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* Annualized
**
Non-Annualized
^ The Medical Fund - Advisor
Class A inception date is 12/31/00. 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, since inception, and historical total returns (where applicable) are without dividends reinvested.
The Fund's Total Expense Ratio is
1.67%.
Due to market volatility, current
performance may be more or less than those shown for standard
quarter-end periods.
The returns quoted assume the maximum sales charge, calculated on an annualized basis, applicable to the respective Advisor Class. The returns would be higher if the sales charge was waived by your broker-dealer.
Because the Fund invests in a single
industry, its shares do not represent a complete investment
program. Biotech and pharmaceutical stocks are subject to
a rate of change in technology, obsolescence and competition which
is generally higher than that of other industries, and have
experienced extreme price and volume fluctuations. As a
non-diversified and single industry fund, the value of its shares
may fluctuate more than shares invested in a broader range of
industries and companies.
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. | 
