Equity holdings (as of May 31, 2007*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		RELIANT RSCS		RRI	NYSE	28.14	0.30	1.08%	2,917,300	6.08%
		INTERNATIONAL SECS E		ISE	NYSE	65.79		0.00%	205,303	4.99%
		AMERICAN REAL ESTATE		ACP	NYSE	102.92	1.34	1.32%	58,100	4.53%
		INTERCONTINENTAL EXC		ICE	NYSE	156.09	4.28	2.82%	2,712,719	4.06%
		NASDAQ STOCK MKT		NDAQ	NasdaqGS	31.14	0.78	2.57%	1,977,454	2.98%
		SIERRA PACIFIC		SRP	NYSE	17.75	0.07	0.40%	725,200	2.40%
		JEFFERIES GROUP INC		JEF	NYSE	27.83	0.43	1.57%	581,100	2.18%
		JARDEN CORP		JAH	NYSE	44.19	0.26	0.59%	241,000	2.15%
		BEIJING CAP INTL A		694 HK	N/A	N/A	N/A	N/A%	N/A	1.97%
		R H DONNELLEY CORP		RHD	NYSE	76.32	0.73	0.97%	340,300	1.93%
		NUVEEN INVTS INC		JNC	NYSE	62.57	0.18	0.29%	918,000	1.90%
		COHEN & STEERS INC		CNS	NYSE	42.70	-0.18	-0.42%	243,400	1.89%
		ALEXANDERS INC		ALX	NYSE	421.26	2.26	0.54%	3,400	1.86%
		SOTHEBYS		BID	NYSE	51.89	2.28	4.60%	1,534,200	1.85%
		DYNEGY INC NEW		DYN	NYSE	9.66	0.10	1.05%	3,691,700	1.76%

 *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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