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*
  LEUCADIA NATL CP LUK NYSE 44.58 -0.76 -1.68% 115,021 14.59%
  MANTECH INTL MANT NasdaqGS 54.93 -0.18 -0.33% 114,163 5.88%
  CACI INTL INC CAI NYSE 44.76 -0.04 -0.09% 49,781 5.60%
  NYSE EURONEXT NYX NYSE 48.56 -1.74 -3.46% 713,365 5.31%
  LIBERTY GLOBAL INC C LBTYK NasdaqGS 27.67 -0.60 -2.12% 382,003 4.84%
  NASDAQ STOCK MKT NDAQ NasdaqGS 29.27 -1.13 -3.72% 1,607,903 3.94%
  RITCHIE BROS AUCTION RBA NYSE 25.72 0.06 0.23% 22,457 3.84%
  SINGAPORE EXCHANGE SGX SP N/A N/A N/A N/A% N/A 3.50%
  LIBERTY GLOBAL INC A LBTYA NasdaqGS 29.02 -0.76 -2.55% 515,468 3.30%
  HONG KONG EXCHANGE 388 HK N/A N/A N/A N/A% N/A 3.06%
  INTERCONTINENTALEXCH ICE NYSE 95.56 0.56 0.59% 598,076 2.99%
  CME GROUP INC CME NasdaqGS 383.26 -7.36 -1.88% 476,520 2.68%
  DREAMWORKS ANIMATION DWA NYSE 32.46 0.18 0.56% 83,176 2.40%
  GPE BRUXELLES LAM GBL BB NYSE 44.58 -0.05 -0.11% 8,400 2.29%
  BROADRIDGE FINL SOLU BR NYSE 20.98 -0.20 -0.94% 77,351 2.21%

 *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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