Data as of July 24, 2014
KWINX Barclays Aggregate
Bond Index
Credit Index
Daily NAV 90.25    

Change from Prior NAV 0.00    

One day return (%) 0.00% -0.22% -0.03%

Total Return

Month to Date** 0.18% -0.09% -0.01%

Quarter to Date** 0.18% -0.09% -0.01%

Year to Date** 2.85% 3.83% 0.93%

Data as of June 30, 2014
One Year* 6.26% 4.37% 2.16%

Three Year* 3.28% 3.66% 2.06%

Five Year* 3.34% 4.85% 3.28%

Since inception *^ -0.53% 5.34% 3.88%

Since inception **^ -3.65% 43.98% 30.55%

2013 5.22% -2.02% 1.45%

2012 9.90% 4.21% 3.69%

2011 -4.88% 7.84% 1.75%

2010 -4.60% 6.54% 4.15%

2009 16.46% 5.93% 11.59%

2008 -25.17% 5.24% 0.30%

2007¹ 2.64% 5.93% 3.64%

* 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.

As of May 31, 2013 the Alternative Income Fund underwent a 1 for 10 reverse split (all share classes). Fund holders of KWINX should maintain a copy of IRS Form 8937 detailing the transaction.

 ^ The Alternative Income Fund inception date is 06/29/07. The Alternative Income Fund (formerly The Water Infrastructure Fund) began pursuing a new investment objective and implementing a new investment strategy as of December 31, 2012. 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.

The Barclays U.S. Aggregate Bond Index is composed of the Barclays U.S. Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, and includes securities that are of investment grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million. The Barclays 1-3 US Credit Bond Index is composed of investment grade United States credit securities with a maturity between one and three years. Both Barclays indices are trademarks of Barclays Bank PLC. An investor cannot invest directly in an index.

¹ 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.

As a non-diversified fund, the value of its shares may fluctuate more than shares invested in a broader range of companies. In addition, investing in foreign securities involves more risk than just U.S. investments, including the risk of currency fluctuations, political and economic instability and differences in financial reporting standards. There may also be heightened risks investing in non-investment grade debt securities and the use of options. There are also risks associated with investing in small and medium sized companies. Non-investment grade debt securities, i.e., junk bonds, are subject to greater credit risk, price volatility and risk of loss than investment grade securities. Options contain special risks including the imperfect correlation between the value of the option and the value of the underlying asset. The Fund invests in options and other derivative instruments, which are specialized activities and entail greater than ordinary investment risks, including that they may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses. The Fund may rely on SEC orders that permit it to invest greater than 5% of its total assets in the securities of other investment companies, some of which may be exchange traded funds (ETFs). As a shareholder in an ETF, the Alternative Income Fund will bear its pro rata portion of an ETFs expenses, including advisory fees, in addition to its own expenses. Investing in foreign securities can carry higher returns than those generally associated with U.S. investments, however, foreign securities may be substantially riskier than U.S. investments. You should consult the fundís prospectus for a complete list of risks associated with your investment.

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.

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