Equity holdings (as of January 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		TSINGTAO BREWERY		0168.HK	HKSE	39.40	-0.30	-0.76%	n/a	8.58%
		ICAHN ENTERPRISES		IEP	NYSE	46.24	-0.41	-0.88%	n/a	7.12%
		JEFFERIES GROUP INC		JEF	NYSE	25.80	-0.07	-0.27%	n/a	5.46%
		SICHUAN EXPRESSWAY		0107.HK	HKSE	4.54	-0.04	-0.87%	n/a	5.44%
		SINGAPORE EXCHANGE		S68.SI	SES	7.88	0.11	1.42%	n/a	4.55%
		BEIJING CAP INTL A		0694.HK	HKSE	4.73	0.21	4.65%	n/a	3.21%
		OSAKA SECURITIES EXC		8697 JP	N/A	N/A	N/A	N/A%	N/A	3.12%
		FRANCO NEVADA CORP		FNV.TO	Toronto	26.54	-0.16	-0.60%	n/a	3.01%
		JARDEN CORP		JAH	NYSE	34.61	-0.11	-0.32%	n/a	2.94%
		DREAMWORKS ANIMATION		DWA	NasdaqGS	42.11	0.01	0.02%	n/a	2.84%
		TEXAS PACIFIC LAND T		TPL	NYSE	28.175	0.195	0.70%	n/a	2.81%
		LINK R/EST INVEST		0823.HK	HKSE	18.68	-0.52	-2.71%	n/a	2.78%
		WARNER MUSIC GROUP C		WMG	NYSE	6.84	0.20	3.01%	n/a	2.76%
		COVANTA HLDG CORP		CVA	NYSE	17.35	-0.06	-0.34%	n/a	2.67%
		RRI ENERGY INC		RRI	NYSE	4.56	0.07	1.56%	n/a	2.44%

 *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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