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*
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	3.20%
		LEUCADIA NATL CORP		LUK	NYSE	42.88	0.75	1.78%	677,847	2.98%
		BROOKFIELD ASSET MAN		BAM	NYSE	30.16	0.33	1.11%	784,795	2.73%
		CANADIAN OIL SANDS T		COSWF	N/A	N/A	N/A	N/A%	N/A	2.54%
		WYNN RESORTS LTD		WYNN	NasdaqGS	91.82	-4.23	-4.40%	2,508,433	1.96%
		ANGLO AMERICAN PLC		AAUK	NasdaqCM	26.25	0.81	3.18%	1,631,175	1.90%
		SUNCOR ENERGY INC		SU	NYSE	56.29	3.22	6.07%	7,775,264	1.79%
		GOLDMAN SACHS GROUP		GS	NYSE	158.25	0.25	0.16%	9,353,257	1.78%
		NASDAQ STOCK MARKET		NDAQ	NasdaqGS	32.17	0.73	2.32%	2,950,996	1.70%
		GAZPROM O A O		OGZPY	N/A	N/A	N/A	N/A%	N/A	1.67%
		NYSE EURONEXT		NYX	NYSE	39.89	0.52	1.32%	5,657,580	1.63%
		CANADIAN NATURAL RES		CNQ	NYSE	82.91	5.46	7.05%	5,292,422	1.62%
		BERKSHIRE HATHAWAY I		BRK/A	N/A	N/A	N/A	N/A%	N/A	1.48%
		RELIANT ENERGY INC		RRI	NYSE	16.80	0.31	1.88%	1,948,726	1.41%
		BANK OF NEW YORK MEL		BK	NYSE	35.34	0.49	1.41%	7,822,529	1.39%

 *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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