Equity holdings (as of June 30, 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	4.28%
		STATE STR CORP		STT	NYSE	72.10	0.26	0.36%	1,180,702	4.04%
		EATON VANCE CORP		EV	NYSE	37.03	-0.02	-0.05%	259,314	4.01%
		BANK OF NEW YORK MEL		BK	NYSE	36.57	0.54	1.50%	2,281,273	3.93%
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	3.75%
		CME GROUP INC		CME	NasdaqGS	383.44	-7.18	-1.84%	477,620	3.74%
		NYSE EURONEXT		NYX	NYSE	48.583	-1.717	-3.41%	715,565	3.54%
		BROOKFIELD ASSET MGM		BAM	NYSE	33.83	0.44	1.32%	350,332	3.35%
		NASDAQ STOCK MARKET		NDAQ	NasdaqGS	29.21	-1.19	-3.91%	1,613,041	3.35%
		ASX LTD		ASX AU	NYSE	4.53	0.06	1.34%	55,096	3.16%
		POWER CORP CDA		PWCDF	N/A	N/A	N/A	N/A%	N/A	2.96%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	2.88%
		PING AN INSURANCE		2318 HK	N/A	N/A	N/A	N/A%	N/A	2.50%
		DEUTSCHE BOERSE AG		DB1 GR	N/A	N/A	N/A	N/A%	N/A	2.40%
		CHINA LIFE INSURANCE		2628 HK	N/A	N/A	N/A	N/A%	N/A	2.37%

 *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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