Equity holdings (as of July 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		BIOGEN IDEC		BIIB	NasdaqGS	56.24	0.99	1.79%	6.86%
		GENZYME CORP		GENZ	NasdaqGS	70.49	-0.31	-0.44%	6.54%
		JOHNSON AND JOHNSON		JNJ	NYSE	58.93	0.32	0.55%	5.74%
		NOVARTIS AG		NVS	NYSE	53.10	0.10	0.19%	5.62%
		LIFE TECHNOLOGIES CO		LIFE	NasdaqGS	46.01	1.02	2.27%	5.10%
		ABBOTT LABS		ABT	NYSE	50.74	0.13	0.26%	4.53%
		GLAXOSMITHKLINE		GSK	NYSE	39.29	0.34	0.87%	4.37%
		ELI LILLY & CO.		LLY	NYSE	34.66	0.35	1.02%	4.22%
		BRISTOL MYERS SQUIBB		BMY	NYSE	26.58	0.15	0.57%	3.94%
		CEPHALON INC		CEPH	NasdaqGS	60.77	0.81	1.35%	3.93%
		LONZA GROUP AG		LONN SW	N/A	N/A	N/A	N/A%	3.84%
		SANOFI AVENTIS		SNY	NYSE	30.20	0.50	1.68%	3.65%
		DENDREON CORP		DNDN	NasdaqGM	40.87	0.29	0.71%	3.14%
		CHINA PHARMA GROUP		1093.HK	HKSE	4.10	-0.06	-1.44%	3.04%
		ASTRAZENECA PLC		AZN	NYSE	51.24	0.70	1.39%	2.83%

 *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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