Equity holdings (as of March 31, 2014*)

Company Name
Website Links
Ticker Last
Price
Price Change Percentage
Change
Percentage
of Portfolio*
  HOWARD HUGHES CORPORATION HHC 141.41 -2.47 -1.72% 9.98%
  ICAHN ENTERPRISES LP IEP 99.66 -0.82 -0.82% 7.06%
  LIBERTY MEDIA CORP - LIBERTY CAPITAL LMCA 128.62 -0.15 -0.12% 6.08%
  AUTONATION, INC AN 53.50 -0.61 -1.13% 3.80%
  DREAMWORKS ANIMATION SKG INC DWA 27.58 -0.20 -0.72% 3.70%
  TEXAS PACIFIC LAND TRUST TPL 131.79 -0.60 -0.45% 3.65%
  CBOE HOLDINGS INC CBOE 52.61 -0.13 -0.25% 3.41%
  LEUCADIA NATL CORP LUK 26.22 -0.11 -0.42% 3.35%
  BROOKFIELD ASSET MAN BAM 41.60 -0.22 -0.53% 3.33%
  DISH NETWORK DISH 60.09 0.67 1.13% 3.31%
  LIVE NATION ENTERTAINMENT, INC. LYV 21.57 0.21 0.98% 3.21%
  LIBERTY INTERACTIVE CORPORATION LINTA 29.51 -0.11 -0.37% 2.71%
  CBS CORPORATION CBS 58.84 -0.93 -1.56% 2.60%
  DISCOVERY COMMUNICATIONS, INC DISCA 78.09 0.53 0.68% 2.42%
  JARDEN CORPORATION JAH 56.71 -0.37 -0.65% 2.41%

 *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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