Top Equity & Fixed Income Holdings (as of December 31, 2011)

Company Name
Website Links
Asset Class
Percentage
of Portfolio*
  VEOLIA ENVIRONNEMENT SA
Fixed Income
19.00%
  MUELLER WATER PRODUCTS INC
Fixed Income
14.50%
  CHESAPEAKE ENERGY CORP
Fixed Income
11.70%
  ICAHN ENTERPRISES LP
Fixed Income
9.10%
  TETRA TECH INC
Equity
 2.90%
  CADIZ INC
Equity
 2.70%
  BROOKFIELD RENEWABLE POWER FUND
Equity
 2.10%
  CONSOLIDATED WATER CO LTD
Equity
 1.70%
  UNITED UTILITIES GROUP PLC
Equity
 1.30%
  ENERGY RECOVERY INC
Equity
 0.90%


Option Sector Exposure (as of December 31, 2011)

Industry
 Percentage
of Portfolio**
  INDUSTRIALS 50%
  DIVERSIFIED 30%
  UTILITIES 18%
  MATERIALS 1%

 *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.

**Represents notional value of option exposure. Industry information is based on data sourced from Bloomberg®.

By clicking on a holding hyperlink, the user will be routed to a website that is not maintained by or associated with Kinetics Asset Management LLC.
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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