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*
		HONG KONG EXCHANGE		0388.HK	HKSE	133.60	-0.20	-0.15%	n/a	6.81%
		LEUCADIA NATL CORP		LUK	NYSE	25.31	0.00	0.00%	n/a	3.58%
		CANADIAN OIL SANDS T		COS-UN.TO	Toronto	27.95	0.00	0.00%	n/a	2.86%
		ANGLO AMERICAN PLC		AAUKY.PK	Other	20.15	0.00	0.00%	n/a	2.62%
		BROOKFIELD ASSET MAN		BAM	NYSE	24.67	0.00	0.00%	n/a	2.53%
		BERKSHIRE HATHAWAY I		BRK-A	NYSE	123453.00	0.00	0.00%	n/a	2.51%
		SUNCOR ENERGY INC		SU	NYSE	30.90	0.00	0.00%	n/a	2.48%
		SINGAPORE EXCHANGE		S68.SI	SES	7.88	0.11	1.42%	n/a	2.45%
		INTERCONTINENTALEXCH		ICE	NYSE	111.66	0.00	0.00%	n/a	2.41%
		CME GROUP INC		CME	NasdaqGS	313.28	0.00	0.00%	n/a	2.27%
		CANADIAN NATURAL RES		CNQ	NYSE	73.50	0.00	0.00%	n/a	2.24%
		OSAKA SECURITIES EXC		8697 JP	N/A	N/A	N/A	N/A%	N/A	2.16%
		FRANCO NEVADA CORP		FNV.TO	Toronto	26.70	0.00	0.00%	n/a	2.10%
		WYNN RESORTS LTD		WYNN	NasdaqGS	71.19	0.00	0.00%	n/a	2.10%
		TSINGTAO BREWERY		0168.HK	HKSE	39.40	-0.30	-0.76%	n/a	2.00%

 *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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