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*
		LONZA GROUP AG		LONN VX	N/A	N/A	N/A	N/A%	N/A	8.49%
		NOVARTIS AG		NVS	NYSE	59.827	1.847	3.19%	992,652	7.04%
		GENZYME CORP		GENZ	NasdaqGS	76.5765	0.6565	0.86%	1,593,638	6.22%
		BIOGEN IDEC		BIIB	NasdaqGS	71.27	-0.11	-0.15%	1,633,813	5.67%
		JOHNSON AND JOHNSON		JNJ	NYSE	68.85	0.58	0.85%	2,388,588	5.37%
		GLAXOSMITHKLINE		GSK	NYSE	47.84	-0.82	-1.69%	1,566,146	4.84%
		INVITROGEN CORP		IVGN	NasdaqGS	43.44	1.42	3.38%	2,067,576	4.80%
		ABBOTT LABS		ABT	NYSE	57.46	0.47	0.82%	1,249,569	4.71%
		CHINA PHARMA GROUP		1093 HK	N/A	N/A	N/A	N/A%	N/A	4.01%
		WYETH		WYE	NYSE	44.80	-0.75	-1.65%	2,043,526	3.71%
		ELI LILLY & CO.		LLY	NYSE	48.39	0.77	1.62%	987,248	3.59%
		SAVIENT PHARMACEUTIC		SVNT	NasdaqGM	26.81	-0.50	-1.83%	300,098	3.52%
		COVIDIEN LTD		COV	NYSE	49.59	-0.21	-0.42%	311,939	3.40%
		PFIZER INC		PFE	NYSE	19.19	0.12	0.63%	6,402,336	3.01%
		SANOFI AVENTIS		SNY	NYSE	36.29	0.28	0.78%	222,189	2.77%

 *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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