Kinetics Mutual Funds KMDAX Top Holdings

Top Equity & Fixed Income Holdings (as of December 31, 2011)



Company Name Website Links	Asset Class	Percentage of Portfolio*
OWENS-BROCKWAY GLASS CONTAINER	Fixed Income	8.00%
CHESAPEAKE ENERGY CORP	Fixed Income	7.90%
CONSOL ENERGY, INC	Fixed Income	6.30%
FOREST CITY ENTERPRISES, INC	Fixed Income	6.10%
ICAHN ENTERPRISES LP	Fixed Income	5.30%
MOLYCORP INC	Fixed Income	4.90%
DAVITA INC	Fixed Income	4.80%
L-3 COMMS HLDGS INC	Fixed Income	4.60%
LIVE NATION ENTERTAINMENT	Fixed Income	4.10%
CALPINE CONSTRUCTION FINANCE COMPANY, LP	Fixed Income	4.10%

Option Sector Exposure (as of December 31, 2011)



		Sector		Percentage of Portfolio**
		FINANCIALS		31%
		CONSUMER		20%
		ENERGY		13%
		INDUSTRIALS		12%
		MATERIALS		10%
		UTILITIES		7%
		TECH & TELECOM		3%
		HEALTH CARE		2%
		DIVERSIFIED		1%

*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.

**Represents notional value of option exposure. Industry information is based on data sourced from Bloomberg®.

By clicking on a holding hyperlink, the user will be routed to a website that is not maintained by or associated with Kinetics Asset Management LLC.
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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