Kinetics Medical Fund 

Kinetics Mutual Funds, Inc. The Medical Fund operates as a non-diversified investment vehicle, allocating all of its capital exclusively to the Medical Portfolio, a specific series within the Kinetics Portfolios Trust. The Medical Portfolio is strategically mandated to invest a minimum of 80% of its net assets—inclusive of any funds borrowed for investment purposes—into a range of equity and equity-linked securities. These include common shares, convertible debt instruments, warrants, and other securities sharing characteristics with common stock. The target companies, both domestic and international, are primarily engaged across medical research, pharmaceutical, and medical technology sectors, as well as associated technology industries. A significant emphasis is placed on entities dedicated to cancer research and the development of new drugs.