Equity holdings (as of July 31, 2008*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		FRANCO NEVADA CORP		FNV	N/A	N/A	N/A	N/A%	N/A	4.50%
		ASX LTD		ASX AU	NYSE	3.78	0.05	1.34%	294,177	3.53%
		JEFFERIES GROUP INC		JEF	NYSE	17.59	-0.18	-1.01%	1,612,731	2.96%
		EATON VANCE CORP		EV	NYSE	35.00	-1.17	-3.23%	3,428,137	2.89%
		BANK OF NEW YORK MEL		BK	NYSE	35.34	0.49	1.41%	7,822,529	2.80%
		STATE STR CORP		STT	NYSE	66.26	1.34	2.06%	3,896,261	2.79%
		LEGG MASON INC		LM	NYSE	39.77	0.39	0.99%	2,290,893	2.62%
		BROOKFIELD ASSET MGM		BAM	NYSE	30.16	0.33	1.11%	784,795	2.62%
		CME GROUP INC		CME	NasdaqGS	341.99	5.44	1.62%	1,225,423	2.49%
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	2.32%
		OMX AB		OMX SS	NYSE	11.92	-1.80	-13.12%	3,945,025	2.27%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	1.94%
		AMBAC FINANCIAL GROU		ABK	NYSE	5.22	-0.40	-7.12%	27,277,380	1.80%
		DEUTSCHE BOERSE AG		DB1 GR	N/A	N/A	N/A	N/A%	N/A	1.76%
		BLACKROCK INC		BLK	NYSE	210.60	2.40	1.15%	389,692	1.69%

 *The information contained on this page is updated at the discretion of Kinetics Asset
Management Inc. It is only representative of the Fund's portfolio on the date specified.
Additionally, position size may not be indicative of actual market position due to the
use of call and put options.

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