Equity holdings (as of July 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		HONG KONG EXCHANGE		0388.HK	HKSE	124.60	0.20	0.16%	6.45%
		LEUCADIA NATL CORP		LUK	NYSE	23.10	0.41	1.81%	3.57%
		BROOKFIELD ASSET MAN		BAM	NYSE	27.29	0.43	1.60%	3.12%
		WYNN RESORTS LTD		WYNN	NasdaqGS	87.81	3.14	3.71%	3.07%
		CANADIAN OIL SANDS T		COS-UN.TO	Toronto	25.86	0.09	0.35%	2.82%
		INTERCONTINENTALEXCH		ICE	NYSE	102.33	1.68	1.67%	2.70%
		SUNCOR ENERGY INC		SU	NYSE	32.58	0.51	1.59%	2.61%
		BERKSHIRE HATHAWAY I		BRK-A	NYSE	122300.00	1,300.00	0.00%	2.53%
		FRANCO NEVADA CORP		FNV.TO	Toronto	31.45	0.05	0.16%	2.51%
		SINGAPORE EXCHANGE		S68.SI	SES	7.60	0.07	0.93%	2.41%
		CANADIAN NATURAL RES		CNQ	NYSE	34.06	0.28	0.83%	2.39%
		ANGLO AMERICAN PLC		AAUKY.PK	Other	19.40	0.43	2.27%	2.31%
		CME GROUP INC		CME	NasdaqGS	265.11	2.66	1.01%	2.18%
		SIGMA ALDRICH CORP		SIAL	NasdaqGS	55.58	0.41	0.74%	1.98%
		LAS VEGAS SANDS CORP		LVS	NYSE	30.99	0.92	3.06%	1.97%

 *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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