Fund Basics

Inception Date 5/19/08

Trading Symbol KMKYX

CUSIP 494613615

Assets (12/31/11)¹ $43,026,103

Sales Charge None

12b-1 Charge None

Gross Expense Ratio² 1.44%

Fiscal Year End 12/31

Investment Minimum $2,500

Fund Objective Long-term growth of capital

Portfolio Management Team Peter Doyle, Co-Portfolio Manager
Murray Stahl, Co-Portfolio Manager

¹ Assets represent total net assets for the Market Opportunities Master Portfolio, which includes both the no-load and advisor class feeder funds.

²The Investment Adviser to the Market Opportunities Portfolio has voluntarily agreed to waive fees and reimburse expenses so that Total Annual Fund Operating Expenses do not exceed 1.44% for Institutional Class shares. These waivers and reimbursements may be discontinued at any time.



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