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* Annualized
** Non-Annualized
^ The Tactical Paradigm Fund - No Load Class inception date is 12/31/09. 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.
The Standard & Poor's 500 Index (S&P 500) and NASDAQ Composite (NASDAQ) each represent an unmanaged, broad-based basket of stocks. They are typically used as a proxy for overall market performance.
¹ Reflects price return index. The price return version does not account for dividends; it only captures the changes in the prices of the index components.
The Fund's Total Expense Ratio is
2.29%. The
Investment Adviser to the Tactical Paradigm Portfolio has voluntarily
agreed to waive fees and reimburse expenses so that Total Annual Fund
Operating Expenses do not exceed 2.29% for No Load Class shares. The Investment Adviser has agreed to continue these waivers and reimbursements until at least April 30, 2011.
Due to market volatility, current performance may be more or less than those shown for standard quarter-end periods.
The Tactical Paradigm Fund's investments, including investments in common stocks, have inherent risks that could cause you to lose money. As a non-diversified investment company, the Tactical Paradigm Fund can invest a large percentage of its assets in a small number of issuers. As a result, a change in value of any one investment may affect the overall value of the Fund's shares more than shares of a diversified mutual fund that holds more investments. The Fund may invest in below-investment grade debt (i.e., junk bonds) which is subject to greater credit risk, price volatility and risk of loss than investment-grade securities. The Fund's investments in futures, options, ETFs, swaps and other complex derivatives may result in loss as derivative instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses to the Fund. To the extent the Fund segregates assets to cover derivative positions, the Fund may impair its ability to meet current obligations, to honor requests for redemption and to manage the Fund in a manner consistent with its stated investment mandate. Purchasing and writing put and call options and, in particular, writing "uncovered" options are highly specialized activities and entail greater than ordinary investment risk. The Fund may also sell a security short, thereby necessitating the Fund to "cover" its short position at a higher price than the short price, resulting in a loss. The Fund's loss on a short sale is potentially unlimited because there is not upward limit of the price a security could attain. These and additional risks are more detailed in the Fund's Prospectus. You should read the Prospectus carefully before investing. A copy of the most recent Prospectus can be obtained by clicking on the "Prospectus" link at the top of the page.
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 Portfolios Trust.
For more information, including a complete
explanation of the specific risks associated with the Funds and all fees and
expenses that apply to a continued investment, call 1-800-930-3828 for a
prospectus or log on to www.kineticsfunds.com. Read it carefully before
investing.
Distributor: Kinetics Funds Distributor, Inc. is an affiliate of Kinetics Asset Management, LLC, and is not an affiliate of Kinetics Mutual Funds,
Inc.
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