Equity holdings (as of April 30, 2013*)

		Company Name Website Links		Ticker	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		LEUCADIA NATIONAL CORP		LUK	30.65	0.07	0.23%	4.98%
		ONEX CORPORATION		OCX:CA	N/A	N/A	N/A%	4.97%
		ICAHN ENTERPRISES LP		IEP	76.25	-5.06	-6.22%	4.96%
		DUNDEE CORPORATION CLASS A		DDEJF	N/A	N/A	N/A%	4.66%
		THE WENDYS COMPANY		WEN	6.08	0.08	1.33%	4.19%
		BOLLORE		BOIVF	N/A	N/A	N/A%	4.07%
		FOREST CITY ENTERPRISES INC -CL A		FCE.A	19.55	-0.24	-1.21%	4.04%
		COMPAGNIE FINANCIERE RICHEMONT SA		CFRHF	N/A	N/A	N/A%	3.68%
		LIBERTY MEDIA CORP - LIBERTY CAPITAL		LMCA	125.55	2.30	1.87%	3.48%
		LVMH MOET HENNESSY LOUIS VUITTON SA		LVMUY	35.60	0.27	0.76%	2.84%
		BROOKFIELD RESIDENTIAL PROPERTIES INC.		BRP	22.96	-0.35	-1.50%	2.82%
		JARDINE STRATEGIC HOLDINGS LTD		JDSHF	N/A	N/A	N/A%	2.81%
		WYNN RESORTS LIMITED		WYNN	137.90	-0.55	-0.40%	2.46%
		BEIJING CAPITAL INTERNATIONAL AIRPORT		0694.HK	N/A	N/A	N/A%	2.29%
		LIBERTY VENTURES		LVNTA	80.97	1.03	1.29%	2.23%

 *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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