Data as of May 17, 2013
KNPCX SP 500
Index¹
NASDAQ
Composite²
Daily NAV 28.19 1667.47 3498.97

Change from Prior NAV 0.28 65.26 33.73

One day return (%) 1.00% 1.03% 0.97%


Total Return

Month to Date** 5.86% 4.57% 5.11%

Quarter to Date** 11.07% 6.59% 7.08%

Year to Date** 24.40% 17.89% 15.88%


Data as of March 31, 2013
One Year* 16.96% 13.96% 5.69%

Three Year* 9.17% 12.67% 10.86%

Five Year* 0.87% 5.81% 7.47%

Since inception *^ 9.07% 6.51% 7.76%

Since inception **^ 154.33% 97.02% 123.31%



2012 16.70% 16.00% 15.91%

2011 -14.90% 2.11% -1.80%

2010 16.45% 15.06% 16.91%

2009 39.97 % 26.46% 43.89%

2008 -53.54% -37.00% -40.54%

2007 20.20% 5.49% 9.81%

2006 26.82% 15.79% 9.52%

2005 14.96% 4.91% 1.37%

2004 20.16% 10.88% 8.59%

2003 46.58% 28.68% 50.01%

2002³ -5.55% -10.30% -8.73%

* 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 Paradigm Fund - Advisor Class C inception date is 6/28/02. 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.

¹ Reflects S&P returns which include dividends reinvested.

² Reflects NASDAQ returns which do not include dividends being reinvested.

³ 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.

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.

The NASDAQ Composite (NASDAQ) and the Standard & Poor's 500 Index (S&P 500) each represent an unmanaged, broad-based basket of stocks. They are typically used as a proxy for overall market performance.




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