiary</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:204.6pt;position:var(--position);text-decoration:none;white-space:pre;width:335.31pt">. Unlike the Small Cap Fund, the Subsidiary does not, and will not, seek to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:526.08pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">qualify as a RIC. The Small Cap Portfolio is the sole shareholder of its Subsidiary and does not expect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:538.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:300.64pt">shares of its Subsidiary to be offered or sold to other investors. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:372.64pt;position:var(--position);text-decoration:none;white-space:pre;width:167.26pt">The Subsidiary includes entities that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:550.72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">engage in investment activities in securities or other assets that are primarily controlled by the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:563.04pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Portfolio. The Small Cap Portfolio does not intend to create or acquire primary control of any entity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:575.36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">which primarily engages in investment activities in securities or other assets other than entities wholly-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:587.68pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:152.68pt">owned by the Small Cap Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:224.68pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Sell decisions are generally triggered by either adequate value being achieved, as determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:626.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">investment opportunity that it believes is more compelling and represents a greater risk reward profile</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:251.9pt">than other investment(s) held by the Small Cap Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:323.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:693.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">The Small Cap Portfolio may maintain during a temporary period, which could be for a short period or a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:706.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">longer period lasting several years or more, of abnormal conditions, a significant portion of its total assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.86pt">in cash and securities, generally considered to be cash and cash equivalents, including, but not limited to:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">high quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">invest in such short-term cash positions to the extent that the Investment Adviser is unable to find</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">additional equity securities would not further the investment objective of the Small Cap Portfolio during</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">such periods of time. Additionally, to respond to adverse market, economic, political or other conditions,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.83pt">which may persist for short or long periods of time, the Small Cap Portfolio may invest up to 100% of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">assets in the types of high quality, U.S. short-term debt securities and money market instruments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:73.89pt">described above.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:145.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:202.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">If the market advances during periods when the Small Cap Portfolio is holding a large cash position, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">Portfolio may not participate as much as it would have if it had been more fully invested in securities. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:229.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">the aforementioned temporary defensive periods, the Investment Adviser believes that an additional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:242.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">amount of liquidity in the Small Cap Portfolio is desirable both to meet operating requirements and to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">take advantage of new investment opportunities. When the Small Cap Portfolio holds a significant portion</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:348.99pt">of assets in cash and cash equivalents, it may not meet its investment objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:295.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">The Small Cap Portfolio held 56.40% of its net assets in the Texas Pacific Land Corporation (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:308.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:204.69pt">“Land Corporation”) as of March 31, 2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.69pt;position:var(--position);text-decoration:none;white-space:pre;width:263.26pt"> The Land Corporation is a corporation organized under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:321.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">laws of the state of New York. One of the largest land owners in Texas, the Land Corporation derives</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">most of its income from oil and gas royalty revenue, land easements and water royalties and sales. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Land Corporation has historically operated with minimal operating expenses, little to no debt and utilized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:361.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">cash flow to return capital to unitholders through share repurchases and dividends. While the Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:374.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">Corporation has held the majority of its assets since its formation in 1888, the development of energy</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:387.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">resources subject to its royalty interests and related land use have experienced rapid growth in recent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:400.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:319.37pt">years due to advances in energy exploration and extraction technologies.</span></div> The Small Cap 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. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:369.13pt">Investing in common stocks has inherent risks that could cause you to lose money.</span> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:165.44pt">Single Security Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:255.44pt;position:var(--position);text-decoration:none;white-space:pre;width:284.44pt">Holding a large portion of its net assets in a single security or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">issuer exposes the Portfolio to various risks relating to that security or issuer and to the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:568.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">volatility of that specific security or issuer if the security or issuer performs worse than the market as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt">a whole, which could adversely affect the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:119.59pt">Non-Diversification Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.59pt;position:var(--position);text-decoration:none;white-space:pre;width:330.39pt"> Holding a large portion of its net assets in a small number of issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">exposes the Portfolio to various risks relating to those issuers. A change in the value of any one</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investment may affect the overall value of the Small Cap Portfolio’s shares, and therefore the Small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:640.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:441.24pt">Cap Fund’s shares, more than shares of a more diversified mutual fund that holds more investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:141.88pt">Petroleum and Gas Sector Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:231.88pt;position:var(--position);text-decoration:none;white-space:pre;width:308.11pt"> The profitability of companies in the oil and gas industry is related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">worldwide energy prices, exploration costs and production spending. Companies in the oil and gas</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">industry may be at risk for environmental damage claims and other types of litigation. Companies in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">in exchange rates or interest rates; prices for competitive energy services, economic conditions, tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">treatment, or government regulation; government intervention; negative public perception; or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:289.96pt">unfavorable events in the regions where companies operate (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:379.96pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:398.59pt;position:var(--position);text-decoration:none;white-space:pre;width:141.33pt"> expropriation, nationalization,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">gas industry may have significant capital investments in, or engage in transactions involving,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:264.11pt">emerging market countries, which may heighten these risks.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:121.13pt">Sector Concentration Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:211.13pt;position:var(--position);text-decoration:none;white-space:pre;width:328.82pt"> Although the Small Cap Portfolio will not concentrate its investments in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">any industries, the Small Cap Portfolio may, at certain times, have concentrations in one or more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:199.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">sectors which may cause the Portfolio to be more sensitive to economic changes or events occurring</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:312.82pt">in those sectors, and the Portfolio's investments may be more volatile. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:402.82pt;position:var(--position);text-decoration:none;white-space:pre;width:137.14pt">As of December 31, 2025, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:238.46pt">Portfolio had 43.4% invested in the Utilities sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:169.95pt">Small-Capitalization Company Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:259.95pt;position:var(--position);text-decoration:none;white-space:pre;width:279.98pt">Investing in small-capitalization companies often involve more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:261.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">risks than investing in larger companies as small-capitalization companies have narrower markets and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:274.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">more limited managerial and financial resources than larger, more established companies. As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">their performance can be more volatile and they face a greater risk of business failure, which could</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">increase the volatility of the Small Cap Portfolio’s assets and have an adverse effect on the Portfolio’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:58.3pt">performance.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:30.54pt">Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:120.53999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:125.83pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:149.03pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:154.32pt;position:var(--position);text-decoration:none;white-space:pre;width:41.53pt">Exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:195.85pt;position:var(--position);text-decoration:none;white-space:pre;width:25.93pt"> Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:221.78pt;position:var(--position);text-decoration:none;white-space:pre;width:38.63pt">: Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:260.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.7pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:291.35pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:296.64pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">(also</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.01pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:323.3pt;position:var(--position);text-decoration:none;white-space:pre;width:34.78pt">referred</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:358.08pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:363.37pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:371.92pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">as</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:386.37pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:391.66pt;position:var(--position);text-decoration:none;white-space:pre;width:33.57pt">“virtual</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.52pt;position:var(--position);text-decoration:none;white-space:pre;width:50.05pt">currencies”</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.86pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:501.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.03pt;position:var(--position);text-decoration:none;white-space:pre;width:32.96pt">“digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">currencies”)</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.71pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:13.42pt">are</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:160.15pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:191.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:219.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.94pt;position:var(--position);text-decoration:none;white-space:pre;width:39.09pt">designed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:262.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.05pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:273.6pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.62pt;position:var(--position);text-decoration:none;white-space:pre;width:12.81pt">act</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre;width:247.51pt">as a medium of exchange. Although crypto assets are an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:365.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">emerging asset class, they are not presently widely accepted as a medium of exchange. There are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:298.36pt">thousands of crypto assets, the most well-known of which is bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:388.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt">.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:114.33pt">issued by a government,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:204.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.38pt">bank</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:231.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.67pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:245.83pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.31pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">central</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.69pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">organization.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:344.39pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:349.87pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:382.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.71pt;position:var(--position);text-decoration:none;white-space:pre;width:25.04pt">exists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:412.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:418.23pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:10.38pt">an</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:445.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.57pt;position:var(--position);text-decoration:none;white-space:pre;width:30.23pt">online,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:486.28pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">peer-to-peer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">computer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:131.52pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.03pt">network</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:172.2pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.85pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.61pt">hosts</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:220.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.24pt;position:var(--position);text-decoration:none;white-space:pre;width:314.69pt">the Bitcoin Blockchain. Bitcoin has no physical existence and exists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:445.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Bitcoin Network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:458.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">known as a Blockchain. The Fund may invest indirectly in bitcoin through the Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:484.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.2pt">Trust and through other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:279.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.48pt;position:var(--position);text-decoration:none;white-space:pre;width:36.02pt">vehicles</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:338.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:341.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:33.59pt">provide</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:375.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:378.41pt;position:var(--position);text-decoration:none;white-space:pre;width:39.7pt">exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:418.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.39pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.22pt;position:var(--position);text-decoration:none;white-space:pre;width:59.52pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:492.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.02pt;position:var(--position);text-decoration:none;white-space:pre;width:43.95pt">Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:499.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.87pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Trust</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:150.07pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.33pt">is</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:161.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:373.47pt">a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:513.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.52pt">security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">In addition to the general risks of investing in other investment vehicles, the value of the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:550.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio’s indirect investments in crypto assets are subject to fluctuations in the value of the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:563.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">asset, which can be highly volatile. The value of crypto assets is determined by the supply and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:576.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:219.57pt">demand for crypto assets in the global market</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:309.57pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:315.28pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:328.1pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:333.81pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:347.24pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.95pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:384.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:389.8pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:398.96pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:404.67pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:432.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.47pt;position:var(--position);text-decoration:none;white-space:pre;width:28.4pt">assets,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:466.87pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.58pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:499.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.71pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:505.16pt;position:var(--position);text-decoration:none;white-space:pre;width:34.82pt">consists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:591pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">primarily</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:130.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:134.57pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.73pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.4pt;position:var(--position);text-decoration:none;white-space:pre;width:52.51pt">transactions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:199.91pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:214.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:218.25pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.34pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.01pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:271.38pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:275.05pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:306.19pt;position:var(--position);text-decoration:none;white-space:pre;width:3.67pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:309.86pt;position:var(--position);text-decoration:none;white-space:pre;width:230.09pt">platforms. The value of crypto assets has been, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:605.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">may continue to be, substantially dependent on speculation, such that trading and investing in crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:618.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:270.43pt">assets generally may not be based on fundamental analysis.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:360.43pt;position:var(--position);text-decoration:none;white-space:pre;width:4.17pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:364.6pt;position:var(--position);text-decoration:none;white-space:pre;width:175.31pt">The Small Cap Portfolio’s exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:296.2pt">crypto assets can result in substantial losses to the Small Cap Fund.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:669.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">oversight of a central authority or banks. The value of crypto assets are not backed by any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:682.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:696pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">destruction.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:119.78pt">therefore be more exposed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:209.78pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:222.28pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.23pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">fraud</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:249.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:253.38pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:269.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:273.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:28.68pt">failure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:301.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:305.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">than</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:324.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:328.72pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">established,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:380.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:384.27pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">regulated</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.17pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.12pt;position:var(--position);text-decoration:none;white-space:pre;width:45.8pt">exchanges</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:474.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.87pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.69pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.64pt;position:var(--position);text-decoration:none;white-space:pre;width:44.26pt">securities,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:100.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:48.23pt">derivatives</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:138.23pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:141.29pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:157.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:160.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:182.82pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.88pt;position:var(--position);text-decoration:none;white-space:pre;width:354.05pt">currencies. These crypto asset trading platforms can cease operating temporarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">or even permanently, resulting in the potential loss of users’ crypto assets or other market disruptions.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Crypto asset trading platforms may be more exposed to the risk of market manipulation than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:141.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:154.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assets in which the Small Cap Portfolio may invest indirectly (also known as “whales”) may have the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on which crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:181.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">assets are traded are or may become subject to enforcement actions by regulatory authorities. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:194.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">asset trading platforms that are regulated typically must comply with minimum net worth,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:207.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">cybersecurity, and anti-money laundering requirements, but are not typically required to protect</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:220.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">customers or their markets to the same extent that regulated securities exchanges or futures exchanges</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">are required to do so. Furthermore, crypto asset trading platforms may be operating out of compliance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:247.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:77pt">with regulations, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:182.88pt;position:var(--position);text-decoration:none;white-space:pre;width:357.06pt"> many crypto asset trading platforms lack certain safeguards established by more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:260.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">traditional exchanges to enhance the stability of trading on the exchange, such as measures designed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:273.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:300.93pt">to prevent sudden drops in value of items traded on the exchange (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:390.93pt;position:var(--position);text-decoration:none;white-space:pre;width:14.65pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:405.58pt;position:var(--position);text-decoration:none;white-space:pre;width:79.55pt">, “flash crashes”).</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:485.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:488.83pt;position:var(--position);text-decoration:none;white-space:pre;width:51.17pt">As a result,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">the prices of crypto assets on crypto asset trading platforms may be subject to larger and more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:327.92pt">frequent sudden declines than assets traded on more traditional exchanges.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:323.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:337.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">markets, or a contraction of such use, may result in increased volatility or a reduction in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">crypto assets, either of which could adversely impact the value of the Small Cap Portfolio’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:377.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">investment. In addition, to the extent market participants develop a preference for one crypto asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:390.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">over another, the value of the less preferred crypto assets would likely be adversely affected. Crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">assets are a new technological innovation with a limited history; it is a highly speculative asset and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Small Cap Portfolio’s indirect investment in crypto assets and the ability to exchange a crypto asset or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:443.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:99.52pt">utilize it for payments.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.82pt">ª</span><span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:77.82pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:122.24pt">Crypto Asset Industry Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.24pt;position:var(--position);text-decoration:none;white-space:pre;width:327.64pt">: The crypto asset industry is a newer, speculative, and still-developing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:478.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:36.04pt">industry</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.03999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:413.95pt"> that faces many risks. The crypto asset industry may still be experiencing a bubble or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">experience a bubble again in the future. For example, in the first half of 2022, each of Celsius</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confidence in participants of the digital asset ecosystem and negative publicity surrounding digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”), one of the largest digital asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">platforms by volume at the time, halted customer withdrawals amid rumors of the company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:597.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:610.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">(“CFTC”) brought civil securities and commodities fraud charges, against certain of FTX’s and its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:637.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affiliates’ senior executives, including its former CEO. In addition, several other entities in the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:650.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:663.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:676.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">extreme volatility and other entities in the crypto asset industry have been negatively affected. It is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">possible that similar events could occur in the future, which would undermine confidence in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">this time all of the risks that they may pose to the Small Cap Portfolio, and therefore the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:301.7pt">Fund, its service providers or to the crypto asset industry as a whole.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:107.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Factors affecting the further development of crypto assets include, but are not limited to, continued</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:121.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:135pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.68pt">digital assets; government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:205.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.12pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:225pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.44pt;position:var(--position);text-decoration:none;white-space:pre;width:79.39pt">quasi-government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:307.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:311.27pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:355.84pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:359.28pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.44pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:371.88pt;position:var(--position);text-decoration:none;white-space:pre;width:48.84pt">restrictions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:420.72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.16pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.16pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.6pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:447.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:451.2pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:495.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:499.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:508.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.81pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">access</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:149.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:98.55pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:106.24pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.12pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">operation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:188.18pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.87pt;position:var(--position);text-decoration:none;white-space:pre;width:344.09pt">digital asset networks; changes in consumer demographics and public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:278.88pt">preferences; maintenance and development of open-source</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.88pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:375.94pt;position:var(--position);text-decoration:none;white-space:pre;width:37.85pt">software</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:413.79pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.85pt;position:var(--position);text-decoration:none;white-space:pre;width:39.69pt">protocol;</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:460.54pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.6pt;position:var(--position);text-decoration:none;white-space:pre;width:49.44pt">availability</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:517.04pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:524.1pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:178.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:45.19pt">popularity</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:135.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:140.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:149.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.13pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:177.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:183.11pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">forms</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:208.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.15pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:223.31pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.7pt;position:var(--position);text-decoration:none;white-space:pre;width:37.26pt">methods</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:265.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:271.35pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:280.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.9pt;position:var(--position);text-decoration:none;white-space:pre;width:30.55pt">buying</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:316.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:337.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:343.11pt;position:var(--position);text-decoration:none;white-space:pre;width:29.31pt">selling</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:372.42pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.81pt;position:var(--position);text-decoration:none;white-space:pre;width:162.14pt">goods and services; the use of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:192.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">networks supporting digital assets, such as those for developing smart contracts and distributed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:205.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">applications; general economic conditions and the regulatory environment relating to digital assets;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">negative consumer or public perception; and general risks tied to the use of information technologies,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:232.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.53pt">including cyber risks.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:186.53pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.31pt;position:var(--position);text-decoration:none;white-space:pre;width:7.94pt">A</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:198.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:202.03pt;position:var(--position);text-decoration:none;white-space:pre;width:337.79pt">hack or failure of one crypto asset may lead to a loss in confidence in, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:251.6pt">thus decreased usage and/or value of, other crypto assets.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:139.21pt">Crypto Asset Regulatory Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.21pt;position:var(--position);text-decoration:none;white-space:pre;width:310.76pt">: Crypto asset markets in the U.S. exist in a state of regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:282pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:295.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:432.56pt">adversely affect the value of the Small Cap Portfolio’s indirect investments in crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:522.56pt;position:var(--position);text-decoration:none;white-space:pre;width:5.18pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:527.74pt;position:var(--position);text-decoration:none;white-space:pre;width:12.22pt">As</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">digital assets have grown in both popularity and market size, a number of state and federal agencies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">have issued consumer advisories regarding the risks posed by digital assets to investors. In addition,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the Securities and Exchange Commission, U.S. state securities regulators and several foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:56.8pt">governments</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:146.8pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.5pt;position:var(--position);text-decoration:none;white-space:pre;width:20.76pt">have</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.95999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:27.49pt">issued</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:202.45pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:206.15pt;position:var(--position);text-decoration:none;white-space:pre;width:40.31pt">warnings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:246.46pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.16pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:266.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.74pt;position:var(--position);text-decoration:none;white-space:pre;width:40.91pt">instituted</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:310.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:314.35pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">legal</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:335.71000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:339.40999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:53.13pt">proceedings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:392.54pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:396.24pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">in</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:404.79pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:408.49pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:439.06pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">they</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:457.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:461.69pt;position:var(--position);text-decoration:none;white-space:pre;width:24.42pt">argue</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:486.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:489.81pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:506.29pt;position:var(--position);text-decoration:none;white-space:pre;width:3.7pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:509.99pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">certain</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:118.08pt;position:var(--position);text-decoration:none;white-space:pre;width:3.89pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.97pt;position:var(--position);text-decoration:none;white-space:pre;width:417.88pt">assets may be classified as securities and that both those digital assets and any related initial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:227.94pt">coin offerings are subject to securities regulations.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:317.94pt;position:var(--position);text-decoration:none;white-space:pre;width:4.1pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.03999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:217.88pt">Additionally, U.S. state and federal, and foreign</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:392.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regulators and legislatures have taken action against virtual currency businesses or enacted restrictive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:405.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:418.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:178.59pt">stemming from virtual currency activity.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:268.59000000000003pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:19.41pt"></span></span></span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">The Small Cap Portfolio’s exposure to crypto assets may change over time and, accordingly, such</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">exposure may not be represented in the Small Cap Portfolio’s portfolio at any given time. Many</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">significant aspects of the tax treatment of investments in crypto assets are uncertain, and a direct or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:320.91pt">indirect investment in crypto assets may produce non-qualifying income.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:91.05pt;position:var(--position);text-decoration:none;white-space:pre;width:62.59pt">Market Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:153.64pt;position:var(--position);text-decoration:none;white-space:pre;width:386.36pt"> Mutual funds are subject to market risks and significant fluctuations in value. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:519.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">market declines in value, the Small Cap Portfolio is likely to decline in value and you could lose</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:532.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">money on your investment. Natural disasters, public health emergencies (including epidemics and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other global</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:559.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">unforeseeable events may lead to instability in world economies and markets, market volatility and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:572.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">may have adverse long-term effects. Advancements in technology may adversely impact markets and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:585.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">the overall performance of the Fund.  For example, as artificial intelligence is used more widely, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:598.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">profitability and growth of Portfolio holdings may be impacted, which could significantly impact the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:145.02pt">overall performance of the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:104.61pt">Stock Selection Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.61pt;position:var(--position);text-decoration:none;white-space:pre;width:345.28pt">The portfolio securities selected by the Investment Adviser may decline in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:644.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">value or not increase in value when the stock market in general is rising and may fail to meet the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:657.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:357.53pt">Small Cap Portfolio’s, and therefore the Small Cap Fund’s, investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:90.01pt">Management Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:180.01pt;position:var(--position);text-decoration:none;white-space:pre;width:359.98pt">There is no guarantee that the Small Cap Fund will meet its investment objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:693pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">The Investment Adviser does not guarantee the performance of the Small Cap Fund, nor can it assure</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:706.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:271.43pt">you that the market value of your investment will not decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:42.54pt">Tax Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.54pt;position:var(--position);text-decoration:none;white-space:pre;width:407.36pt">: In order to qualify as a RIC, the Small Cap Fund must meet certain requirements regarding</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">the source of its income, the diversification of its assets and the distribution of its income. Under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">must be qualifying income, which consists of dividends, interest, gains on investments in securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">and certain other categories of investment income. It appears to be the position of the Internal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Revenue Service (the “IRS”) that gain realized on bitcoin investments such as investments in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">Grayscale Bitcoin Trust will not be qualifying income. The Small Cap Portfolio’s investment in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Subsidiary is expected to provide the Small Cap Fund with exposure to such bitcoin investments</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">within the limitations of the Internal Revenue Code for qualification as a RIC because, under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">applicable tax rules, the earnings of the Subsidiary will be qualifying income for the RIC when</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">distributed by the Subsidiary even though the income would not be qualifying income if earned</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">directly by the RIC or directly by an entity classified as a partnership for federal income tax purposes,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">such as the Small Cap Portfolio, in which the RIC invests. There is a risk, however, that the IRS</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">might assert that the income derived from the Small Cap Portfolio’s investment in its Subsidiary will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">not be considered qualifying income. If the Small Cap Fund were to fail to qualify as a RIC and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">became subject to federal income tax, shareholders of the Small Cap Fund would be subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:89.18pt">diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.18pt;position:var(--position);text-decoration:none;white-space:pre;width:360.81pt">Additionally, the Small Cap Fund invests, directly and indirectly, in entities that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">take the position that they are not subject to entity-level tax. If any such entity is reclassified as a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">corporation for U.S. federal income tax purposes, shareholders of the Small Cap Fund would be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:137.83pt">subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:227.83pt;position:var(--position);text-decoration:none;white-space:pre;width:312.07pt">Changes in the laws of the United States and/or the Cayman Islands</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">could result in the inability of the Small Cap Portfolio and/or its Subsidiary to operate as described in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">this Prospectus and could adversely affect the Small Cap Fund. For example, the Cayman Islands</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:362.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">does not currently impose any income, corporate or capital gains tax or withholding tax on the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:388.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:349.3pt">Small Cap Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:73.67pt">Subsidiary Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.67000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:376.25pt">: By investing in its Subsidiary, the Small Cap Portfolio is indirectly exposed to the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:424.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">risks associated with the Subsidiary’s investments. Those investments held by the Subsidiary are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">generally similar to the investments that are permitted to be held by the Small Cap Portfolio and are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">subject to the same risks that would apply to similar investments if held directly by the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Portfolio. The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in this</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">Prospectus, is not subject to all the investor protections of the 1940 Act. In addition, changes in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:490.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">laws of the United States and/or the Cayman Islands could result in the inability of the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:503.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">Portfolio and/or its Subsidiary to continue to operate and could adversely affect the Small Cap Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:58.3pt">performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.34pt">Volatility Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.34pt;position:var(--position);text-decoration:none;white-space:pre;width:380.64pt"> The Portfolio may have investments, including but not limited to bitcoin, that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:552pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">appreciate or depreciate significantly in value over short periods of time. This may cause the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:565.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio’s net asset value per share to experience significant increases or declines in value over short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:578.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.31pt">periods of time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:42pt">IPO Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132pt;position:var(--position);text-decoration:none;white-space:pre;width:407.96pt">: IPO share prices can be volatile and fluctuate considerably due to factors such as the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">absence of a prior public market, unseasoned trading, a limited number of shares available for trading,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">and limited operating history and/or information about the issuer. The purchase of IPO shares may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:640.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:378.93pt">involve high transaction costs. IPO shares are subject to market risk and liquidity risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:71.44pt">Valuation Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.44pt;position:var(--position);text-decoration:none;white-space:pre;width:378.55pt">The sales price the Portfolio could receive for any particular portfolio investment may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">methodology. Valuation may be more difficult in times of market turmoil since many investors and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">market makers may be reluctant to purchase complex instruments or quote prices for them. Fair</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">valuation of the Portfolio’s investments involves subjective judgment. The Portfolio’s ability to value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">its investments may be impacted by technological issues and/or errors by pricing services or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">third-party service providers. Shares of Grayscale Bitcoin Trust are intended to reflect the price of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">bitcoin assets, less fees and expenses, and shares of the Grayscale Bitcoin Trust have historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.95pt">$1 of a portfolio will actually own less than $1 in assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:113.97pt">Foreign Securities Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:203.97pt;position:var(--position);text-decoration:none;white-space:pre;width:244.6pt"> Investing in foreign securities directly or indirectly (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:448.57pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.2pt;position:var(--position);text-decoration:none;white-space:pre;width:72.79pt"> through ADRs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">GDRs and IDRs) can carry higher returns but involve more risks than those associated with U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investments. Additional risks associated with investment in foreign securities include currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">information, differences in financial reporting standards and less stringent regulation of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">markets. Foreign securities in which the Portfolio invests may be traded in markets that close before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:390.53pt">days when shareholders are not able to purchase or redeem the Small Cap Fund’s shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.41pt">Liquidity Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.41pt;position:var(--position);text-decoration:none;white-space:pre;width:380.53pt"> The Investment Adviser may not be able to sell portfolio securities at an optimal time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or price. The Portfolio’s significant investment in a single position, makes the Portfolio especially</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">susceptible to the risk that during certain periods the liquidity of the single position will decrease or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">disappear suddenly and without warning as a result of adverse market or political events, or adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">investor perceptions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:179.1pt">Exchange-Traded Funds (ETFs) Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.1pt;position:var(--position);text-decoration:none;white-space:pre;width:270.8pt">ETFs are registered investment companies whose shares are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">general, passively-managed ETFs seek to track a specified securities index or a basket of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">that an “index provider,” such as S&amp;P Global, selects as representative of a market, market segment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:465.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or industry sector. A passively-managed ETF is designed so that its performance will correspond</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:478.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">closely with that of the index it tracks. Actively-managed ETFs may not meet their investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">objective based on an ETF’s investment adviser’s success or failure to implement strategies for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:505.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">ETF and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:518.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">engage in transactions and purchase instruments that give rise to forms of leverage, including, among</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:531.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">others, the use of reverse repurchase agreements and other borrowings, the investment of collateral</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:544.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">their underlying indexes through the use of derivative instruments, the fund will indirectly be subject</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:584.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">to leveraging risk. As a shareholder in an ETF, the Small Cap Opportunities Portfolio will bear its pro</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:597.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">rata portion of an ETF’s expenses, including advisory fees, in addition to its own expenses. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:610.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">existence of extreme market volatility or potential lack of an active trading market for an ETF’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:624pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:405.49pt">shares could result in such shares trading at a significant premium or discount to their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:93.08pt;position:var(--position);text-decoration:none;white-space:pre;width:121.23pt">Special Situations Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.31pt;position:var(--position);text-decoration:none;white-space:pre;width:325.61pt">The Small Cap Portfolio may use aggressive investment techniques,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:660.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">including seeking to benefit from “special situations,” such as mergers, reorganizations, or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:673.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">unusual events expected to affect a particular issuer. There is a risk that the “special situation” might</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">not occur or involve longer time frames than originally expected, which could have a negative impact</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">on the price of the issuer’s securities and fail to produce gains or produce a loss for the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:196.02pt">Portfolio, and therefore the Small Cap Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:81.32pt">Leveraging Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:171.32pt;position:var(--position);text-decoration:none;white-space:pre;width:368.63pt"> Investments in derivative instruments may give rise to a form of leverage. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:117.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Investment Adviser may engage in speculative transactions, which involve substantial risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:130.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">leverage. The use of leverage by the Investment Adviser may increase the volatility of the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Portfolio. These leveraged instruments may result in losses to the Small Cap Portfolio or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">adversely affect the Small Cap Portfolio’s NAV or total return, because instruments that contain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">leverage are more sensitive to changes in interest rates. The Small Cap Portfolio may also have to sell</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:391.77pt">assets at inopportune times to satisfy its obligations in connection with such transactions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:85.5pt">Interest Rate Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:175.5pt;position:var(--position);text-decoration:none;white-space:pre;width:364.42pt"> The risk that when interest rates increase, fixed-income securities held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Small Cap Portfolio will decline in value. Long-term fixed-income securities will normally have more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:232.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price volatility because of this risk than short-term fixed-income securities. A low or negative interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:245.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">rate environment could cause the Small Cap Portfolio's earnings to fall below the Portfolio's expense</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">ratio, resulting in a decline in the Portfolio's share price. A general rise in interest rates may cause</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:271.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">investors to move out of fixed income securities on a large scale, which could adversely affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">price and liquidity of fixed income securities. The risks associated with changing interest rates may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:298.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:372.63pt">have unpredictable effects on the markets and the Small Cap Portfolio's investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:132.52pt">Convertible Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.52pt;position:var(--position);text-decoration:none;white-space:pre;width:317.39pt">Convertible securities are subject to the risks affecting both equity and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:333.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:350.47pt">fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:220.09pt">Below Investment Grade Debt Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:310.09000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:43.34pt">Generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:353.43pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:356.18pt;position:var(--position);text-decoration:none;white-space:pre;width:183.82pt"> below investment grade debt securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:103.43pt;position:var(--position);text-decoration:none;white-space:pre;width:436.43pt">, junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:382.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:311.44pt">grade securities. Junk bonds are considered to be speculative in nature.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:87.39pt">Cybersecurity Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:177.39pt;position:var(--position);text-decoration:none;white-space:pre;width:362.51pt"> Cybersecurity incidents may allow an unauthorized party to gain access to Small</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">Cap Fund assets or proprietary information, or cause the fund, the Investment Adviser, and/or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">service providers (including custodians and financial intermediaries) to suffer data breaches or data</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Fund, the Investment Adviser, or the Small Cap Fund’s other service providers, or the issuers of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">securities in which the Small Cap Portfolio invests have the ability to disrupt and negatively affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Fund’s business operations, including the ability to purchase and sell fund shares, potentially resulting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:273.29pt">in financial losses to the Small Cap Fund and its shareholders.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:161.21pt">Temporary Defensive Position Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.21pt;position:var(--position);text-decoration:none;white-space:pre;width:288.74pt"> If the Small Cap Portfolio takes a temporary defensive position,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:532.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">it may invest all or a large portion of its assets in cash and/or cash equivalents. If the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:545.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio takes a temporary defensive position, the Small Cap Fund may not achieve its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:558.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">objective.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:433.07pt">The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:505.07pt;position:var(--position);text-decoration:none;white-space:pre;width:34.9pt">The bar</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">chart indicates the risks of investing in the Small Cap Fund by showing the changes in the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:298.15pt">Fund’s performance from year to year (on a calendar year basis).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:370.15pt;position:var(--position);text-decoration:none;white-space:pre;width:4.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:374.17pt;position:var(--position);text-decoration:none;white-space:pre;width:165.79pt">The table shows how the Small Cap</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:401.45pt">Fund’s average annual returns, before and after taxes, compare with those of the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:473.45pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.88pt;position:var(--position);text-decoration:none;white-space:pre;width:60.98pt"> Index, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">represents a broad measure of market performance, as well as the MSCI USA Small Cap Index replaces</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:334.5pt">the S&amp;P 600® SmallCap Index as the secondary comparison benchmark.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:406.5pt;position:var(--position);text-decoration:none;white-space:pre;width:4.11pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:410.61pt;position:var(--position);text-decoration:none;white-space:pre;width:129.38pt">The past performance of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:209.85pt">Small Cap Portfolio will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:281.85pt;position:var(--position);text-decoration:none;white-space:pre;width:3.42pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.27pt;position:var(--position);text-decoration:none;white-space:pre;width:254.71pt">Performance reflects fee waivers in effect. If fee waivers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">were not in place, the Small Cap Fund’s performance would be reduced. Updated performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:225.55pt">information is available on the Fund’s website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:297.55pt;position:var(--position);text-decoration:underline;white-space:pre;width:137.41pt">https://www.kineticsfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.96pt;position:var(--position);text-decoration:none;white-space:pre;width:3.77pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.73pt;position:var(--position);text-decoration:none;white-space:pre;width:101.19pt">or by calling the Fund</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:46.07pt">toll-free at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:118.07pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:120.82pt;position:var(--position);text-decoration:none;white-space:pre;width:68.73pt">(800) 930-3828</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:189.55pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div> The bar chart and table shown below illustrate the variability of the Small Cap Fund’s returns. The table shows how the Small Cap Fund’s average annual returns, before and after taxes, compare with those of the S&P 500® Index, which represents a broad measure of market performance, as well as the MSCI USA Small Cap Index replaces the S&P 600® SmallCap Index as the secondary comparison benchmark. The past performance of the Small Cap Fund, before and after taxes, is not necessarily an indication of how the Small Cap Fund or the Small Cap Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Small Cap Fund – Institutional Class Calendar Year Returns as of 12/31 <div style="font-size:0pt;left:129pt;position:var(--position);width:354pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:144.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2021</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:17.18pt;position:var(--position);text-decoration:none;white-space:pre">60.54%</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:144.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:144.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:144.75pt;position:var(--position);top:15pt;width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:284.25pt;position:var(--position);top:15pt;width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:15.35pt;position:var(--position);text-decoration:none;white-space:pre">-34.35%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter: 2021-03-31 0.6054 Worst Quarter: 2020-03-31 -0.3435 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The Small Cap Fund’s after-tax returns as shown in the following table are calculated using the historical</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:560.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:418.27pt">Your actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:490.27pt;position:var(--position);text-decoration:none;white-space:pre;width:49.72pt">If you own</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">Fund shares in a tax-deferred account, such as a 401(k) plan or an individual retirement account (“IRA”),</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:308.06pt">the information on after-tax returns is not relevant to your investment.</span> The Small Cap 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. If you own 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 2005-08-12 Return Before Taxes -0.0847 0.2134 0.1845 0.1165 Return After Taxes on Distributions -0.0856 0.2061 0.1809 0.1140 Return After Taxes on Distributions and Sale of Fund Shares -0.0495 0.1737 0.1583 0.1024 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1090 MSCI USA Small Cap Index (reflects no deductions for fees, expenses or taxes)(1) S&P 600® SmallCap Index (reflects no deductions for fees, expenses or taxes)(1) (reflects no deductions for fees, expenses or taxes) 0.0602 0.0731 0.0981 0.0882 THE MARKET OPPORTUNITIES FUND Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">The investment objective of the Market Opportunities Fund is long-term growth of capital. The Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:118.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Opportunities Fund is the sole “feeder fund” to The Market Opportunities Portfolio, a series of Kinetics</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:72.06pt">Portfolios Trust.</span> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186.85pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:129.21pt">Market Opportunities Fund. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:201.21pt;position:var(--position);text-decoration:none;white-space:pre;width:338.77pt">You may pay other fees, such as brokerage commissions and other fees to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:353.18pt">financial intermediaries, which are not reflected in the table and example below.</span> SHAREHOLDER FEES(fees paid directly from your investment) -0.0200 ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0.0038 0.0020 0.0018 0.0163 -0.0043 0.0120 April 30, 2027 Example. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:116.1pt;position:var(--position);text-decoration:none;white-space:pre;width:423.78pt">This Example is intended to help you compare the cost of investing in the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">the Market Opportunities Fund for the time periods indicated and then redeem all of your shares at the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">end of these periods. The Example also assumes that your investment has a 5% return each year and that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">the Market Opportunities Fund’s operating expenses remain the same (taking into account the expense</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:153.17pt">limitations only in the first year).</span> Although your actual costs may be higher or lower, based on these assumptions your cost for the Market Opportunities Fund would be: 122 472 846 1897 Portfolio Turnover. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.89pt;position:var(--position);text-decoration:none;white-space:pre;width:369.34pt">The Market Opportunities Portfolio pays transaction costs, such as commissions,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:225.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">account. These costs, which are not reflected in annual fund operating expenses or in the Example,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">affect the Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:278.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">performance. During the most recent fiscal year, the Market Opportunities Portfolio’s portfolio turnover</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:36.32pt">rate was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:111.07pt;position:var(--position);text-decoration:none;white-space:pre;width:14.66pt">4%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:125.72999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:128.48pt;position:var(--position);text-decoration:none;white-space:pre;width:157.84pt">of the average value of its portfolio.</span> 0.04 Principal Investment Strategy <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">The Market Opportunities Fund is a non-diversified fund that invests all of its investable assets in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:344.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. Under normal circumstances, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:357.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">Market Opportunities Portfolio invests at least 65% of its net assets in common stocks, convertible</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:371pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.23pt">securities, warrants and other equity securities having the characteristics of common stocks (such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:384.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and International</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">Depositary Receipts (“IDRs”)) of U.S. and foreign companies involved in capital markets or related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:410.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">capital markets, as well as companies involved in the gaming industry. Capital market companies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:423.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">include companies that are engaged in or derive a substantial portion of their revenue from activities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:437pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">with a publicly traded securities exchange, such as equity exchanges and commodity exchanges,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">including but not limited to clearing firms and brokerage houses. The Market Opportunities Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.22pt">may also invest in exchange-traded funds (“ETFs”) and purchase and write options for hedging purposes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:476.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:109.6pt">and/or direct investment.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:181.6pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:503pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">The Market Opportunities Portfolio may invest up to 20% of its total assets in convertible and non-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:516.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.22pt">convertible debt securities rated below investment grade, also known as junk bonds, or unrated</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:529.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:362.09pt">securities that the Investment Adviser has determined to be of comparable quality.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:555.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">The Market Opportunities Portfolio securities will be selected by the Investment Adviser from</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:569pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">companies that are engaged in public exchanges, derivative exchanges, and capital markets; companies</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:582.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">that experience operational scale from increased volume such as investment banks, credit card</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:595.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">processing companies, electronic payment companies and companies in the gaming industry; and from</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:608.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">companies that act as facilitators such as publicly traded expressways, airports, roads and railways.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:621.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.14pt">Companies that experience operational scale from increased volume are similar to capital markets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:635pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">companies because they have greater fixed costs than variable costs, operating margins that rise once</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.14pt">fixed costs are covered, and an ability to generate higher operating margins once fixed costs are covered</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:661.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.15pt">(referred to as operating leverage). High operating leverage describes a company’s ability to experience</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:674.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">rising profit margins as revenues increase. These companies may be large, medium or small in size if, in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:687.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">the Investment Adviser’s opinion, these companies meet the Market Opportunities Portfolio’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:701pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.17pt">investment criteria. The Investment Adviser seeks to invest in companies with high operating leverage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.21pt">that can expand capacity with negligible or limited associated costs. Generally, high returns on equity,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.1pt">long product life cycles, high barriers to entry and certain degrees of financial gearing are necessary for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">this. Financial gearing occurs with the use of loans and debt in companies where it is necessary to build</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">capacity and infrastructure before operations can begin. Additionally, the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.16pt">Portfolio may participate in securities lending arrangements up to 33-1/3% of the securities in its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.25pt">portfolio with brokers, dealers, and financial institutions (but not individuals) in order to increase the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:97.1pt">return on its portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:169.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Market Opportunities Portfolio invests indirectly in bitcoin through the Grayscale Bitcoin Trust and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">through other pooled investment vehicles that provide exposure to crypto assets. Certain of these</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">investment vehicles, including the Grayscale Bitcoin Trust, are not registered under the 1940 Act and do</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:214.47pt">not receive the protections of the 1940 Act. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:286.47pt;position:var(--position);text-decoration:none;white-space:pre;width:253.43pt">The Market Opportunities Portfolio will not invest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:201.66pt">directly in bitcoin or other crypto assets. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:273.65999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:266.27pt">The Grayscale Bitcoin Trust is a Bitcoin ETF and enables</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">investors to gain exposure to bitcoin in the form of a security while avoiding the challenges of buying,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">storing, and safekeeping bitcoin, directly. Bitcoin is a type of crypto asset that is not issued by a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">government, bank or central organization. Bitcoin exists on the Bitcoin Network that hosts the Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Blockchain. Bitcoin has no physical existence and exists solely through the record of bitcoin transactions</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:351.44pt">on the Bitcoin Blockchain. The Grayscale Bitcoin Trust invests principally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:423.44pt;position:var(--position);text-decoration:none;white-space:pre;width:5.23pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:428.67pt;position:var(--position);text-decoration:none;white-space:pre;width:52.29pt">in bitcoin. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:480.96pt;position:var(--position);text-decoration:none;white-space:pre;width:58.96pt">The Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">Opportunities Portfolio held 10.83% of its net assets in the Grayscale Bitcoin Trust as of March 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:24.75pt">2026.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:96.75pt;position:var(--position);text-decoration:none;white-space:pre;width:443.16pt"> The Market Opportunities Portfolio may also invest in other pooled investment vehicles that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">provide exposure to the spot price of crypto assets. For example, the Market Opportunities Portfolio may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:209.12pt">invest in the Grayscale Ethereum Classic Trust.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:375.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:456.42pt">The Market Opportunities Portfolio contributed a portion of its holdings in the Grayscale Bitcoin Trust</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:528.4200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:3.03pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:531.45pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:388.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (the “Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:58.32pt">Subsidiary”).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:130.32pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:428.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">The Market Opportunities Portfolio is also the sole shareholder of a wholly owned subsidiary organized</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:441.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">under Delaware law (the “Delaware Subsidiary”). The Market Opportunities Portfolio contributed a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:454.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">portion of its holdings in the Grayscale Bitcoin Trust to the Delaware Subsidiary. Any net gains that the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Delaware Subsidiary recognizes on future sales of the contributed Grayscale Bitcoin Trust shares will be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">subject to federal and state corporate income tax, but the dividends that the Delaware Subsidiary pays to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:164.66pt">the Market Opportunities Portfolio (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:236.66pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:250.09pt;position:var(--position);text-decoration:none;white-space:pre;width:289.85pt">, those gains, net of the tax paid and any other expenses of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.99pt">Delaware Subsidiary, such as its management and advisory fees) will be eligible to be treated as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">“qualified dividend income” under the Internal Revenue Code of 1986, as amended (the “Internal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">Revenue Code”). The Delaware Subsidiary and the Cayman Subsidiary are each referred to herein as a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">“Subsidiary” and collectively as “Subsidiaries.” Additional information regarding the tax treatment of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:560.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:225.96pt">Fund is provided in the “Taxes” section of the SAI.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:297.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">In the future, the Market Opportunities Portfolio may seek to gain additional exposure to the Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Bitcoin Trust that may not produce qualifying income for the Market Opportunities Fund under the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.89pt">Internal Revenue Code if held directly. The Market Opportunities Portfolio will not make any additional</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:626.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">investments in the Grayscale Bitcoin Trust if as a result of such investment, its aggregate investment in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">the Grayscale Bitcoin Trust, either directly or through a Subsidiary, would be more than 15% of its assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">at the time of the investment. However, the Portfolio’s investment in the Grayscale Bitcoin Trust may, at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:244.87pt">times, exceed 15% of its net assets, due to appreciation.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:316.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:692.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Each Subsidiary invests primarily in the Grayscale Bitcoin Trust. The Market Opportunities Portfolio will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">invest in its Subsidiaries in a manner that is consistent with the limitations of the federal tax laws, rules</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">and regulations that apply to the Market Opportunities Fund as a “regulated investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">(“Subchapter M”). However, the Market Opportunities Portfolio and each Subsidiary comply with the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.87pt">applicable to the investment activities of each Subsidiary. Each Subsidiary also complies with Section 17</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">of the 1940 Act relating to affiliated transactions and custody, and the Investment Adviser complies with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Section 15 of the 1940 Act, relating to investment advisory contracts with respect to the Subsidiaries.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">Unlike the Market Opportunities Fund, each Subsidiary does not, and will not, seek to qualify as a RIC.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">The Market Opportunities Portfolio is the sole shareholder of each Subsidiary and does not expect shares</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">of the Subsidiaries to be offered or sold to other investors. The Subsidiaries include entities that engage in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">investment activities in securities or other assets that are primarily controlled by the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">Portfolio. The Market Opportunities Portfolio does not intend to create or acquire primary control of any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.98pt">entity which primarily engages in investment activities in securities or other assets other than entities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:235.74pt">wholly-owned by the Market Opportunities Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:307.74pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Sell decisions are generally triggered by either adequate value being achieved, as determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">Investment Adviser, or by an adverse change in a company’s operating performance or a deterioration of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:296.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.19pt">the company’s business model. A sell trigger may also occur if the Investment Adviser discovers a new</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:309.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.2pt">investment opportunity that it believes is more compelling and represents a greater risk reward profile</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:322.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:300.76pt">than other investment(s) held by the Market Opportunities Portfolio.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:372.76pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:349.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.9pt">The Market Opportunities Portfolio may maintain during a temporary period, which could be for a short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">period or a longer period lasting several years or more, of abnormal conditions, a significant portion of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:376.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">total assets in cash and securities, generally considered to be cash and cash equivalents, including, but not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:389.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">limited to: high quality, U.S. short-term debt securities and money market instruments. The Investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:402.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Adviser will invest in such short-term cash positions to the extent that the Investment Adviser is unable to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">find sufficient investments meeting its criteria and when the Investment Adviser believes the purchase of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">additional equity securities would not further the investment objective of the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">Portfolio during such periods of time. Additionally, to respond to adverse market, economic, political or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">other conditions, which may persist for short or long periods of time, the Market Opportunities Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">may invest up to 100% of its assets in the types of high quality, U.S. short-term debt securities and money</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:161.21pt">market instruments described above.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:233.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">If the market advances during periods when the Market Opportunities Portfolio is holding a large cash</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.84pt">position, the Portfolio may not participate as much as it would have if it had been more fully invested in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8399999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:533.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.92pt">securities. In the aforementioned temporary defensive periods, the Investment Adviser believes that an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.95pt">additional amount of liquidity in the Market Opportunities Portfolio is desirable both to meet operating</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:559.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.93pt">requirements and to take advantage of new investment opportunities. When the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:468pt">Portfolio holds a significant portion of assets in cash and cash equivalents, it may not meet its investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">objective.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:115.03999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">The Market Opportunities Portfolio held 47.77% of its net assets in the Texas Pacific Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:625.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:289pt">Corporation (the “Land Corporation”) as of March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:361pt;position:var(--position);text-decoration:none;white-space:pre;width:178.91pt">. The Land Corporation is a corporation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">organized under the laws of the state of New York. One of the largest land owners in Texas, the Land</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">Corporation derives most of its income from oil and gas royalty revenue, land easements and water</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:665.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.96pt">royalties and sales. The Land Corporation has historically operated with minimal operating expenses,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.88pt">little to no debt and utilized cash flow to return capital to unitholders through share repurchases and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.91pt">dividends. While the Land Corporation has held the majority of its assets since its formation in 1888, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">development of energy resources subject to its royalty interests and related land use have experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:419.51pt">rapid growth in recent years due to advances in energy exploration and extraction technologies.</span></div> The Market Opportunities 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. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:369.13pt">Investing in common stocks has inherent risks that could cause you to lose money.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:165.44pt">Single Security Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:255.44pt;position:var(--position);text-decoration:none;white-space:pre;width:284.44pt">Holding a large portion of its net assets in a single security or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:255.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">issuer exposes the Portfolio to various risks relating to that security or issuer and to the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">volatility of that specific security or issuer if the security or issuer performs worse than the market as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:277.22pt">a whole, which could adversely affect the Fund’s performance.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.97pt">Non-Diversification Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:205.97pt;position:var(--position);text-decoration:none;white-space:pre;width:334pt">: Holding a large portion of its net assets in a small number of issuers</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">exposes the Portfolio to various risks relating to those issuers. A change in the value of any one</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">investment may affect the overall value of the Market Opportunities Portfolio’s shares, and therefore</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">the Market Opportunities Fund’s shares, more than shares of a diversified mutual fund that holds</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:80.61pt">more investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:144.68pt">Petroleum and Gas Sector Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:234.68pt;position:var(--position);text-decoration:none;white-space:pre;width:305.31pt">The profitability of companies in the oil and gas industry is related to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:386.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">worldwide energy prices, exploration costs and production spending. Companies in the oil and gas</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:399.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">industry may be at risk for environmental damage claims and other types of litigation. Companies in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:412.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">the oil and gas industry may be adversely affected by: natural disasters or other catastrophes; changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:426pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">in exchange rates or interest rates; prices for competitive energy services; economic conditions; tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:439.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">treatment or government regulation; government intervention; negative public perception; or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:452.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:289.96pt">unfavorable events in the regions where companies operate (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:379.96pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">e.g.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:395.84pt;position:var(--position);text-decoration:none;white-space:pre;width:144.08pt">, expropriation, nationalization,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:465.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confiscation of assets and property, imposition of restrictions on foreign investments or repatriation of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:478.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">capital, military coups, social or political unrest, violence or labor unrest). Companies in the oil and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:492pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">gas industry may have significant capital investments in, or engage in transactions involving,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:264.11pt">emerging market countries, which may heighten these risks.</span> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:129.88pt">Crypto Asset Exposure Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:219.88pt;position:var(--position);text-decoration:none;white-space:pre;width:38.82pt">: Crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:258.7pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:264.18pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:295.31pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">(also</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:316.68pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.15999999999997pt;position:var(--position);text-decoration:none;white-space:pre;width:34.78pt">referred</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:356.94pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:362.42pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:370.97pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:376.45pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">as</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:385.61pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:391.09pt;position:var(--position);text-decoration:none;white-space:pre;width:33.57pt">“virtual</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:424.66pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.14pt;position:var(--position);text-decoration:none;white-space:pre;width:50.05pt">currencies”</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:485.67pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:501.55pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.03pt;position:var(--position);text-decoration:none;white-space:pre;width:32.96pt">“digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:541.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">currencies”)</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:143.71pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:146.73pt;position:var(--position);text-decoration:none;white-space:pre;width:13.42pt">are</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:160.15pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:163.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:191.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.26999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">assets</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:219.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.94pt;position:var(--position);text-decoration:none;white-space:pre;width:39.09pt">designed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:262.03pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:265.05pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:273.6pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:276.62pt;position:var(--position);text-decoration:none;white-space:pre;width:12.81pt">act</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:289.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.02pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.45pt;position:var(--position);text-decoration:none;white-space:pre;width:247.51pt">as a medium of exchange. Although crypto assets are an</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">emerging asset class, they are not presently widely accepted as a medium of exchange. There are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:569.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:267.83pt">thousands of crypto assets, the most well-known of which is </span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:357.83pt;position:var(--position);text-decoration:none;white-space:pre;width:36.31pt">bitcoin.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:3.72pt"> <span style="display:inline-block;height:7.62pt;width:15.25pt"></span></span><span style="left:90.97pt;position:var(--position);width:448.86pt">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not</span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8299999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:114.33pt">issued by a government,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:204.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.81pt;position:var(--position);text-decoration:none;white-space:pre;width:21.38pt">bank</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:231.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:236.67pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:245.83pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.31pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">central</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:286.69pt;position:var(--position);text-decoration:none;white-space:pre;width:57.7pt">organization.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:344.39pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:349.87pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:382.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:387.71pt;position:var(--position);text-decoration:none;white-space:pre;width:25.04pt">exists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:412.75pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:418.23pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.23pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:434.71pt;position:var(--position);text-decoration:none;white-space:pre;width:10.38pt">an</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:445.09pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:450.57pt;position:var(--position);text-decoration:none;white-space:pre;width:30.23pt">online,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:480.8pt;position:var(--position);text-decoration:none;white-space:pre;width:5.48pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:486.28pt;position:var(--position);text-decoration:none;white-space:pre;width:53.71pt">peer-to-peer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">computer</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:131.52pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:136.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:36.03pt">network</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:172.2pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:176.85pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:193.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:197.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.61pt">hosts</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:220.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.65pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:225.24pt;position:var(--position);text-decoration:none;white-space:pre;width:314.69pt">the Bitcoin Blockchain. Bitcoin has no physical existence and exists</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:634.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">solely through the record of bitcoin transactions on the Bitcoin Blockchain. The Bitcoin Network</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:648pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">allows people to exchange tokens of value, bitcoins, which are recorded on a public transaction ledger</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:661.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">known as a Blockchain. The Fund may invest indirectly in bitcoin through the Grayscale Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:674.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:189.2pt">Trust and through other pooled investment</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:279.2pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.48pt;position:var(--position);text-decoration:none;white-space:pre;width:36.02pt">vehicles</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:318.5pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.78pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:338.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:341.53999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:33.59pt">provide</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:375.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:378.41pt;position:var(--position);text-decoration:none;white-space:pre;width:39.7pt">exposure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:418.11pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:421.39pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:429.94pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.22pt;position:var(--position);text-decoration:none;white-space:pre;width:59.52pt">crypto assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:492.74pt;position:var(--position);text-decoration:none;white-space:pre;width:3.28pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:496.02pt;position:var(--position);text-decoration:none;white-space:pre;width:43.95pt">Grayscale</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:32.36pt">Bitcoin</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.36pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:126.87pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">Trust</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:150.07pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:154.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.33pt">is</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:161.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.51pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:166.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:373.47pt">a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.52pt">security while avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">In addition to the general risks of investing in other investment vehicles, the value of the Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:86.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">Opportunities Portfolio’s indirect investments in crypto assets are subject to fluctuations in the value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:99.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">of the crypto asset, which can be highly volatile. The value of crypto assets is determined by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:112.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:266.88pt">supply and demand for crypto assets in the global market</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:356.88pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:361.61pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:374.43pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:379.16pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">the</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:392.59pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:397.32pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:428.46pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.19pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:442.35pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:447.08pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:475.17pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:479.9pt;position:var(--position);text-decoration:none;white-space:pre;width:28.4pt">assets,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:508.3pt;position:var(--position);text-decoration:none;white-space:pre;width:4.73pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:513.03pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:127.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:34.82pt">consists</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:124.82pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.04pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">primarily</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:169.94pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.16pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:183.32pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:187.54000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:52.51pt">transactions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:240.05pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:244.27pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:255.27pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:259.49pt;position:var(--position);text-decoration:none;white-space:pre;width:28.09pt">crypto</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:287.58000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:291.8pt;position:var(--position);text-decoration:none;white-space:pre;width:21.37pt">asset</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:313.16999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:317.39pt;position:var(--position);text-decoration:none;white-space:pre;width:31.14pt">trading</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:348.53pt;position:var(--position);text-decoration:none;white-space:pre;width:4.22pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:352.75pt;position:var(--position);text-decoration:none;white-space:pre;width:187.16pt">platforms. The value of crypto assets has</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:141.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">been, and may continue to be, substantially dependent on speculation, such that trading and investing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:154.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:325.51pt">in crypto assets generally may not be based on fundamental analysis.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:415.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5.23pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.74pt;position:var(--position);text-decoration:none;white-space:pre;width:119.26pt">The Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:169.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:448.58pt">Portfolio’s exposure to crypto assets can result in substantial losses to the Market Opportunities Fund.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:191.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets facilitate decentralized, peer-to-peer financial exchange and value storage, without the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:205.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">oversight of a central authority or banks. The value of crypto assets are not backed by any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">government, corporation, or other identified body. Crypto assets are also susceptible to theft, loss and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:232.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">destruction.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:254.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:268.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:119.78pt">therefore be more exposed</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:209.78pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:213.73000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:222.28pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:226.23pt;position:var(--position);text-decoration:none;white-space:pre;width:23.2pt">fraud</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:249.43pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:253.38pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:269.26pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:273.21000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:28.68pt">failure</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:301.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:305.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">than</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:324.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:328.72pt;position:var(--position);text-decoration:none;white-space:pre;width:51.6pt">established,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:380.32pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:384.27pt;position:var(--position);text-decoration:none;white-space:pre;width:40.9pt">regulated</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:425.17pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:429.12pt;position:var(--position);text-decoration:none;white-space:pre;width:45.8pt">exchanges</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:474.92pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:478.87pt;position:var(--position);text-decoration:none;white-space:pre;width:12.82pt">for</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.69pt;position:var(--position);text-decoration:none;white-space:pre;width:3.95pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.64pt;position:var(--position);text-decoration:none;white-space:pre;width:44.26pt">securities,</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:48.23pt">derivatives</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:138.23pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:141.29pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:157.17000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:160.23000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:182.82pt;position:var(--position);text-decoration:none;white-space:pre;width:3.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.88pt;position:var(--position);text-decoration:none;white-space:pre;width:354.05pt">currencies. These crypto asset trading platforms can cease operating temporarily</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">or even permanently, resulting in the potential loss of users’ crypto assets or other market disruptions.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:310.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Crypto asset trading platforms may be more exposed to the risk of market manipulation than</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">exchanges for more traditional assets. Individuals or organizations holding a large amount of crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:337.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">assets in which the Market Opportunities Portfolio may invest indirectly (also known as “whales”)</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:350.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">may have the ability to manipulate the prices of those crypto assets. Crypto asset trading platforms on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">which crypto assets are traded are or may become subject to enforcement actions by regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:376.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">authorities. Crypto asset trading platforms that are regulated typically must comply with minimum net</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:390pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worth, cybersecurity, and anti-money laundering requirements, but are not typically required to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">protect customers or their markets to the same extent that regulated securities exchanges or futures</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:416.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">exchanges are required to do so. Furthermore, crypto asset trading platforms may be operating out of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">compliance with regulations, and many crypto asset trading platforms lack certain safeguards</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">established by more traditional exchanges to enhance the stability of trading on the exchange, such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:401.83pt">measures designed to prevent sudden drops in value of items traded on the exchange (</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:italic;font-weight:normal;left:491.83pt;position:var(--position);text-decoration:none;white-space:pre;width:14.65pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:506.48pt;position:var(--position);text-decoration:none;white-space:pre;width:33.45pt">, “flash</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:43.65pt">crashes”).</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:133.65pt;position:var(--position);text-decoration:none;white-space:pre;width:3.57pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:137.22pt;position:var(--position);text-decoration:none;white-space:pre;width:402.7pt">As a result, the prices of crypto assets on crypto asset trading platforms may be subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:484.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:400.27pt">larger and more frequent sudden declines than assets traded on more traditional exchanges.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">Currently, there is relatively limited use of crypto assets in the retail and commercial marketplace,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">which contributes to price volatility. A lack of expansion by crypto assets into retail and commercial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">markets, or a contraction of such use, may result in increased volatility or a reduction in the value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">crypto assets, either of which could adversely impact the value of the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Portfolio’s investment. In addition, to the extent market participants develop a preference for one</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">crypto asset over another, the value of the less preferred crypto assets would likely be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:587.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affected. Crypto assets are a new technological innovation with a limited history; it is a highly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:600.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">speculative asset and future regulatory actions or policies may limit, perhaps to a materially adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:613.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">extent, the value of the Market Opportunities Portfolio’s indirect investment in crypto assets and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:260.42pt">ability to exchange a crypto asset or utilize it for payments.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:122.24pt">Crypto Asset Industry Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:212.24pt;position:var(--position);text-decoration:none;white-space:pre;width:327.64pt">: The crypto asset industry is a newer, speculative, and still-developing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">industry that faces many risks. The crypto asset industry may still be experiencing a bubble or may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">experience a bubble again in the future. For example, in the first half of 2022, each of Celsius</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:688.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">confidence in participants of the digital asset ecosystem and negative publicity surrounding digital</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”), one of the largest digital asset</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">platforms by volume at the time, halted customer withdrawals amid rumors of the company’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">thereafter, FTX’s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">(“CFTC”) brought civil securities and commodities fraud charges, against certain of FTX’s and its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">affiliates’ senior executives, including its former CEO. In addition, several other entities in the crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">asset industry filed for bankruptcy following FTX’s bankruptcy filing, such as BlockFi Inc. and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">Genesis Global Capital, LLC. In response to these events, the prices of crypto assets experienced</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:217.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">extreme volatility and other entities in the crypto asset industry have been negatively affected. It is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:230.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">possible that similar events could occur in the future, which would undermine confidence in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:243.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">crypto asset industry and negatively affect the value of crypto assets. It is not possible to predict at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:256.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">this time all of the risks that they may pose to the Market Opportunities Portfolio, and therefore the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:399.41pt">Market Opportunities Fund, its service providers or to the crypto asset industry as a whole.</span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Factors affecting the further development of crypto assets include, but are not limited to, continued</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">worldwide growth or possible cessation or reversal in the adoption and use of crypto assets and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:115.68pt">digital assets; government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:205.68pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.12pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:225pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.44pt;position:var(--position);text-decoration:none;white-space:pre;width:79.39pt">quasi-government</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:307.83000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:311.27pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:355.84pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:359.28pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.44pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:371.88pt;position:var(--position);text-decoration:none;white-space:pre;width:48.84pt">restrictions</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:420.72pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:424.16pt;position:var(--position);text-decoration:none;white-space:pre;width:11pt">on</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:435.16pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:438.6pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:447.76pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:451.2pt;position:var(--position);text-decoration:none;white-space:pre;width:44.57pt">regulation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:495.77pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:499.21pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:508.37pt;position:var(--position);text-decoration:none;white-space:pre;width:3.44pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:511.81pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">access</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:334.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">to</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:98.55pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:106.24pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:122.12pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:129.81pt;position:var(--position);text-decoration:none;white-space:pre;width:41.52pt">operation</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:171.32999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:188.18pt;position:var(--position);text-decoration:none;white-space:pre;width:7.69pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:195.87pt;position:var(--position);text-decoration:none;white-space:pre;width:344.09pt">digital asset networks; changes in consumer demographics and public</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:348.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:278.88pt">preferences; maintenance and development of open-source</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:368.88pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:375.94pt;position:var(--position);text-decoration:none;white-space:pre;width:37.85pt">software</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:413.79pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:420.85pt;position:var(--position);text-decoration:none;white-space:pre;width:39.69pt">protocol;</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:460.54pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.6pt;position:var(--position);text-decoration:none;white-space:pre;width:49.44pt">availability</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:517.04pt;position:var(--position);text-decoration:none;white-space:pre;width:7.06pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:524.1pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:363pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:45.19pt">popularity</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:135.19pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:140.57999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:149.74pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.13pt;position:var(--position);text-decoration:none;white-space:pre;width:22.59pt">other</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:177.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:183.11pt;position:var(--position);text-decoration:none;white-space:pre;width:25.65pt">forms</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:208.76pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:214.15pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">or</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:223.31pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:228.7pt;position:var(--position);text-decoration:none;white-space:pre;width:37.26pt">methods</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:265.96000000000004pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:271.35pt;position:var(--position);text-decoration:none;white-space:pre;width:9.16pt">of</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:280.51pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:285.9pt;position:var(--position);text-decoration:none;white-space:pre;width:30.55pt">buying</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:316.45pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.84000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:337.72pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:343.11pt;position:var(--position);text-decoration:none;white-space:pre;width:29.31pt">selling</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:372.42pt;position:var(--position);text-decoration:none;white-space:pre;width:5.39pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:377.81pt;position:var(--position);text-decoration:none;white-space:pre;width:162.14pt">goods and services; the use of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:377.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">networks supporting digital assets, such as those for developing smart contracts and distributed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:390.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">applications; general economic conditions and the regulatory environment relating to digital assets;</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:403.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">negative consumer or public perception; and general risks tied to the use of information technologies,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.53pt">including cyber risks.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:186.53pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:190.31pt;position:var(--position);text-decoration:none;white-space:pre;width:7.94pt">A</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:198.25pt;position:var(--position);text-decoration:none;white-space:pre;width:3.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:202.03pt;position:var(--position);text-decoration:none;white-space:pre;width:337.79pt">hack or failure of one crypto asset may lead to a loss in confidence in, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.8199999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:431.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:251.6pt">thus decreased usage and/or value of, other crypto assets.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:139.21pt">Crypto Asset Regulatory Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.21pt;position:var(--position);text-decoration:none;white-space:pre;width:310.76pt">: Crypto asset markets in the U.S. exist in a state of regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:466.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">uncertainty. Regulatory changes or actions by Congress as well as U.S. federal or state agencies may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:480pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">adversely affect the value of the Market Opportunities Portfolio’s indirect investments in crypto</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:493.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:28.4pt">assets.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:118.4pt;position:var(--position);text-decoration:none;white-space:pre;width:3.35pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:121.75pt;position:var(--position);text-decoration:none;white-space:pre;width:418.1pt">As digital assets have grown in both popularity and market size, a number of state and federal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">addition, the Securities and Exchange Commission, U.S. state securities regulators and several</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.88pt">foreign governments</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:181.88pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:185.45999999999998pt;position:var(--position);text-decoration:none;white-space:pre;width:20.76pt">have</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:206.22pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:209.8pt;position:var(--position);text-decoration:none;white-space:pre;width:27.49pt">issued</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:237.29pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:240.87pt;position:var(--position);text-decoration:none;white-space:pre;width:40.31pt">warnings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:281.18pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:284.76pt;position:var(--position);text-decoration:none;white-space:pre;width:15.88pt">and</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:300.64pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:304.22pt;position:var(--position);text-decoration:none;white-space:pre;width:40.91pt">instituted</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:345.13pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:348.71pt;position:var(--position);text-decoration:none;white-space:pre;width:21.36pt">legal</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:370.07pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:373.65pt;position:var(--position);text-decoration:none;white-space:pre;width:53.13pt">proceedings</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:426.78pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:430.36pt;position:var(--position);text-decoration:none;white-space:pre;width:8.55pt">in</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:438.91pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:442.49pt;position:var(--position);text-decoration:none;white-space:pre;width:26.87pt">which</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:469.36pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:472.94pt;position:var(--position);text-decoration:none;white-space:pre;width:18.93pt">they</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:491.87pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:495.45pt;position:var(--position);text-decoration:none;white-space:pre;width:24.42pt">argue</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:519.87pt;position:var(--position);text-decoration:none;white-space:pre;width:3.58pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:523.45pt;position:var(--position);text-decoration:none;white-space:pre;width:16.48pt">that</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:3pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:548.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:29.9pt">certain</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:119.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3.61pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:123.50999999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:28.08pt">digital</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:151.59pt;position:var(--position);text-decoration:none;white-space:pre;width:3.61pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.2pt;position:var(--position);text-decoration:none;white-space:pre;width:384.69pt">assets may be classified as securities and that both those digital assets and any related</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:562.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:260.71pt">initial coin offerings are subject to securities regulations.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;left:350.71pt;position:var(--position);text-decoration:none;white-space:pre;width:4.57pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:355.28pt;position:var(--position);text-decoration:none;white-space:pre;width:184.63pt">Additionally, U.S. state and federal, and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:577.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">foreign regulators and legislatures have taken action against virtual currency businesses or enacted</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:590.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:603.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:214.3pt">activity stemming from virtual currency activity.</span><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:304.3pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:19.7pt"></span></span></span></div><div style="font-size:12pt;line-height:12pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:12pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:0pt"><span style="display:inline-block;height:8.32pt;width:18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">The Market Opportunities Portfolio’s exposure to crypto assets may change over time and,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:641.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">accordingly, such exposure may not be represented in the Market Opportunities Portfolio’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:654.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">at any given time. Many significant aspects of the tax treatment of investments in crypto assets are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>uncertain, and a direct or indirect investment in crypto assets may produce non-qualifying income. <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:129.82pt">Sector Concentration Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:219.82pt;position:var(--position);text-decoration:none;white-space:pre;width:320.12pt">Although the Market Opportunities Portfolio will not concentrate its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">investments in any industries, the Market Opportunities Portfolio may, at certain times, have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">concentrations in one or more sectors which may cause the Portfolio to be more sensitive to economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:437.67pt">changes or events occurring in those sectors, and the Portfolio's investments may be more volatile. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:527.6700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:12.22pt">As</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:362.13pt">of December 31, 2025, the Portfolio had 35.1% invested in the Utilities sector.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:108.13pt">Sector Emphasis Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:198.13pt;position:var(--position);text-decoration:none;white-space:pre;width:341.8pt"> The Market Opportunities Portfolio’s investments in the capital markets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:130.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">sector subjects it to the risks affecting that sector more than would a fund that invests in a wide</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">variety of market sectors. For instance, companies in the capital markets sector may be adversely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:157.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">affected by changes in economic conditions as well as legislative initiatives, all of which may impact</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:170.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">the profitability of companies in this sector. The Market Opportunities Portfolio’s investments in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:183.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">gaming sector may be adversely affected by changes in economic conditions. The casino industry is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:196.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">particularly susceptible to economic conditions that negatively affect tourism. Casino and gaming</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">companies are highly competitive, and new products, casino concepts and venues are competitive</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:223.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">challenges to existing companies. In addition, gaming and related companies are highly regulated,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:236.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:413.66pt">and state and federal legislative changes can significantly impact profitability in those sectors.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:59.04pt">Market Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:149.04000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:390.95pt">: Mutual funds are subject to market risks and significant fluctuations in value. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:271.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">market declines in value, the Market Opportunities Portfolio is likely to decline in value and you</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:285pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">could lose money on your investment. Natural disasters, public health emergencies (including</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:298.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">epidemics and pandemics), geopolitical events, tariffs and trading disruptions, terrorism and other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:311.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">global unforeseeable events may lead to instability in world economies and markets, market volatility</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:324.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">and may have adverse long-term effects. Advancements in technology may adversely impact markets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:337.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">and the overall performance of the Fund.  For example, as artificial intelligence is used more widely,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">the profitability and growth of Portfolio holdings may be impacted, which could significantly impact</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:161.2pt">the overall performance of the Fund.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:96.5pt">Stock Selection Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:186.5pt;position:var(--position);text-decoration:none;white-space:pre;width:353.43pt">: The portfolio securities selected by the Investment Adviser may decline in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">value or not increase in value when the stock market in general is rising and may fail to meet the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">Market Opportunities Portfolio’s, and therefore the Market Opportunities Fund’s, investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:43.04pt">objective.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:97.41pt">Management Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:187.41pt;position:var(--position);text-decoration:none;white-space:pre;width:352.52pt">There is no guarantee that the Market Opportunities Fund will meet its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:458.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">investment objective. The Investment Adviser does not guarantee the performance of the Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:471.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:437.25pt">Opportunities Fund, nor can it assure you that the market value of your investment will not decline.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:49.92pt">Tax Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:139.92000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:400.03pt"> In order to qualify as a RIC, the Market Opportunities Fund must meet certain</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">requirements regarding the source of its income, the diversification of its assets and the distribution of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">its income. Under the test regarding the source of a RIC’s income, at least 90% of the gross income of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:533.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">the RIC each year must be qualifying income, which consists of dividends, interest, gains on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:546.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">investments in securities and certain other categories of investment income. It appears to be the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:559.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">position of the Internal Revenue Service (the “IRS”) that gain realized on bitcoin investments such as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">investments in the Grayscale Bitcoin Trust will not be qualifying income. The Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:586.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">Portfolio’s investment in each Subsidiary is expected to provide the Market Opportunities Fund with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:599.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">exposure to such bitcoin investments within the limitations of the Internal Revenue Code for</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:612.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">qualification as a RIC because, under applicable tax rules, the earnings of each Subsidiary will be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:625.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">qualifying income for the RIC when distributed by the Subsidiary even though the income would not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">be qualifying income if earned directly by the RIC or directly by an entity classified as a partnership</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:652.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">for federal income tax purposes, such as the Market Opportunities Portfolio, in which the RIC invests.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:665.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">There is a risk, however, that the IRS might assert that the income derived from the Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Opportunities Portfolio’s investment in a Subsidiary will not be considered qualifying income. If the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Market Opportunities Fund were to fail to qualify as a RIC and became subject to federal income tax,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:391.68pt">shareholders of the Market Opportunities Fund would be subject to diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:481.68pt;position:var(--position);text-decoration:none;white-space:pre;width:58.32pt">Additionally,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the Market Opportunities Fund invests, directly and indirectly, in entities that take the position that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">they are not subject to entity-level tax. If any such entity is reclassified as a corporation for U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">federal income tax purposes, shareholders of the Market Opportunities Fund would be subject to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:89.98pt">diminished returns. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.98000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:359.97pt">Changes in the laws of the United States, Delaware and/or the Cayman Islands</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to operate as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">described in this Prospectus and could adversely affect the Market Opportunities Fund. For example,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">the Cayman Islands does not currently impose any income, corporate or capital gains tax or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">withholding tax on the Cayman Subsidiary. If Cayman Islands law changes such that the Cayman</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Subsidiary must pay Cayman Islands taxes, Market Opportunities Fund shareholders would likely</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:190.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:158.75pt">suffer decreased investment returns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:78.34pt">Subsidiary Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:168.34pt;position:var(--position);text-decoration:none;white-space:pre;width:371.57pt"> By investing in its Subsidiaries, the Market Opportunities Portfolio is indirectly</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">exposed to the risks associated with each Subsidiary’s investments. Those investments held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Subsidiaries are generally similar to the investments that are permitted to be held by the Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Opportunities Portfolio and are subject to the same risks that would apply to similar investments if</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:265.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">held directly by the Market Opportunities Portfolio. Each Subsidiary is not registered under the 1940</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">Act and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">1940 Act. In addition, changes in the laws of the United States, Delaware and/or the Cayman Islands</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:305.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">could result in the inability of the Market Opportunities Portfolio and/or its Subsidiaries to continue to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:318.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:359.04pt">operate and could adversely affect the Market Opportunities Fund’s performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.34pt">Volatility Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:159.34pt;position:var(--position);text-decoration:none;white-space:pre;width:380.64pt"> The Portfolio may have investments, including but not limited to bitcoin, that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">appreciate or depreciate significantly in value over short periods of time. This may cause the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Portfolio’s net asset value per share to experience significant increases or declines in value over short</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:69.31pt">periods of time.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:110.41pt">Foreign Securities Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:200.41pt;position:var(--position);text-decoration:none;white-space:pre;width:248.05pt">: Investing in foreign securities directly or indirectly (</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:448.46pt;position:var(--position);text-decoration:none;white-space:pre;width:18.63pt">e.g.,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:467.09pt;position:var(--position);text-decoration:none;white-space:pre;width:72.89pt"> through ADRs,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:415.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">GDRs and IDRs) can carry higher returns but involve more risks than those associated with U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">investments. Additional risks associated with investment in foreign securities include currency</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:442.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">fluctuations, political and economic instability, tariffs and trading disruptions, less publicly available</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:455.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">information, differences in financial reporting standards and less stringent regulation of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">markets. Foreign securities in which the Portfolio invests may be traded in markets that close before</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">the time that the Portfolio calculates its NAV. Furthermore, certain foreign securities in which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">Portfolio invests may be listed on foreign exchanges that trade on weekends or other days when the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.85pt">Portfolio does not calculate its NAV. As a result, the value of the Portfolio’s holdings may change on</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.85pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:439.39pt">days when shareholders are not able to purchase or redeem the Market Opportunities Fund’s shares.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:65.79pt">Liquidity Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:155.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:384.18pt">: The Investment Adviser may not be able to sell portfolio securities at an optimal time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or price. The Portfolio’s significant investment in a single position, makes the Portfolio especially</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">susceptible to the risk that during certain periods the liquidity of the single position will decrease or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">disappear suddenly and without warning as a result of adverse market or political events, or adverse</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:91.6pt">investor perceptions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:179.1pt">Exchange-Traded Funds (ETFs) Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:269.1pt;position:var(--position);text-decoration:none;white-space:pre;width:270.8pt">ETFs are registered investment companies whose shares are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:628.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter market. In</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">general, passively-managed ETFs seek to track a specified securities index or a basket of securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">that an “index provider,” such as S&amp;P Global, selects as representative of a market, market segment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:668.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">or industry sector. A passively-managed ETF is designed so that its performance will correspond</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:681.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">closely with that of the index it tracks. Actively-managed ETFs may not meet their investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:694.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">objective based on an ETF’s investment adviser success or failure to implement strategies for the ETF</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:708pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">and/or the investment adviser’s ability to control the ETF’s level of risk. A leveraged ETF will</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">engage in transactions and purchase instruments that give rise to forms of leverage, including, among</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">others, the use of reverse repurchase agreements and other borrowings, the investment of collateral</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:98.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:111.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.89pt">transactions or short sales. To the extent a fund invests in ETFs that achieve leveraged exposure to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:124.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">their underlying indexes through the use of derivative instruments, the fund will indirectly be subject</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">to leveraging risk. As a shareholder in an ETF, the Market Opportunities Portfolio will bear its pro</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:151.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">rata portion of an ETF’s expenses, including advisory fees, in addition to its own expenses. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:164.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">existence of extreme market volatility or potential lack of an active trading market for an ETF’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:177.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:405.49pt">shares could result in such shares trading at a significant premium or discount to their NAV.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:176.45pt">Small and Medium-Size Company Risks</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:266.45pt;position:var(--position);text-decoration:none;white-space:pre;width:273.44pt">: The Market Opportunities Portfolio may invest in the equity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.89pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">securities of small and medium-size companies. Small and medium-size companies often have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">narrower markets and more limited managerial and financial resources than do larger, more</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:239.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.88pt">established companies. As a result, their performance can be more volatile and they face a greater risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:252.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:444.25pt">of business failure, which could increase the volatility of the Market Opportunities Portfolio’s assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:71.44pt">Valuation Risk: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:161.44pt;position:var(--position);text-decoration:none;white-space:pre;width:378.55pt">The sales price the Portfolio could receive for any particular portfolio investment may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.91pt">differ from the Portfolio’s valuation of the investment, particularly for securities or other investments,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:301.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">such as bitcoin, that trade in thin or volatile markets or that are valued using a fair value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:314.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">methodology. Valuation may be more difficult in times of market turmoil since many investors and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:327.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">market makers may be reluctant to purchase complex instruments or quote prices for them. Fair</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:340.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">valuation of the Portfolio's investments involves subjective judgment. The Portfolio’s ability to value</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:354pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">its investments may be impacted by technological issues and/or errors by pricing services or other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:367.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">third-party service providers. Shares of the Grayscale Bitcoin Trust are intended to reflect the price of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:380.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.98pt">bitcoin assets, less fees and expenses, and shares of the Grayscale Bitcoin Trust have historically</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:393.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">traded, and may continue to trade, at a significant discount or premium to net asset value. As such, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:406.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">price of the Grayscale Bitcoin Trust may go down even if the price of the underlying asset, bitcoin,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:433.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:247.95pt">$1 of a portfolio will actually own less than $1 in assets.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:85.5pt">Interest Rate Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:175.5pt;position:var(--position);text-decoration:none;white-space:pre;width:364.42pt"> The risk that when interest rates increase, fixed-income securities held by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.94pt">Market Opportunities Portfolio will decline in value. Long-term fixed-income securities will normally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">have more price volatility because of this risk than short-term fixed-income securities. A low or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:495pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">negative interest rate environment could cause the Market Opportunities Portfolio’s earnings to fall</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">below the Portfolio’s expense ratio, resulting in a decline in the Portfolio’s share price. A general rise</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:521.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.86pt">in interest rates may cause investors to move out of fixed income securities on a large scale, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:534.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">could adversely affect the price and liquidity of fixed income securities. The risks associated with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.9pt">changing interest rates may have unpredictable effects on the markets and the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:105.04pt">Portfolio’s investments.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:81.32pt">Leveraging Risks:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:171.32pt;position:var(--position);text-decoration:none;white-space:pre;width:368.63pt"> Investments in derivative instruments may give rise to a form of leverage. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:596.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">Investment Adviser may engage in speculative transactions, which involve substantial risk and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:609.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">leverage. The use of leverage by the Investment Adviser may increase the volatility of the Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:622.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.97pt">Opportunities Portfolio. These leveraged instruments may result in losses to the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:636pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.95pt">Portfolio or may adversely affect the Market Opportunities Portfolio’s NAV or total return, because</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:649.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.92pt">instruments that contain leverage are more sensitive to changes in interest rates. The Market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:662.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">Opportunities Portfolio may also have to sell assets at inopportune times to satisfy its obligations in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:675.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:151.45pt">connection with such transactions.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:132.52pt">Convertible Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:222.52pt;position:var(--position);text-decoration:none;white-space:pre;width:317.39pt">Convertible securities are subject to the risks affecting both equity and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9100000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:85.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:350.47pt">fixed income securities, including market, credit, liquidity and interest rate risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:220.09pt">Below Investment Grade Debt Securities Risks: </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:310.09000000000003pt;position:var(--position);text-decoration:none;white-space:pre;width:43.34pt">Generally</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:353.43pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:356.18pt;position:var(--position);text-decoration:none;white-space:pre;width:183.82pt"> below investment grade debt securities,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:120.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:13.43pt">i.e.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:103.43pt;position:var(--position);text-decoration:none;white-space:pre;width:436.43pt">, junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:133.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:311.44pt">grade securities. Junk bonds are considered to be speculative in nature.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:42pt">IPO Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132pt;position:var(--position);text-decoration:none;white-space:pre;width:407.96pt">: IPO share prices can be volatile and fluctuate considerably due to factors such as the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:169.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.87pt">absence of a prior public market, unseasoned trading, a limited number of shares available for trading,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:182.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">and limited operating history and/or information about the issuer. The purchase of IPO shares may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:195.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:378.93pt">involve high transaction costs. IPO shares are subject to market risk and liquidity risk.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:89.79pt">Cybersecurity Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.79000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:360.13pt"> Cybersecurity incidents may allow an unauthorized party to gain access to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9200000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:231pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:34.18pt">Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.18pt;position:var(--position);text-decoration:none;white-space:pre;width:415.7pt"> Fund assets or proprietary information, or cause the fund, the Investment Adviser, and/or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:244.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.96pt">other service providers (including custodians and financial intermediaries) to suffer data breaches or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:257.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.99pt">data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.99pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:270.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:37.08pt">Internet </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:127.08pt;position:var(--position);text-decoration:none;white-space:pre;width:165.19pt">Fund, the Investment Adviser, or the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:292.27pt;position:var(--position);text-decoration:none;white-space:pre;width:34.18pt">Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:326.45pt;position:var(--position);text-decoration:none;white-space:pre;width:213.43pt"> Fund’s other service providers, or the issuers of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:283.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:104.84pt">securities in which the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:194.84pt;position:var(--position);text-decoration:none;white-space:pre;width:34.18pt">Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.02pt;position:var(--position);text-decoration:none;white-space:pre;width:310.91pt"> Portfolio invests have the ability to disrupt and negatively affect the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:297pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:449.93pt">Fund’s business operations, including the ability to purchase and sell fund shares, potentially resulting</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9300000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:310.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:109pt">in financial losses to the </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:199pt;position:var(--position);text-decoration:none;white-space:pre;width:34.18pt">Internet</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:233.18pt;position:var(--position);text-decoration:none;white-space:pre;width:118.19pt"> Fund and its shareholders.</span></div> <span style="font-family:'Wingdings 2', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:72pt;position:var(--position);width:5.82pt">ª<span style="display:inline-block;height:8.48pt;width:12.18pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:161.93pt">Temporary Defensive Position Risk:</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:251.93pt;position:var(--position);text-decoration:none;white-space:pre;width:288.07pt"> If the Internet Portfolio takes a temporary defensive position, it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:345.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:450pt">may invest all or a large portion of its assets in cash and/or cash equivalents. If the Internet Portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:540pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:358.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre;width:427.14pt">takes a temporary defensive position, the Internet Fund may not achieve its investment objective.</span></div> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.13pt">The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:528pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:33.28pt">returns.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:105.28pt;position:var(--position);text-decoration:none;white-space:pre;width:3.35pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108.63pt;position:var(--position);text-decoration:none;white-space:pre;width:424.59pt">The bar chart indicates the risks of investing in the Market Opportunities Fund by showing the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:541.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.11pt">changes in the Market Opportunities Fund’s performance from year to year (on a calendar year basis).</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:554.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.18pt">The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:567.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:161.1pt">compare with those of the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:233.1pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:238.53pt;position:var(--position);text-decoration:none;white-space:pre;width:294.72pt"> Index, which represents a broad measure of market performance,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:580.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:361.12pt">as well as, the MSCI EAFE Index, which is a secondary comparison benchmark.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:433.12pt;position:var(--position);text-decoration:none;white-space:pre;width:3.25pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:436.37pt;position:var(--position);text-decoration:none;white-space:pre;width:96.85pt">The past performance</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.12pt">of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:607.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.22pt">Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Performance reflects fee waivers in effect. If fee waivers were not in place, the Market Opportunities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:633.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:461.24pt">Fund’s performance would be reduced. Updated performance information is available on the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:646.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:47.01pt">website at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:119.00999999999999pt;position:var(--position);text-decoration:underline;white-space:pre;width:137.41pt">https://www.kineticsfunds.com</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:256.41999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:259.16999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:145.93pt">or by calling the Fund toll-free at</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:405.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:407.85pt;position:var(--position);text-decoration:none;white-space:pre;width:68.73pt">(800) 930-3828</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:476.58pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span></div> The bar chart and table shown below illustrate the variability of the Market Opportunities Fund’s returns. The table shows how the Market Opportunities Fund’s average annual returns, before and after taxes, compare with those of the S&P 500® Index, which represents a broad measure of market performance, as well as, the MSCI EAFE Index, which is a secondary comparison benchmark. The past performance of the Market Opportunities Fund, before and after taxes, is not necessarily an indication of how the Market Opportunities Fund or the Market Opportunities Portfolio will perform in the future. https://www.kineticsfunds.com (800) 930-3828 The Market Opportunities Fund – Institutional Class Calendar Year Returns as of 12/31 <div style="font-size:0pt;left:141.37pt;position:var(--position);width:329.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:120pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td><td style="padding:0;width:69.75pt"></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:120pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:120pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:120pt;position:var(--position);width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2021</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:17.18pt;position:var(--position);text-decoration:none;white-space:pre">45.98%</span></div></div></div></td></tr><tr style="height:15pt"><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:120pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:120pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:9.38pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter:</span></div></div></div></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:120pt;position:var(--position);top:15pt;width:139.5pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:139.5pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:48.67pt;position:var(--position);text-decoration:none;white-space:pre">Q1 2020</span></div></div></div></td><td style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:259.5pt;position:var(--position);top:15pt;width:69.75pt"><div><div style="line-height:11pt;position:var(--position);top:2.63pt;width:69.75pt"><span style="color:#000000;font-family:'Arial', sans-serif;font-size:11pt;font-style:normal;font-weight:normal;left:15.35pt;position:var(--position);text-decoration:none;white-space:pre">-21.58%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter: 2021-03-31 0.4598 Worst Quarter: 2020-03-31 -0.2158 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.97pt">The Market Opportunities Fund’s after-tax returns as shown in the following table are calculated using</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:394.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:467.94pt">the historical highest individual federal marginal income tax rates and do not reflect the impact of state</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:407.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:71.42pt">and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:143.42000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:4.42pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.84pt;position:var(--position);text-decoration:none;white-space:pre;width:392.06pt">Your actual after-tax returns depend on your tax situation and may differ from those</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.9pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:420.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:36.94pt">shown. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:108.94pt;position:var(--position);text-decoration:none;white-space:pre;width:431.02pt">If you own Fund shares in a tax-deferred account, such as a 401(k) plan or an individual</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:539.96pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre;width:434.42pt">retirement account (“IRA”), the information on after-tax returns is not relevant to your investment.</span> The Market Opportunities 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. If you own 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 2008-05-19 Return Before Taxes -0.0289 0.1971 0.1915 0.1178 Return After Taxes on Distributions -0.0309 0.1934 0.1856 0.1137 Return After Taxes on Distributions and Sale of Fund Shares -0.0157 0.1600 0.1620 0.1007 S&P 500® Index TR (reflects no deductions for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1144 MSCI EAFE Index (reflects no deductions for fees, expenses or taxes) (reflects no deductions for fees, expenses or taxes) 0.3122 0.0892 0.0818 0.0435 2026-04-30 2026-04-30 Investment Objectives The Kinetics Spin-off and Corporate Restructuring Fund (the “Fund”) seeks to achieve long-term growth of capital. Kinetics Spin-off and Corporate Restructuring Fund Fees and Expenses of the Fund <div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:115%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the 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. You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. More information about these and other discounts is available from your financial professional and in the sections titled, “Description of Classes” beginning on page 42 of the Fund’s prospectus, in Appendix A to this Prospectus - Financial Intermediary Sales Charge Variations, and “Purchasing Shares” beginning on page 54 of the Fund’s statement of additional information.</span></div> You may qualify for sales charge discounts for Advisor Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Advisor Class A shares of the Kinetics Funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0575 0 0 0 0 0.0100 0 0 -0.0200 -0.0200 -0.0200 -0.0200 15 15 15 15 25 25 25 25 15 15 15 15 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0.0100 0.0025 0.0075 0 0 0.0074 0.0070 0.0063 0.0068 0.0025 0.0025 0.0020 0.0025 0.0049 0.0045 0.0043 0.0043 0.0000 0.0000 0.0000 0.0000 0.0199 0.0245 0.0163 0.0168 -0.0045 -0.0020 -0.0040 -0.0021 0.0154 0.0225 0.0123 0.0147 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:11.2pt">A CDSC of 1.00% will be charged on Advisor Class C Share purchases that are redeemed in whole or in part within 12 months of purchase.</span> Total Annual Fund Operating Expenses do not correlate to the ratio of operating expenses to average net assets before expense reimbursement found in the “Financial Highlights” section of this Prospectus, which reflects the Fund’s operating expenses and does not include acquired fund fees and expenses (“AFFE”). April 30, 2027 Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This Example assumes that you invest $10,000 in the 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 Fund’s operating expenses remain the same (taking into account the expense limitation only in the first year). Although your actual costs may be higher or lower, based on these assumptions your cost would be: 723 1123 1547 2724 331 744 1288 2771 125 475 849 1899 150 509 893 1969 You would pay the following expenses if you did not redeem your shares: 228 744 1288 2771 Portfolio Turnover. The Fund 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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 4% of the average value of its portfolio. 0.04 Principal Investment Strategy <div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Under normal market conditions, the Fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. The Fund is non-diversified. The Fund considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced one of the following events within five years of the Fund’s investment in the company: a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders; an equity “carve-out” or </span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“partial initial public offering” in which a parent company sells a percentage of the equity of a subsidiary in a public offering; or the parent company of any such company after the public disclosure of the corporate restructuring. The Fund may invest in a parent company of a spin-off company or a company subject to a corporate restructuring, or a publicly traded shareholder activist holding company which has caused such other companies to undergo the spin-off or corporate restructuring, after the public disclosure of the planned spin-off or corporate restructuring, during the spin-off or corporate restructuring process, or after the actual spin-off or corporate restructuring. If the Fund invests in a parent company of a spin-off company or a company subject to a corporate restructuring prior to a spin-off or restructuring, the Fund would, upon the completion of the spin-off or restructuring, receive the shares of the spin-off company. The Fund may retain shares of both the parent and the spin-off company, the shares of only one, or the shares of neither.</span></div><div><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund invests in both U.S. and foreign equity securities. The Fund’s investments in foreign equity securities may be in both developed and emerging markets. The Fund’s equity investments may include common stock, preferred stock, securities convertible into common stock, warrants, rights and other equity securities having the characteristics of common stock (such as depositary receipts). The Fund may invest in any size company, including small- and medium-sized companies, and further may invest in companies which are financially distressed.</span></div><div style="margin-top:1pt"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund’s Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time; for example, a similar company may have recently announced a spin-off; the company may be under investor pressure to consider strategic alternatives; or the current segments of the company may not have a synergistic fit, and as a result the company’s stock trades at a discount to that of its closest peers. The Fund may invest in potential spin-off and corporate restructuring companies that the Fund’s Investment Adviser believes may, based on its in-house research, have the most favorable risk/reward characteristics.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest in crypto assets, including bitcoin or BTC, indirectly through other investment vehicles. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%">The Fund will not invest directly in bitcoin or other crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Certain of these vehicles may not be registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and do not receive the protections of the 1940 Act. The Fund may contribute a portion of its indirect holdings in crypto assets to a wholly-owned and controlled subsidiary organized under the laws of the Cayman Islands (a “Subsidiary”). The amount of the Fund’s investment in crypto assets may be limited by law or by tax considerations. The Fund will not invest in private investment vehicles beyond the limits of the 1940 Act.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust ETF (“GBTC”) and through other pooled investment vehicles that provide exposure to crypto assets. GBTC 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.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In the future, the Fund may seek to gain additional exposure to crypto assets that may not produce qualifying income for the Fund under the Internal Revenue Code of 1986, as amended (the “Code”) if held directly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Subsidiary invests primarily in investment vehicles that provide the Fund with exposure to crypto asset investments. The Fund 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 Fund as a “regulated investment company” (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Code (“Subchapter M”). The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">structure and leverage, respectively, on an aggregate basis with 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 Fund, the Subsidiary does not, and will not, seek to qualify as a RIC. The Fund 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 Fund. The Fund 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 Fund.</span></div><div><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser seeks to avoid short-term investing and significant portfolio turnover. The Investment Adviser utilizes its in-house research capabilities to seek to identify businesses at inflection points in their corporate life cycles with what the Investment Adviser believes are attractive risk/reward profiles. The Investment Adviser believes that returns are often the result of the market’s inefficiency in initially valuing corporate restructurings due in part to lack of coverage by the investment community and initial indiscriminate selling pressure. For instance, companies that have been "spun-off" from their corporate parents by way of corporate restructurings may not be followed closely by financial sector analysts, which could lead to advantageous disparities between a company’s valuation and growth prospects relative to its pricing in the marketplace. The Investment Adviser uses a process that focuses primarily on the analysis of individual companies rather than on the industry in which the company may operate. This “bottom-up” approach may result in multiple investments in the same sector or industry. However, the Investment Adviser pays careful attention to the limitation of sector and industry concentrations. </span></div><div style="margin-top:0.7pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund 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 sufficient investments meeting its criteria and when the Adviser believes the purchase of additional equity securities would not further the investment objective of the Fund 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 Fund 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. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">If the market advances during periods when the Fund is holding a large cash position, the Fund 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 Fund is desirable both to meet operating requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and cash equivalents, it may not meet its investment objective. </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund held 77.09% 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.</span></div> The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund’s Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time; for example, a similar company may have recently announced a spin-off; the company may be under investor pressure to consider strategic alternatives; or the current segments of the company may not have a synergistic fit, and as a result the company’s stock trades at a discount to that of its closest peers. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Single Security Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Holding a large portion of its net assets in a single security or issuer exposes the Fund 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Non-Diversification Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Investing a larger portion of its net assets in the securities of a smaller number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although the Fund will not concentrate its investments in any industries, the Fund may, at certain times, have concentrations in one or more sectors which may cause the Fund to be more sensitive to economic changes or events occurring in those sectors, and the Fund’s investments may be more volatile. As of March 31, 2026, the Fund had 83.5% invested in the Mining, Quarrying, and Oil and Gas Extraction sector.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Sector Concentration Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> Although the Fund will not concentrate its investments in any industries, the Fund may, at certain times, have concentrations in one or more sectors which may cause the Fund to be more sensitive to economic changes or events occurring in those sectors, and the Fund’s investments may be more volatile. As of March 31, 2026, the Fund had 83.5% invested in the Mining, Quarrying, and Oil and Gas Extraction sector.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Petroleum and Gas Sector Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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 unfavorable events in the regions where companies operate (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">e.g.,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Specific Strategy/Research Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s Investment Adviser and an affiliate of the Fund’s Investment Adviser author and collaborate on research reports regarding spin-off related companies for institutional subscribers. Consistent with its compliance policies and procedures, the Investment Adviser may impose for a period of time an internal restriction in the trading in certain securities related to spin-off companies, corporate restructuring companies and/or their parent companies discussed in these research reports. As a result, the Fund may be prevented from trading in such securities at their optimal value or time as might otherwise have been permitted if such restrictions were not in effect. In addition, if subscribers to the research services buy or sell securities that are described in the reports, it could potentially have an adverse effect on the price of securities bought or sold by the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(also</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">referred</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">as</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“virtual</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">“digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">currencies”)</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">are</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">designed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">act</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">bitcoin.</span><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin or BTC was the first decentralized crypto asset. Bitcoin is a type of crypto asset that is not issued by a government,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">bank</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">central</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">organization.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Bitcoin</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">an</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">online,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">peer-to-peer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">computer</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">network</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">hosts</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">a public transaction ledger where crypto assets transfers are recorded (the “Bitcoin Blockchain”). Bitcoin has no physical existence and exists solely through the record of 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 GBTC and through other pooled investment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">vehicles</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">provide</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exposure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">GBTC</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">is</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In addition to the general risks of investing in other investment vehicles, the value of the Fund’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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">consists</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">primarily</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">transactions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s exposure to crypto assets can result in substantial losses to the Fund.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Crypto assets trade on crypto asset trading platforms, which are largely unregulated and may therefore be more exposed</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">fraud</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">failure</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">than</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">established,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulated</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">exchanges</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">for</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">securities,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">derivatives</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Fund 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 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 (</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">, “flash crashes”).</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 Fund'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 </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">asset and future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the Fund's indirect investment in crypto assets and the ability to exchange a crypto asset or utilize it for payments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Industry</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> The crypto asset industry is a newer, speculative, and still-developing industry that faces many risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">more</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">broadly.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">November</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">2022,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">FTX</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Trading</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Ltd.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">(“FTX”),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">one</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">largest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">insolvency,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">liquidation,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">similar</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">around</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">globe,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">following</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">U.S.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Department</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of Justice brought criminal fraud and other charges, and the Securities and Exchange Commission (“SEC”) and the 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 Fund, its service providers or to the crypto asset industry as a </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">whole.</span><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">quasi-government</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">restrictions</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">on</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">regulation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">access</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">to</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">operation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital asset networks; changes in consumer demographics and public preferences; maintenance and development of open-source</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">software</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">protocol;</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">availability</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">popularity</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">other</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">forms</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">or</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">methods</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">buying</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">selling</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Crypto</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Asset</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Regulatory</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: 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 Fund’s indirect investments in crypto assets.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">have</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">issued</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">warnings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">instituted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">legal</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">proceedings</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">in</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">which</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">they</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">argue</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">that</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">certain</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">digital</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">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 </span><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual currency activity.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Fund’s exposure to crypto assets may change over time and, accordingly, such exposure may not be represented in the Fund’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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Liquidity Risks</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">: The Investment Adviser may not be able to sell portfolio securities at an optimal time or price. The Fund’s significant investment in a single position, makes the Fund 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.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Event Driven Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Investment Adviser’s evaluation of the outcome of a proposed spin-off or corporate restructuring may prove incorrect and the Fund’s return on an investment may be negative. Even if the Investment Adviser’s judgment regarding the likelihood of a specific outcome proves correct, the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return. In addition, the ability of a shareholder activist holding company to effectuate a spin-off or restructuring is subject to the same risks and the Investment Adviser’s evaluation of such a company’s capabilities may be incorrect.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Foreign Investment Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, tariffs and trading disruptions, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Additionally, there may be less information publicly available about certain issues. Foreign securities include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders are not able to purchase or redeem the Fund's shares.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Equity Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Emerging Markets Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed economic, political and legal systems than those of more developed countries. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Additionally, there may be less publicly available information about certain foreign issuers. In addition, investments </span><div style="margin-bottom:6pt;margin-top:1pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">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.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Currency Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Distressed Securities Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Financially distressed securities involve considerable risk that can result in substantial or even total loss of the Fund’s investment. It is often difficult to obtain information as to the true condition of financially distressed securities. These securities are often subject to litigation among the participants in bankruptcy or reorganization proceedings.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Preferred Stock Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Regulatory Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Crypto asset is generally not subject to the same degree of regulation as are registered U.S. securities. The reporting, accounting and auditing standards for crypto asset may differ from the standards for registered U.S. securities. Furthermore, countries, including the United States, may in the future curtail or outlaw the acquisition, use or redemption of crypto asset.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Small-cap and Mid-cap Company Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The securities of small-capitalization or mid- capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Tax Risks:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> In order to qualify as a RIC, the 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 crypto asset investments will not be qualifying income. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to such crypto asset investments within the limitations of the 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. There is a risk, however, that the IRS might assert that the income derived from the Fund’s investment in the Subsidiary will not be considered qualifying income. If the Fund were to fail to qualify as a RIC and became subject to U.S. federal income tax, shareholders of the Fund would be subject to diminished returns. Additionally, the 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 Fund would be subject to diminished returns. Changes in the laws of the </span><div style="margin-bottom:9pt;margin-top:1pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and could adversely affect the 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, Fund shareholders would likely suffer decreased investment returns.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Valuation Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, such as crypto asset, or that are valued using a fair value methodology. Fair valuation of the Fund’s investments involves subjective judgment. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Investment Adviser had not fair-valued the security or had used a different valuation methodology.</span> <span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Volatility Risk: </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The Fund may have investments, including but not limited to crypto asset investments, that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Warrants and Rights Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: Warrants and rights may lack a liquid secondary market for resale. The prices of warrants may fluctuate as a result of speculation or other factors. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of their underlying securities and therefore are highly volatile and speculative investments. Failing to exercise subscription rights to purchase common stock would dilute the Fund’s interest in the issuing company. The market for such rights is not well developed, and the Fund may not always realize full value on the sale of rights.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Subsidiary Risks: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">By investing in the Subsidiary, the Fund 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 Fund and are subject to the same risks that would apply to similar investments if held directly by the Fund. 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 Fund and/or its Subsidiary to continue to operate and could adversely affect the Fund’s performance.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Market Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. 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 the Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Initial Public Offerings Risk: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">Investing in securities of companies in IPOs involve unique risks, which may include limited numbers of shares available for trading, unseasoned trading, lack of </span><div style="margin-bottom:9pt;margin-top:1pt;padding-left:36pt;padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">investor knowledge of the companies and the companies’ limited operating histories. These factors may contribute to substantial price volatility for the shares of these companies.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Large-Cap Company Risk</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">: Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Management and Strategy Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%">The value of your investment depends on the judgment of the Investment Adviser about the quality, relative yield, value or market trends affecting a particular security, issuer, sector or region, which may prove to be incorrect. Investment strategies employed by the Investment Adviser in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to that of other investments.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Convertible Securities Risk</span>: Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Cybersecurity Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> Cybersecurity incidents may allow an unauthorized party to gain access to the Fund’s 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 Fund’s, Investment Adviser, or the Fund’s other service providers, or the issuers of securities in which the Fund 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 Fund and its shareholders.</span> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Temporary Defensive Position Risk:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:112%"> If the Fund takes a temporary defensive position, it may invest all or a large portion of its assets in cash and/or cash equivalents. If the Fund takes a temporary defensive position, the Fund may not achieve its investment objective.</span> Performance <div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The performance information provided below indicates some of the risks of investing in the Fund by comparing the Fund with the performance of a broad-based market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The Horizon Spin-off and Corporate Restructuring Fund, a series of Investment Managers Series Trust (the “Predecessor Fund”) reorganized into the Fund following the close of business on December 8, 2017. Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a tax-free reorganization (the “Reorganization”). As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund </span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">prior to the date of the Reorganization. Performance results shown in the bar chart and the performance table below for the period through December 31, 2016 reflect the performance of the Predecessor Fund. On February 11, 2014, the Predecessor Fund’s principal investment strategy changed to focus exclusively on spin-offs and other forms of corporate restructuring. The performance information for periods prior to that date is attributable to the Predecessor Fund’s previous principal investment strategy.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The performance information for the period prior to October 10, 2009, is that of the Liberty Street Horizon Fund, a series of the Forum Funds Trust (the “Liberty Street Fund”). The Predecessor Fund acquired the assets and liabilities of the Liberty Street Fund in a reorganization on March 16, 2007. The Liberty Street Fund’s performance and financial history were adopted by the Predecessor Fund and, for periods prior to October 10, 2009, are included in the Fund’s performance and financial history. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The performance of the Fund reflects the performance of the Predecessor Fund, which had substantially similar investment strategies. The bar chart shows performance of the Fund’s Institutional shares. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Advisor Class A, Advisor Class C and No Load Class shares’ performance would be lower than the Institutional Class performance because of the higher expenses paid by Advisor Class A, Advisor Class C and No Load Class shares. </span></div><div style="padding-right:6.75pt;text-align:justify"><span><br/></span></div><div style="padding-right:6.75pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">Updated performance information is available on the Fund’s website at http://www.kineticsfunds.com or by calling the Fund toll-free at (800) 930-3828.</span></div> The performance information provided below indicates some of the risks of investing in the Fund by comparing the Fund with the performance of a broad-based market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. http://www.kineticsfunds.com (800) 930-3828 Calendar Year Total Return (before taxes) for Institutional Class Shares <div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:67.948%"><tr><td style="width:1.0%"></td><td style="width:23.428%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.635%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.637%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Best Quarter:</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2021</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">57.89%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Worst Quarter:</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Q1 2020</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-38.80%</span></td></tr></table></div> Best Quarter: 2021-03-31 0.5789 Worst Quarter: 2020-03-31 -0.3880 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:120%">The after-tax returns for the Fund’s Institutional Class shares 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 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. After-tax returns are shown for Institutional Class shares only. After-tax returns for Advisor Class A, Advisor Class C and No Load Class shares will differ.</span></div> The after-tax returns for the Fund’s Institutional Class shares 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. If you own 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. After-tax returns are shown for Institutional Class shares only. After-tax returns for Advisor Class A, Advisor Class C and No Load Class shares will differ. Average Annual Total Returns (for the Periods Ended December 31, 2025) Institutional Class — Return Before Taxes -0.1928 0.1893 0.1472 0.0700 2007-07-11 Institutional Class — Return After Taxes on Distributions -0.2123 0.1748 0.1370 0.0640 2007-07-11 Institutional Class — Return After Taxes on Distributions and Sale of Fund Shares -0.0998 0.1537 0.1225 0.0576 2007-07-11 Advisor Class A Shares — Return Before Taxes -0.2413 0.1723 0.1376 0.0678 2007-05-04 Advisor Class C Shares — Return Before Taxes -0.2079 0.1774 0.1356 0.0639 2007-05-24 No Load Class Shares — Return Before Taxes -0.1945 0.1868 0.1501 2017-12-11 S&P 500 TR Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 0.1061 2007-07-11 This table and the example below reflect the aggregate expenses of the Internet Fund and the Internet Portfolio. The management fees paid by the Internet Fund reflect the proportionate share of fees allocated to the Internet Fund from the Internet Portfolio. The fees and expenses of the Internet Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Internet Portfolio. The Internet Fund’s No Load Class shares commenced operations on October 21, 1996 and converted into a feeder fund of the Internet Portfolio on April 28, 2000. The returns for the two indices in this column have been calculated since the October 21, 1996 inception date of the Internet Fund’s No Load Class shares. This table and the example below reflect the aggregate expenses of the Global Fund and the Global Portfolio. The management fees paid by the Global Fund reflect the proportionate share of fees allocated to the Global Fund from the Global Portfolio. The fees and expenses of the Global Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Global Portfolio. Horizon Kinetics Asset Management LLC, the investment adviser to the Global Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), 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 1.39%, 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. The Global Fund’s No Load Class shares commenced operations on December 31, 1999 and converted into a feeder fund of the Global Portfolio on April 28, 2000. The returns for the indices in this column have been calculated since the December 31, 1999 inception date of the Global Fund’s No Load Class shares. 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. The Paradigm Fund’s No Load Class shares commenced operations on December 31, 1999 and converted into a feeder fund of the Paradigm Portfolio on April 28, 2000. The returns for the two indices in this column have been calculated since the December 31, 1999 inception date of the Paradigm Fund’s No Load Class shares. This table and the example below reflect the aggregate expenses of the Small Cap Fund and the Small Cap Opportunities Portfolio (the “Small Cap Portfolio”). The management fees paid by the Small Cap Fund reflect the proportionate share of fees allocated to the Small Cap Fund from the Small Cap Portfolio. The fees and expenses of the Small Cap Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Small Cap Portfolio. Horizon Kinetics Asset Management LLC, the investment adviser to the Small Cap Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), 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 1.64%, 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. The Small Cap Fund’s No Load Class shares commenced operations on March 20, 2000, and converted to a feeder fund of the Small Cap Portfolio on April 28, 2000. The returns for the two indices in this column have been calculated since the March 20, 2000 inception date of the Small Cap Fund’s No Load Class shares. This table and the example below reflect the aggregate expenses of the Market Opportunities Fund and the Market Opportunities Portfolio. The management fees paid by the Market Opportunities Fund reflect the proportionate share of fees allocated to the Market Opportunities Fund from the Market Opportunities Portfolio. The fees and expenses of the Market Opportunities Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Market Opportunities Portfolio. Horizon Kinetics Asset Management LLC, the investment adviser to the Market Opportunities Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), 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 1.40% of the Fund’s average daily net assets, excluding acquired fund fees and expenses, taxes, brokerage commissions, extraordinary items and interest. The Fund may have to repay the Investment Adviser some of these amounts waived or reimbursed within three years if total operating expenses fall below the expense cap described above. Such repayments are subject to approval by the Board of Trustees, and amounts recaptured under the agreement, if any, are limited to the lesser of (i) the expense limitation in effect at the time of the waiver or reimbursement and (ii) the expense limitation in effect at the time of the recapture. These waivers and reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board. This table and the example below reflect the aggregate expenses of the Multi-Disciplinary Income Fund and the Multi-Disciplinary Income Portfolio. The management fees paid by the Multi-Disciplinary Income Fund reflect the proportionate share of fees allocated to the Multi-Disciplinary Income Fund from the Multi-Disciplinary Income Portfolio. Total Annual Fund Operating Expenses do not correlate to the ratio of operating expenses to average net assets before expense reimbursement found in the “Financial Highlights” section of this Prospectus, which reflects the Multi-Disciplinary Income Fund’s operating Expenses and does not include acquired fund fees and expenses. The Investment Adviser 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 0.74%, excluding acquired fund fees and expenses and interest expense on securities sold short. The Investment Adviser has also agreed to waive 0.75% of the 1.00% management fee. These waivers and reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board. In some cases, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Return After Taxes on Distributions or Return Before Taxes due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. This table and the example below reflect the aggregate expenses of the Internet Fund and the Internet Portfolio. The management fees paid by the Internet Fund reflect the proportionate share of fees allocated to the Internet Fund from the Internet Portfolio. The fees and expenses of the Internet Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Internet Portfolio. The Board of Directors (the “Board”) of Kinetics Mutual Funds, Inc. has approved a Rule 12b-1 Distribution Plan that allows the Fund to pay up to 0.50% and 0.75% of the average daily net asset value (“NAV”) of the Advisor Class A shares and Advisor Class C shares, respectively, as compensation to the distributor or other qualified recipients, pursuant to the Plan. However, at the present time, the Fund is only assessing 0.25% and 0.75% under the Rule 12b-1 Distribution Plan for Advisor Class A shares and Advisor Class C shares, respectively. In addition, the Board has approved a Shareholder Servicing Plan for Advisor Class A shares and Advisor Class C shares that provides for an annual shareholder servicing fee equal to 0.25% of the average daily net assets attributable to Advisor Class A shares and Advisor Class C shares. At the present time, the Fund is assessing, 0.25% and 0.75% of the distribution fees for Advisor Class A shares and Advisor Class C shares, respectively, and is assessing 0.25% of the shareholder servicing fees for Advisor Class A shares and Advisor Class C shares. The Internet Fund’s Advisor Class A shares commenced operations on April 26, 2001 and Advisor Class C shares commenced operations on February 16, 2007. The returns for the two indices in this column have been calculated since the inception date of the Internet Fund’s Advisor Class A shares and Advisor Class C shares, as applicable. This table and the example below reflect the aggregate expenses of the Global Fund and the Global Portfolio. The management fees paid by the Global Fund reflect the proportionate share of fees allocated to the Global Fund from the Global Portfolio. The fees and expenses of the Global Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Global Portfolio. The Board of Directors (the “Board”) of Kinetics Mutual Funds, Inc. has approved a Rule 12b-1 Distribution Plan that allows the Fund to pay up to 0.50% and 0.75% of the average daily net asset value (“NAV”) of the Advisor Class A shares and Advisor Class C shares, respectively, as compensation to the distributor or other qualified recipients, pursuant to the Plan. However, at the present time, the Fund is only assessing 0.25% and 0.75% under the Rule 12b-1 Distribution Plan for Advisor Class A shares and Advisor Class C shares, respectively. In addition, the Board has approved a Shareholder Servicing Plan for Advisor Class A shares and Advisor Class C shares that provides for an annual shareholder servicing fee equal to 0.25% of the average daily net assets attributable to Advisor Class A shares and Advisor Class C shares. Horizon Kinetics Asset Management LLC, the investment adviser to the Global Portfolio of the Kinetics Portfolio Trust (the “Investment Adviser”), 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 1.64% and 2.14%, excluding acquired fund fees and expenses, for the Advisor Class A shares and Advisor Class C shares, respectively. These waivers and reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board. 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. The Board of Directors (the “Board”) of Kinetics Mutual Funds, Inc. has approved a Rule 12b-1 Plan that allows the Fund to pay up to 0.50% and 0.75% of the average daily net asset value (“NAV”) of the Advisor Class A shares and Advisor Class C shares, respectively, as compensation to the distributor or other qualified recipients, pursuant to the Plan. However, at the present time, the Fund is only assessing 0.25% and 0.75% under the Rule 12b-1 Distribution Plan for Advisor Class A shares and Advisor Class C shares, respectively. In addition, the Board has approved a Shareholder Servicing Plan for Advisor Class A shares and Advisor Class C shares that provides for an annual shareholder servicing fee equal to 0.25% of the average daily net assets attributable to Advisor Class A shares and Advisor Class C shares. The Paradigm Fund’s Advisor Class A shares commenced operations on April 26, 2001 and Advisor Class C shares commenced operations on June 28, 2002. The returns for the two indices in this column have been calculated since the inception date of the Paradigm Fund’s Advisor Class A shares and Advisor Class C shares, as applicable. This table and the example below reflect the aggregate expenses of the Small Cap Fund and the Small Cap Opportunities Portfolio (the “Small Cap Portfolio”). The management fees paid by the Small Cap Fund reflect the proportionate share of fees allocated to the Small Cap Fund from the Small Cap Portfolio. The fees and expenses of the Small Cap Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Small Cap Portfolio. The Board of Directors (the “Board”) of Kinetics Mutual Funds, Inc. has approved a Rule 12b-1 Distribution Plan that allows the Fund to pay up to 0.50% and 0.75% of the average daily net asset value (“NAV”) of the Advisor Class A shares and Advisor Class C shares, respectively, as compensation to the distributor or other qualified recipients, pursuant to the Plan. However, at the present time, the Fund is only assessing 0.25% and 0.75% under the Rule 12b-1 Distribution Plan for Advisor Class A shares and Advisor Class C shares, respectively. In addition, the Board has approved a Shareholder Servicing Plan for Advisor Class A and Advisor Class C shares that provides for an annual shareholder servicing fee equal to 0.25% of the average daily net assets attributable to Advisor Class A shares and Advisor Class C shares. Horizon Kinetics Asset Management LLC, the investment adviser to the Small Cap Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), 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 1.89% and 2.39%, excluding acquired fund fees and expenses, for Advisor Class A shares and Advisor Class C shares, respectively. These waivers and reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board. The Small Cap Opportunities Fund’s Advisor Class A shares commenced operations on December 31, 2001 and Advisor Class C shares commenced operations on February 16, 2007. The returns for the two indices in this column have been calculated since the inception date of Advisor Class A shares and Advisor Class C shares, as applicable. Effective April 30, 2026, the secondary broad-based index used for comparison with the Small Cap Opportunities Fund’s performance changed from the S&P 600 SmallCap Index TR to the MSCI USA Small Cap Index, which more closely reflects the types of securities in which the Fund invests. This table and the example below reflect the aggregate expenses of the Market Opportunities Fund and the Market Opportunities Portfolio. The management fees paid by the Market Opportunities Fund reflect the proportionate share of fees allocated to the Market Opportunities Fund from the Market Opportunities Portfolio. The fees and expenses of the Market Opportunities Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Market Opportunities Portfolio. The Board of Directors (the “Board”) of Kinetics Mutual Funds, Inc. has approved a Rule 12b-1 Distribution Plan that allows the Fund to pay up to 0.50% and 0.75% of the average daily net asset value (“NAV”) of the Advisor Class A shares and Advisor Class C shares, respectively, as compensation to the distributor or other qualified recipients, pursuant to the Plan. However, at the present time, the Fund is only assessing 0.25% and 0.75% under the Rule 12b-1 Distribution Plan for Advisor Class A shares and Advisor Class C shares, respectively. In addition, the Board has approved a Shareholder Servicing Plan for Advisor Class A shares and Advisor Class C shares that provides for an annual shareholder servicing fee equal to 0.25% of the average daily net assets attributable to Advisor Class A shares and Advisor Class C shares. Horizon Kinetics Asset Management LLC, the investment adviser to the Market Opportunities Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), 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 1.65% and 2.15% of the Fund’s average daily net assets, excluding acquired fund fees and expenses, taxes, brokerage commissions, extraordinary items and interest, for Advisor Class A shares and Advisor Class C shares, respectively. The Fund may have to repay the Investment Adviser some of these amounts waived or reimbursed within three years if total operating expenses fall below the expense cap described above. Such repayments are subject to approval by the Board of Trustees, and amounts recaptured under the agreement, if any, are limited to the lesser of (i) the expense limitation in effect at the time of the waiver or reimbursement and (ii) the expense limitation in effect at the time of the recapture. These waivers and reimbursements are in effect until April 30, 2027, and may not be terminated without the approval of the Board. The Market Opportunities Fund’s Advisor Class A shares commenced operations on January 31, 2006 and Advisor Class C shares commenced operations on February 16, 2007. The returns for the two indices in this column have been calculated since the inception date of Advisor Class A shares and Advisor Class C shares, as applicable. This table and the example below reflect the aggregate expenses of the Internet Fund and the Internet Portfolio. The management fees paid by the Internet Fund reflect the proportionate share of fees allocated to the Internet Fund from the Internet Portfolio. The fees and expenses of the Internet Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Internet Portfolio. “Other Expenses” are estimated for the current fiscal year since Institutional Class Shares of the Internet Fund have not commenced operations as of the date of this Prospectus. Horizon Kinetics Asset Management LLC, the investment adviser to the Internet Portfolio of the Kinetics Portfolio Trust (the “Investment Adviser”), has contractually agreed to reimburse the Internet Fund the portion of the shareholder servicing fee in excess of 0.05% of average daily net assets until at least April 30, 2027.  In addition, the Investment Adviser to the Internet 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 1.25%, 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. The Internet Fund’s No Load Class shares commenced operations on October 21, 1996 and converted into a feeder fund of the Internet Portfolio on April 28, 2000. The returns for the two indices in this column have been calculated since the October 21, 1996 inception date of the Internet Fund’s No Load Class shares. This table and the example below reflect the aggregate expenses of the Global Fund and the Global Portfolio. The management fees paid by the Global Fund reflect the proportionate share of fees allocated to the Global Fund from the Global Portfolio. The fees and expenses of the Global Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Global Portfolio. “Other Expenses” are estimated for the current fiscal year since Institutional Class Shares of the Global Fund have not commenced operations as of the date of this Prospectus. Horizon Kinetics Asset Management LLC, the investment adviser to the Global Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), has contractually agreed to reimburse the Global Fund the portion of the shareholder servicing fee in excess of 0.05% of average daily net assets until at least April 30, 2027. In addition, the Investment Adviser to the Global 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 1.19%, 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. The Global Fund’s No Load Class shares commenced operations on December 31, 1999 and converted into a feeder fund of the Global Portfolio on April 28, 2000. The returns for the indices in this column have been calculated since the December 31, 1999 inception date of the Global Fund’s No Load Class shares. 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 44Expense 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. This table and the example below reflect the aggregate expenses of the Small Cap Fund and the Small Cap Opportunities Portfolio (the “Small Cap Portfolio”). The management fees paid by the Small Cap Fund reflect the proportionate share of fees allocated to the Small Cap Fund from the Small Cap Portfolio. The fees and expenses of the Small Cap Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Small Cap Portfolio. Horizon Kinetics Asset Management LLC, the investment adviser to the Small Cap Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), has contractually agreed to reimburse the Small Cap Fund the portion of the shareholder servicing fee in excess of 0.05% of average daily net assets until at least April 30, 2027. In addition, the Investment Adviser to the Small Cap 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. Effective April 30, 2026, the secondary broad-based index used for comparison with the Small Cap Opportunities Fund’s performance changed from the S&P 600 SmallCap Index TR to the MSCI USA Small Cap Index, which more closely reflects the types of securities in which the Fund invests. This table and the example below reflect the aggregate expenses of the Market Opportunities Fund and the Market Opportunities Portfolio. The management fees paid by the Market Opportunities Fund reflect the proportionate share of fees allocated to the Market Opportunities Fund from the Market Opportunities Portfolio. The fees and expenses of the Market Opportunities Portfolio include those incurred by any subsidiary wholly-owned and controlled by the Market Opportunities Portfolio. Horizon Kinetics Asset Management LLC, the investment adviser to the Market Opportunities Portfolio of the Kinetics Portfolios Trust (the “Investment Adviser”), has contractually agreed to reimburse the Market Opportunities Fund the portion of the shareholder servicing fee in excess of 0.05% of average daily net assets until at least April 30, 2027. In addition, the Investment Adviser to the Market Opportunities 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 1.20% of the Fund’s average daily net assets, excluding acquired fund fees and expenses, taxes, brokerage commissions, extraordinary items and interest. The Fund may have to repay the Investment Adviser some of these amounts waived or reimbursed within three years if total operating expenses fall below the expense cap described above. Such repayments are subject to approval by the Board of Trustees, and amounts recaptured under the agreement, if any, are limited to the lesser of (i) the expense limitation in effect at the time of the waiver or reimbursement and (ii) the expense limitation in effect at the time of the recapture. These waivers and reimbursements are in effect until   April 30, 2027, and may not be terminated without the approval of the Board. No initial sales charge is applied to purchases of $1 million or more. A CDSC of 1.00% will be charged on Advisor Class C Share purchases that are redeemed in whole or in part within 12 months of purchase. “Other Operating Expenses” include expenses incurred by any subsidiary wholly-owned and controlled by the Fund. Total Annual Fund Operating Expenses do not correlate to the ratio of operating expenses to average net assets before expense reimbursement found in the “Financial Highlights” section of this Prospectus, which reflects the Fund’s operating expenses and does not include acquired fund fees and expenses (“AFFE”). The Fund’s adviser, Horizon Kinetics Asset Management, LLC (“Kinetics” or the “Investment Adviser”) has contractually agreed to reimburse the Fund the portion of Shareholder Servicing fees in excess of 0.05% of the average daily net assets of the Institutional Class until at least April 30, 2027. In addition, the Investment Adviser has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, AFFE (as determined in accordance with Form N‑1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.50%, 2.25%, 1.25% and 1.45% of the average daily net assets of the Advisor Class A Shares, Advisor Class C Shares, Institutional Shares and No Load Shares, respectively. This agreement is in effect until April 30, 2027, and may be terminated before that date only by the Company’s Board of Directors. The Fund’s Investment Adviser is permitted to seek reimbursement from the Fund for a period ending three full years after the date of the waiver or payment. Any reimbursement is limited to the lesser of the Expense Cap in effect at the time of the waiver and the Expense Cap in effect at the time of reimbursement.