Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		BIOGEN IDEC		BIIB	121.88	0.62	0.51%	8.30%
		NOVARTIS AG		NVS	55.72	0.06	0.11%	6.50%
		BRISTOL MYERS SQUIBB		BMY	32.26	-0.05	-0.15%	6.45%
		ELI LILLY & CO.		LLY	39.51	-0.09	-0.23%	6.17%
		JOHNSON AND JOHNSON		JNJ	65.64	0.05	0.08%	6.16%
		ABBOTT LABS		ABT	55.00	0.55	1.01%	5.84%
		LIFE TECHNOLOGIES CO		LIFE	49.57	0.71	1.45%	5.77%
		CUBIST PHARMACEUTICALS INC		CBST	41.61	-0.07	-0.17%	5.68%
		GLAXOSMITHKLINE		GSK	44.85	0.45	1.01%	5.57%
		SANOFI AVENTIS		SNY	36.73	0.03	0.08%	5.24%
		PFIZER INC		PFE	21.20	0.09	0.43%	4.92%
		PROGENICS PHARMACEUTICALS INC		PGNX	10.03	-0.16	-1.57%	2.75%
		MITSUBISHI TANABE PHARMA CORP		MTZXF.PK	15.73	0.00	0.00%	2.66%
		SIMCERE PHARMACEUTICAL GROUP		SCR	10.06	0.04	0.40%	2.23%
		ALKERMES PLC		ALKS	19.15	0.15	0.79%	2.15%

 *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.

Prospectus | Contact Us | FAQs | Investment Links | Financial Professionals