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 151.62 -0.15 -0.10% 9.98%
  ICAHN ENTERPRISES LP IEP 103.33 0.18 0.17% 7.06%
  LIBERTY MEDIA CORP - LIBERTY CAPITAL LMCA 141.13 -0.01 -0.01% 6.08%
  AUTONATION, INC AN 56.95 -0.48 -0.84% 3.80%
  DREAMWORKS ANIMATION SKG INC DWA 22.40 -0.24 -1.06% 3.70%
  TEXAS PACIFIC LAND TRUST TPL 164.35 0.16 0.10% 3.65%
  CBOE HOLDINGS INC CBOE 49.59 0.63 1.29% 3.41%
  LEUCADIA NATL CORP LUK 25.06 -0.25 -0.99% 3.35%
  BROOKFIELD ASSET MAN BAM 44.35 -0.23 -0.52% 3.33%
  DISH NETWORK DISH 64.35 -0.50 -0.77% 3.31%
  LIVE NATION ENTERTAINMENT, INC. LYV 23.78 -0.33 -1.37% 3.21%
  LIBERTY INTERACTIVE CORPORATION LINTA 28.84 -0.11 -0.38% 2.71%
  CBS CORPORATION CBS 60.43 -1.07 -1.74% 2.60%
  DISCOVERY COMMUNICATIONS, INC DISCA 84.23 -0.87 -1.02% 2.42%
  JARDEN CORPORATION JAH 56.61 -0.92 -1.60% 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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