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*
		RELIANT RSCS		RRI	NYSE	17.20	-0.91	-5.02%	714,352	6.67%
		ICAHN ENTERPRISES		IEP	NYSE	60.00	0.05	0.08%	3,100	5.90%
		EATON VANCE CORP		EV	NYSE	37.03	-0.02	-0.05%	259,314	3.92%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	2.81%
		CALPINE CORP		CPN	NYSE	17.02	-0.38	-2.18%	584,456	2.67%
		FORTESCUE METALS		FMG AU	N/A	N/A	N/A	N/A%	N/A	2.63%
		CMS ENERGY CORP		CMS	NYSE	13.45	-0.09	-0.66%	582,764	2.60%
		BEIJING CAP INTL A		694 HK	N/A	N/A	N/A	N/A%	N/A	2.43%
		WARNER MUSIC GROUP C		WMG	NYSE	8.44	-0.15	-1.75%	67,414	2.27%
		TSINGTAO BREWERY		168 HK	N/A	N/A	N/A	N/A%	N/A	2.11%
		INMET MNG CORP		IMN CN	NYSE	19.90	0.06	0.30%	35,681	2.10%
		INTERCONTINENTAL EXC		ICE	NYSE	95.57	0.57	0.60%	598,176	2.10%
		TEXAS PACIFIC LAND T		TPL	NYSE	41.00	0.90	2.24%	2,800	2.09%
		NASDAQ STOCK MKT		NDAQ	NasdaqGS	29.21	-1.19	-3.91%	1,613,041	2.03%
		JARDEN CORP		JAH	NYSE	21.95	-0.80	-3.52%	309,588	1.98%

 *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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