Equity holdings (as of December 31, 2011*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		ICAHN ENTERPRISES		IEP	39.12	1.08	2.84%	9.79%
		TEXAS PACIFIC LAND TRUST		TPL	43.65	-0.13	-0.30%	7.86%
		THE HOWARD HUGHES CORPORATION		HHC	51.56	0.86	1.70%	7.22%
		JARDEN CORP		JAH	33.89	0.45	1.35%	6.61%
		EQUITY LIFESTYLES PROPERTIES		ELS	69.10	-0.08	-0.12%	6.03%
		WISDOMTREE INVESTMENTS INC		WETF	6.08	0.47	8.38%	5.60%
		AIR LEASE CORP		AL	25.38	0.16	0.63%	4.47%
		INMET MINING		IMN.TO	69.43	0.97	1.42%	4.12%
		DREAMWORKS ANIMATION		DWA	18.74	0.90	5.04%	4.03%
		WINTHROP REALTY TRUST - REIT		FUR	12.07	-0.02	-0.17%	3.36%
		LIVE NATION ENTERTAINMENT		LYV	10.88	0.36	3.42%	2.85%
		VALUE PARTNERS GROUP LTD		0806.HK	4.85	-0.08	-1.62%	2.62%
		SIEM INDUSTRIES		SEMUF	N/A	N/A	N/A%	2.11%
		GREENLIGHT CAPITAL RE LTD CL A		GLRE	26.35	0.49	1.89%	2.02%
		INTER PARFUMS INC		IPAR	17.85	0.15	0.85%	1.95%

 *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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