The investment seeks long-term growth of capital. The fund is a non-diversified fund that invests all of its investable assets in the Market Opportunities Portfolio, a series of Kinetics Portfolios Trust. The Market Opportunities Portfolio normally invests at least 65% of its net assets in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies involved in capital markets or related to capital markets, as well as companies involved in the gaming industry.

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KMKAX

The fund is a non-diversified fund that invests all of its investable assets in the Small Cap Portfolio, a series of Kinetics Portfolios Trust. The Small Cap Portfolio invests at least 80% of its net assets plus any borrowings for investment purposes in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks (such as American Depositary Receipts, Global Depositary Receipts and International Depositary Receipts) of U.S. and foreign small capitalization companies that provide attractive valuation opportunities. The fund is non-diversified.

KSCOX

The Kinetics Small Capital Opportunities Advisor Fund (KSOAX) is an undiversified investment fund that puts all of its investable resources into the Small Cap Portfolio, which is part of the Kinetics Portfolios Trust. The Small Cap Portfolio is obliged to invest a minimum of 80% of its total assets and any borrowed funds used for investment purposes in common stocks, convertible securities, warrants, and other types of equity securities that share characteristics with common stocks. These securities are associated with small capitalization companies from the United States and foreign countries, which offer appealing valuation opportunities.

KSOAX

The investment seeks to achieve long-term growth of capital. The fund will pursue its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings. It may invest in any size company, including small- and medium-sized companies. The fund is non-diversified.

LSHAX

The fund is a non-diversified fund that invests all of its investable assets in the Paradigm Portfolio, a series of Kinetics Portfolios Trust. The Paradigm Portfolio invests at least 65% of its net assets in common stocks, ETFs, convertible securities, warrants, and other equity securities having the characteristics of common stocks (such as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and International Depositary Receipts ("IDRs")) of U.S. and foreign companies that the Investment Adviser believes are undervalued. The fund is non-diversified.

WWNPX

The fund is a diversified fund that invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust. The Global Portfolio invests at least 65% of its net assets plus any borrowings for investment purposes in common stocks, ETFs, convertible securities, warrants and other equity securities having the characteristics of common stocks of foreign and U.S. companies listed on publicly traded exchanges.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
KMKAX	Kinetics Market Opportunities Fund	Mid Cap Growth Equities	Jan 31, 2006	1.65%	45.07%	14.27%	0.48%
KSCOX	Kinetics Small Cap Opportunities Fund	Small Cap Growth Equities	Mar 20, 2000	1.64%	43.59%	14.67%	4.67%
KSOAX	Kinetics Small Capital Opportunities Advisor Fund ...	Small Cap Growth Equities	Dec 31, 2001	1.89%	43.34%	14.37%	4.69%
LSHAX	Kinetics Spin-Off and Corporate Restructuring Fund	Mid Cap Growth Equities	May 4, 2007	1.68%	52.88%	12.59%	6.06%
WWNPX	Kinetics Paradigm Fund	Mid Cap Growth Equities	Dec 31, 1999	1.64%	51.09%	14.47%	3.74%
WWWEX	Kinetics The Global Fund	Diversified Portfolio	Dec 30, 1999	1.39%	39.62%	9.95%	1.79%

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