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*
		ICAHN ENTERPRISES		IEP	NYSE	64.70	0.15	0.23%	11,530	6.01%
		RELIANT RSCS		RRI	NYSE	16.80	0.31	1.88%	1,948,726	5.74%
		JARDEN CORP		JAH	NYSE	23.54	0.09	0.38%	411,501	3.53%
		EATON VANCE CORP		EV	NYSE	35.00	-1.17	-3.23%	3,428,137	3.33%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	2.85%
		WARNER MUSIC GROUP C		WMG	NYSE	7.09	0.08	1.14%	332,811	2.84%
		BEIJING CAP INTL A		694 HK	N/A	N/A	N/A	N/A%	N/A	2.61%
		TSINGTAO BREWERY		168 HK	N/A	N/A	N/A	N/A%	N/A	2.51%
		CALPINE CORP		CPN	NYSE	17.95	0.52	2.98%	2,016,506	2.26%
		CMS ENERGY CORP		CMS	NYSE	13.11	-0.15	-1.13%	2,224,374	2.08%
		FORTESCUE METALS		FMG AU	N/A	N/A	N/A	N/A%	N/A	2.07%
		COVANTA HOLDING CORP		CVA	NYSE	27.39	0.21	0.77%	519,278	2.03%
		DREAMWORKS ANIMATION		DWA	NYSE	31.81	0.39	1.24%	1,023,370	1.87%
		AMBAC FINANCIAL GROU		ABK	NYSE	5.22	-0.40	-7.12%	27,277,380	1.75%
		NASDAQ STOCK MKT		NDAQ	NasdaqGS	32.17	0.73	2.32%	2,950,996	1.74%

 *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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