Data as of July 23, 2014
Daily NAV 28.66    

Change from Prior NAV 0.26    

One day return (%) 0.92% 0.18% 0.40%

Total Return

Month to Date** -0.93% 1.47% 1.49%

Quarter to Date** -0.93% 1.47% 1.49%

Year to Date** 8.64% 8.71% 7.11%

Data as of June 30, 2014
One Year* 31.09% 24.61% 29.53%

Three Year* 17.38% 16.58% 16.70%

Five Year* 17.03% 18.83% 19.16%

Ten Year* 10.46% 7.78% 7.97%

Since inception *^ 10.40% 4.88% 3.26%

Since inception **^ 330.16% 101.88% 60.52%

2013 49.25% 32.39% 38.32%

2012 8.86% 16.00% 15.91%

2011 5.11% 2.11% -1.80%

2010 4.30% 15.06% 16.91%

2009 24.47% 26.46% 43.89%

2008 -20.42% -37.00% -40.54%

2007 15.47% 5.49% 9.81%

2006 14.81% 15.79% 9.52%

2005 -0.72% 4.91% 1.37%

2004 6.96% 10.88% 8.59%

2003 23.19% 28.68% 50.01%

2002 -29.14% -22.10% -31.3%

2001 -13.77% -11.89% -21.06%

2000 57.04% -9.10% -39.29%

1999¹ 33.60% 14.88% 48.18%

* 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.

 ^ The Medical Fund inception date is 9/30/99. 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 Standard & Poorís 500 Index and the NASDAQ Composite each represent an unmanaged, broad-based basket of stocks. They are typically used as a proxy for overall market performance. S&P 500 Index returns assume that dividends are reinvested while the NASDAQ Composite returns stated above do NOT include reinvested dividends. 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 investing in 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. Furthermore, 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. 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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