Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Kinetics Market Opportunities A  KMKAX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Kinetics Market Opportunities A  KMKAX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Financial Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Large    Growth       As of 2009-06-30 Day Change $ -0.11    NAV (2009-11-20) $ 10.71    YTD Return % (2009-11-20) 49.58%    Total Assets ($ mil) 68 View Data Definitions   Performance     Growth of $10,000 Fund: Kinetics Market Opportunities A (from 2006-01-31 to 2009-10-31) Category: Financial Index: S&P 500 TR Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2006-01-31 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 49.58 85.30 -2.25 --- --- 1.12 +/- Category 29.23 78.33 13.14 --- --- --- +/- S&P 500 TR 26.06 36.50 3.65 --- --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 41.24 1.89 -0.59 --- --- 0.48 Month-End (as of 2009-10-31) 36.37 26.92 -3.49 --- --- -0.47 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 26.77 -3.56 --- --- --- On Distribution & Sale of Shares --- 17.47 -2.99 --- --- --- Morningstar Rating --- --- --- --- --- # of compared funds covered (3 yrs : out of 107 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is 5.75%, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % Information 3.23 Software 3.21 Hardware 0.00 Media 0.02 Telecommunications 0.00 Service 94.05 Healthcare 0.00 Consumer Services 1.07 Business Services 4.01 Financial Services 88.97 Manufacturing 2.73 Consumer Goods 0.00 Industrial Materials 2.66 Energy 0.00 Utilities 0.06 Asset Allocation % of Net Assets Cash 1.5 Stocks 98.5 Bonds 0.0 Other 0.0 Foreign Stocks 44.4 (as a % of Assets) Data through 2009-06-30 Data through 2009-06-30 Holding Status Total Number of Stock Holdings 78 Turnover % --- Total Number of Bond Holdings 0 30 Day SEC Yield % --- % of Assets in Top 10 Holdings 44.69 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Sector P/E YTD Return % % of Net Assets Jefferies Group, Inc. --- 88.98 7.91 Franco-Nevada Corporation --- --- 6.89 IntercontinentalExchange, Inc. 19.76 29.51 5.00 Hong Kong Exchanges --- --- 4.93 NYSE Euronext --- -2.63 4.34 CME Group Inc A 17.15 56.86 4.03 China Life Insurance Company, Ltd. ADR 28.17 61.13 3.11 Singapore Exchange Ltd --- --- 2.92 Ping An Insurance (group) Company Of China, Ltd. --- --- 2.83 Industrial And Commercial Bank Of China Limited --- --- 2.73 Data through 2009-06-30 YTD Return through 2009-11-20   Other Information Fund Inception: 2006-01-31 Portfolio Manager  (Start Date) Peter B. Doyle  (2006-01-31) Doyle is the Chief Investment Strategist for Kinetics Asset Management and the founder of both Kinetics Asset Management and Horizon Asset Management. Murray Stahl  (2006-01-31) Stahl is the chairman, treasurer and co-founder of Horizon since 1994. Paul Mampilly  (2007-05-01) Mampilly provides substantial input on research, stock selection and portfolio composition. Mampilly joined the Investment Adviser in 2006 and has over fifteen years experience as an investment professional. From January 2002 through May 2003, he held employment with ING Funds as a senior research analyst and healthcare group head, responsible for managing a team of analysts covering healthcare related companies of all market capitalizations. Bruce P. Abel  (2006-01-31) Abel is a portfolio manager with Kinetics Asset Management, his employer since 1999. Prior to joining the firm, he was employed with Brookhaven National Laboratory since 1989 where he worked researching, developing and implementing technical and scientific programs and systems in the areas of nuclear physics and computer programming, and industrial design. He has over 10 years experience in the fields of science, chemistry, physics, and engineering. Steven Tuen  (2006-01-31) Tuen is a portfolio manager with Kinetics Asset Management, his employer since 1999. Previously, he was an analyst and director of research with IPO Value Monitor from 1996 to 1999. Prior to that, from 1989 to 1996, he was an analyst at Bankers Trust Company where he became a portfolio manager of the private banking group. Tuen holds the Chartered Financial Analyst designation. David Kingsley  (2009-08-07) Kingsley has also served as a portfolio manager at Horizon since July 2006. Prior to Horizon, he was a portfolio manager at Kingsley Capital Management, LLC from 2001 through 2005. Sales Charge % (taken from prospectus dated 2009-04-30) Front: 5.75 Deferred: None Expense Ratio % 1.91 based on net assets (taken from annual report dated 2008-12-31) Correspondence Information 555 Taxter Road Suite 175 Elmsford,  NY  10523 USA Telephone: 800-930-3828 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.