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*
		LONZA GROUP AG		LONN VX	N/A	N/A	N/A	N/A%	N/A	7.36%
		NOVARTIS AG		NVS	NYSE	55.09	-1.15	-2.04%	1,142,044	6.27%
		BIOGEN IDEC		BIIB	NasdaqGS	54.10	-0.20	-0.37%	2,390,468	6.17%
		GENZYME CORP		GENZ	NasdaqGS	81.29	-0.89	-1.08%	3,011,329	5.82%
		JOHNSON AND JOHNSON		JNJ	NYSE	71.08	-0.07	-0.10%	10,151,006	5.34%
		INVITROGEN CORP		IVGN	NasdaqGS	42.82	-0.01	-0.02%	1,392,811	4.68%
		GLAXOSMITHKLINE		GSK	NYSE	46.02	-0.58	-1.24%	968,689	4.42%
		ABBOTT LABS		ABT	NYSE	58.34	-0.52	-0.88%	4,673,759	4.14%
		ELI LILLY & CO.		LLY	NYSE	47.41	-0.39	-0.82%	4,500,738	3.24%
		WYETH		WYE	NYSE	42.14	-0.46	-1.08%	5,934,105	3.14%
		SAVIENT PHARMACEUTIC		SVNT	NasdaqGM	22.48	0.17	0.76%	1,222,777	3.05%
		CHINA PHARMA GROUP		1093 HK	N/A	N/A	N/A	N/A%	N/A	3.00%
		COVIDIEN LTD		COV	NYSE	53.73	0.19	0.35%	1,740,566	2.88%
		PFIZER INC		PFE	NYSE	19.28	-0.06	-0.31%	29,942,125	2.66%
		SANOFI AVENTIS		SNY	NYSE	35.51	-0.33	-0.92%	1,162,929	2.57%

 *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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