Data as of July 23, 2008
Daily Stats SP 500
Index¹
NASDAQ
Composite¹
Daily NAV 24.30 1282.19 2325.88

Change from Prior NAV 0.11 5.19 21.92

One day return (%) 0.45% 0.41% 0.95%


Total Return

Month to Date** -3.42% 0.17% 1.43%

Quarter to Date** -3.42% 0.17% 1.43%

Year to Date** -21.54% -12.68% -12.31%


Data as of June 30, 2008
One Year* -10.25% -14.86% -11.92%

Three Year* 10.85% 2.42% 3.69%

Since inception *^ 11.94% 2.14 % 3.27 %

Since inception **^ 41.76% 6.78 % 10.47%



2007 21.37% 3.53% 9.81%

2006 27.96% 13.62% 9.52%

2005 12.35% 3.00% 1.37%

* Annualized

** Non-Annualized

 ^ The Paradigm Fund - Institutional Class inception date is 05/27/05. 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.

¹ One year, 3 year, 5 year, and since inception returns (where applicable) are without dividends reinvested.

The Fund's Total Expense Ratio is 1.47%.

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

The returns quoted assume the sales charge applicable to the respective Advisor Class. The returns would be higher if the sales charge was waived by your broker-dealer.

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 of Kinetics Portfolios 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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