Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		CBOE HOLDINGS INC		CBOE	26.54	0.31	1.18%	9.74%
		WISDOMTREE INVESTMENTS INC		WETF	6.08	0.47	8.38%	9.38%
		FRANCO NEVADA CORP		FNV	44.01	-1.79	-3.91%	8.01%
		INTERCONTINENTALEXCHANGE		ICE	122.32	2.67	2.23%	6.66%
		BROOKFIELD ASSET MGMT INC		BAM	31.64	0.35	1.12%	4.56%
		MASTERCARD INCORPORATED		MA	390.32	8.75	2.29%	3.94%
		CME GROUP INC		CME	273.43	7.42	2.79%	3.86%
		LAS VEGAS SANDS CORP		LVS	51.91	0.84	1.64%	3.47%
		COHEN & STEERS INC		CNS	34.87	0.90	2.65%	3.07%
		SOTHEBYS		BID	37.59	2.73	7.83%	2.80%
		SINGAPORE EXCHANGE		S68.SI	6.70	0.06	0.90%	2.63%
		JSE LIMITED		JSEJF	N/A	N/A	N/A%	2.54%
		VISA INC		V	107.03	0.97	0.91%	2.51%
		THE BLACKSTONE GROUP		BX	16.81	0.13	0.78%	2.22%
		ICAHN ENTERPRISES LP		IEP	39.12	1.08	2.84%	2.21%

 *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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