Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		LEUCADIA NATL CORP		LUK	29.60	1.07	3.75%	5.48%
		LAS VEGAS SANDS CORP		LVS	51.91	0.84	1.64%	5.39%
		LIBERTY MEDIA CORP - LIBERTY CAPITAL		LMCA	84.45	0.86	1.03%	5.36%
		BROOKFIELD ASSET MAN		BAM	31.64	0.35	1.12%	4.99%
		AUTONATION, INC		AN	37.02	1.13	3.15%	4.81%
		CBOE HOLDINGS INC		CBOE	26.54	0.31	1.18%	4.60%
		WYNN RESORTS LTD		WYNN	114.98	-5.80	-4.80%	4.07%
		HOWARD HUGHES CORPORATION		HHC	51.56	0.86	1.70%	4.05%
		DREAMWORKS ANIMATION SKG INC		DWA	18.74	0.90	5.04%	3.72%
		CONTINENTAL RESOURCES INC		CLR	79.28	-0.09	-0.11%	3.31%
		EQUITY LIFESTYLE PROPERTIES, INC		ELS	69.10	-0.08	-0.12%	3.29%
		FRANCO NEVADA CORP		FNV	44.01	-1.79	-3.91%	3.05%
		OSAKA SECURITIES		OSCUF.PK	5800.00	0.00	0.00%	2.50%
		TOURMALINE OIL CORP		TOU.TO	25.69	0.67	2.68%	2.48%
		DISH NETWORK		DISH	28.91	0.54	1.90%	2.38%

 *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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