|
* Annualized
**
Non-Annualized
^ The Water Infrastructure Fund - Institutional Class
inception date is 06/29/07. 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
1.44%. The Investment Adviser to the Water Infrastructure Portfolio has voluntarily agreed to waive fees and reimburse expenses so that Total Annual Fund Operating Expenses do not exceed 1.54% for Institutional Class shares. These waivers and reimbursements may be discontinued at any time.
Due to market
volatility, current performance may be more or less than those shown
for standard quarter-end periods.
Because the Fund invests in a single industry, its shares do not represent a complete investment program. Water related securities are subject to a rate of change in technology, obsolescence, regulation 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 portfolio 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. | 
