Equity holdings (as of March 31, 2008*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	3.31%
		LEUCADIA NATL CORP		LUK	NYSE	53.72	0.55	1.03%	1,267,971	2.66%
		CME GROUP INC		CME	NYSE	457.65	-7.45	-1.60%	665,488	2.65%
		NASDAQ STOCK MARKET		NDAQ	NasdaqGS	37.71	-0.57	-1.49%	2,257,247	2.30%
		NYSE EURONEXT		NYX	NYSE	70.61	-0.84	-1.18%	2,568,970	2.04%
		WYNN RESORTS LTD		WYNN	NasdaqGS	102.62	-1.23	-1.18%	1,307,226	1.91%
		BROOKFIELD ASSET MAN		BAM	NYSE	35.24	-0.31	-0.87%	857,470	1.83%
		CANADIAN OIL SANDS T		COSWF	N/A	N/A	N/A	N/A%	N/A	1.79%
		ANGLO AMERICAN PLC		AAUK	NasdaqCM	32.90	-0.32	-0.96%	1,382,068	1.74%
		BANK OF NEW YORK MEL		BK	NYSE	43.68	-0.59	-1.33%	5,050,731	1.71%
		RELIANT ENERGY INC		RRI	NYSE	23.46	-0.41	-1.72%	3,059,132	1.66%
		GAZPROM O A O		OGZPY	N/A	N/A	N/A	N/A%	N/A	1.52%
		SUNCOR ENERGY INC		SU	NYSE	127.31	0.41	0.32%	3,173,400	1.46%
		LONDON STOCK EXCHANG		LSE LN	NYSE	8.14	-0.13	-1.57%	145,886	1.43%
		BERKSHIRE HATHAWAY I		BRK-A	NYSE	124000.00	1,200.00	0.00%	810	1.39%

 *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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