Equity holdings (as of July 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		FRANCO NEVADA CORP		FNV.TO	Toronto	31.45	0.05	0.16%	7.32%
		HONG KONG EXCHANGE		0388.HK	HKSE	130.90	0.00	0.00%	5.29%
		INTERCONTINENTALEXCH		ICE	NYSE	102.33	1.68	1.67%	5.13%
		CME GROUP INC		CME	NasdaqGS	265.11	2.66	1.01%	5.12%
		NYSE EURONEXT, INC		NYX	NYSE	29.94	0.59	2.01%	4.55%
		JEFFERIES GROUP INC		JEF	NYSE	24.00	0.91	3.94%	3.80%
		PING AN INSURANCE		2318.HK	HKSE	69.90	-0.10	-0.14%	3.51%
		SINGAPORE EXCHANGE		S68.SI	SES	7.72	0.00	0.00%	3.40%
		CBOE HOLDINGS INC		CBOE	NasdaqGS	22.17	0.50	2.31%	3.25%
		JSE LIMITED		JSE SJ	N/A	N/A	N/A	N/A%	2.80%
		BERKSHIRE HATHAWAY INC		BRK-A	NYSE	122300.00	1,300.00	0.00%	2.55%
		MASTERCARD INC		MA	NYSE	206.98	2.25	1.10%	2.41%
		BROADRIDGE FINANCIAL SOL INC		BR	NYSE	22.29	0.42	1.92%	2.27%
		ASX LTD		ASX AU	NYSE	3.67	0.10	2.80%	2.20%
		LEGG MASON INC		LM	NYSE	27.93	0.92	3.41%	2.15%

 *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.

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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