Data as of July 28, 2014
KMDNX Barclays U.S.
High Yield
Corporate Bond Index
Barclays
Aggregate Bond
Index
Daily NAV 11.36    

Change from Prior NAV -0.01    

One day return (%) -0.09% -0.01% -0.08%


Total Return

Month to Date** -0.44% -0.46% 0.03%

Quarter to Date** -0.44% -0.46% 0.03%

Year to Date** 4.44% 4.98% 3.95%


Data as of June 30, 2014
One Year* 8.70% 11.73% 4.37%

Three Year* 5.91% 9.48% 3.66%

Five Year* 9.93% 13.98% 4.85%

Since inception *^ 5.94% 4.65% 10.59%

Since inception **^ 44.55% 33.65% 90.17%



2013 4.28% 7.44% -2.02%

2012 15.38% 15.81% 4.21%

2011 0.24% 4.98% 7.84%

2010 13.04% 15.12% 6.54%

2009 22.90% 58.21% 5.93%

2008¹ -17.76% -24.21% 3.48%

* Annualized

** Non-Annualized

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Call 1-800-930-3828 or click on the "Prospectus" link at the top of the page for the most recent month-end performance data. You should read the prospectus carefully before you invest.

 ^ The Multi-Disciplinary Fund - No Load Class inception date is 2/11/08. Performance data quoted represents past performance and does not guarantee future results. Figures include changes in principal value, reinvested dividends and capital gains distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than original purchase. Current performance may be lower or higher than the performance data quoted. Performance data does not reflect the deduction of the sales load or fee. You will be charged a redemption fee equal to 2.00% of the net amount of the redemption if you redeem or exchange your shares 30 days or less after you purchase them.

The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, and includes securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million. The Barclays U.S Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt. Both Barclays indices are trademarks of Barclays Bank PLC. An investor cannot invest directly in an index.

¹ Cumulative return from Fund inception to year end.

The Fund's Total Gross and Net Expense Ratios can be found by clicking on the "Statistics" tab to the left hand side of the page.

Due to market volatility, current performance may be more or less than those shown for standard quarter-end periods.

As a non-diversified fund, the value of its shares may fluctuate more than shares invested in a broader range of companies. In addition, investing in foreign securities involves more risk than just U.S. investments, including the risk of currency fluctuations, political and economic instability and differences in financial reporting standards. There may also be heightened risks investing in non-investment grade debt securities and the use of options. There are also risks associated with investing in small and medium sized companies. Non-investment grade debt securities, i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment grade securities. Options contain special risks including the imperfect correlation between the value of the option and the value of the underlying asset. The Fund's investment in future, options and swaps and other derivative instruments may result in loss as derivate instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses to the Portfolio. To the extent the Portfolio segregates assets to cover derivative positions, the Portfolio may impair its ability to meet current obligations, to honor requests for redemption and to manage the Portfolio in a manner consistent with its stated investment. Purchasing and writing put and call options and, in particular, writing "uncovered" options are highly specialized activities and entail greater than ordinary investment risk. You should consult the fundís prospectus for a complete list of risks associated with your investment.

Kinetics Mutual Funds, unlike other investment companies that directly acquire and manage their own portfolios of securities, pursue their investment objectives by investing all of their investable assets in a corresponding portfolio series of Kinetics Portfolio Trust.




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