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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