Equity holdings (as of April 30, 2013*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		ICAHN ENTERPRISES LP		IEP	76.25	-5.06	-6.22%	7.46%
		CBOE HOLDINGS INC		CBOE	40.52	-0.02	-0.05%	6.57%
		WISDOMTREE INVESTMENTS INC		WETF	13.03	0.07	0.54%	6.20%
		LEUCADIA NATIONAL CORPORATION		LUK	30.65	0.07	0.23%	4.97%
		ROUSE PROPERTIES, INC		RSE	20.94	-0.08	-0.38%	4.51%
		ONEX CORPORATION		OCX:CA	N/A	N/A	N/A%	4.31%
		BROOKFIELD ASSET MGMT INC		BAM	36.54	-0.06	-0.16%	4.14%
		THE HOWARD HUGHES CORPORATION		HHC	102.03	1.83	1.83%	4.10%
		TEXAS PACIFIC LAND TRUST		TPL	79.54	1.23	1.57%	3.63%
		DUNDEE CORPORATION CLASS A		DDEJF	N/A	N/A	N/A%	2.75%
		SOTHEBYS		BID	36.40	0.03	0.08%	2.52%
		BLACKSTONE GROUP LP		BX	22.65	0.40	1.80%	2.38%
		INTERCONTINENTALEXCHANGE INC.		ICE	167.66	-0.63	-0.37%	2.09%
		VISA INC		V	180.45	2.35	1.32%	2.05%
		JSE LIMITED		JSE:SJ	N/A	N/A	N/A%	1.73%

 *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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