Equity holdings (as of March 31, 2013*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		HOWARD HUGHES CORPORATION		HHC	102.00	-6.00	-5.56%	6.56%
		LIBERTY MEDIA CORP - LIBERTY CAPITAL		LMCA	124.12	-0.74	-0.59%	6.47%
		AUTONATION, INC		AN	46.57	0.45	0.98%	4.87%
		LEUCADIA NATL CORP		LUK	31.28	-0.29	-0.92%	4.67%
		BROOKFIELD ASSET MAN		BAM	37.38	-0.59	-1.55%	4.60%
		ICAHN ENTERPRISES LP		IEP	85.94	-3.51	-3.92%	4.19%
		DREAMWORKS ANIMATION SKG INC		DWA	21.75	-0.24	-1.09%	3.51%
		DISCOVERY COMMUNICATIONS, INC		DISCA	79.15	-0.85	-1.06%	3.04%
		CBOE HOLDINGS INC		CBOE	40.15	-0.66	-1.62%	2.93%
		FOREST CITY ENTERPRISES INC		FCE.A	19.84	-0.41	-2.02%	2.73%
		DISH NETWORK		DISH	39.32	-0.61	-1.53%	2.66%
		CBS CORPORATION		CBS	51.26	0.23	0.45%	2.59%
		LIBERTY INTERACTIVE CORPORATION		LINTA	22.90	-0.29	-1.25%	2.41%
		LIVE NATION ENTERTAINMENT, INC.		LYV	13.57	-0.33	-2.37%	2.41%
		JARDEN CORPORATION		JAH	47.47	-0.59	-1.23%	2.28%

 *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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