Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		FOREST CITY ENTERPRISES INC -CL A		FCE-A	14.91	1.72	13.04%	4.85%
		COMPAGNIE FINANCIERE RICHEMONT SA		CFR VX	57.55	1.03	1.82%	4.66%
		LVMH MOET HENNESSY LOUIS VUITTON SA		MC.PA	129.30	2.90	2.29%	4.40%
		LIBERTY MEDIA CORP - LIBERTY CAPITAL		LMCA	84.45	0.86	1.03%	4.40%
		GREENLIGHT CAPITAL RE LTD CL A		GLRE	26.35	0.49	1.89%	4.31%
		OSAKA SECURITIES EXCHANGE		OSCUF.PK	5800.00	0.00	0.00%	4.06%
		JARDINE STRATEGIC HOLDINGS LTD		JDSHF	N/A	N/A	N/A%	4.02%
		WYNN RESORTS LTD		WYNN	114.98	-5.80	-4.80%	3.99%
		LEUCADIA NATIONAL CORP		LUK	29.60	1.07	3.75%	3.67%
		THE LINK REIT		LKREF	N/A	N/A	N/A%	3.63%
		ONEX CORPORATION		OCX.TO	35.67	0.36	1.02%	3.20%
		FRANCO-NEVADA CORPORATION		FNV	44.01	-1.79	-3.91%	2.86%
		GENTING BERHAD		4715.KL	4.01	-0.09	-2.20%	2.80%
		BEIJING CAPITAL INTERNATIONAL AIRPORT		0694.HK	3.91	0.01	0.26%	2.79%
		SEARS HOLDINGS CORPORATION		SHLD	44.53	2.56	6.10%	2.19%

 *The information contained on this page is updated at the discretion of Kinetics Asset
Management LLC. It is only representative of the Fund's portfolio on the date specified.

Position size may not be indicative of actual market position due to the
use of call and put options.

The securities and ticker symbols listed above may not represent the actual securities held in the fund.
To the extent a particular security price cannot be obtained, a representative security ticker may be listed.

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