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* Annualized
**
Non-Annualized
^ The Small Cap Opportunities Fund
inception date is 3/20/00. 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
1.92%.
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 smaller companies often have
narrower markets and limited financial resources, they present more
risk than larger more established companies. As a non-diversified
fund, the value of its shares may fluctuate more than shares
invested in a broader range of 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 series 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. | 
