Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004-2541 www.morganlewis.comListed Funds Trust • April 3rd, 2023
Re: Agreement and Plan of Reorganization by and between Kinetics Mutual Funds, Inc., on behalf of its series, Kinetics Medical Fund and Kinetics Alternative Income Fund, and Listed Funds Trust, on behalf of its series, Horizon Kinetics Medical ETF and...Listed Funds Trust • April 3rd, 2023
We have acted as counsel to the Kinetics Medical Fund and the Kinetics Alternative Income Fund (each, a “Target Fund” and together, the “Target Funds”), each a series of Kinetics Mutual Funds, Inc. (the “Target Entity”), a Maryland corporation, in connection with the Agreement and Plan of Reorganization dated as of January 27, 2022 (the “Agreement”), by and between the Target Entity, on behalf of the Target Funds, and Listed Funds Trust (the “Acquiring Entity”), a Delaware statutory trust, on behalf of its series, the Horizon Kinetics Medical ETF and the Horizon Kinetics SPAC Active ETF (each, an “Acquiring Fund” and together, the “Acquiring Funds”) and joined in for limited purposes by Horizon Kinetics Asset Management LLC, a Delaware limited liability
