Equity holdings (as of July 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		BAIDU INC		BIDU	NasdaqGS	84.30	1.69	2.05%	7.73%
		EW SCRIPPS CO		SSP	NYSE	7.60	0.07	0.93%	6.89%
		ROVI CORPORATION		ROVI	NasdaqGS	43.88	0.53	1.22%	4.92%
		DREAMWORKS ANIMATION		DWA	NasdaqGS	31.21	0.35	1.13%	4.57%
		SINGAPORE EXCHANGE		S68.SI	SES	7.60	0.07	0.93%	3.42%
		MANTECH INTL		MANT	NasdaqGS	36.73	1.34	3.79%	3.10%
		RITCHIE BROS AUCTION		RBA	NYSE	18.99	0.58	3.15%	2.95%
		LIBERTY GLOBAL INC S		LBTYK	NasdaqGS	28.88	0.30	1.05%	2.88%
		SCRIPPS NETWORKS INT		SNI	NYSE	43.18	0.85	2.01%	2.71%
		TIME WARNER INC		TWX	NYSE	31.72	0.32	1.02%	2.67%
		CACI INTL INC		CACI	NYSE	42.99	0.87	2.07%	2.53%
		LEUCADIA NATL CP		LUK	NYSE	23.10	0.41	1.81%	2.16%
		EMC CORPORATION		EMC	NYSE	19.91	0.34	1.74%	2.13%
		CHINA UNICOM (HONG KONG) LTD		CHU	NYSE	14.66	0.04	0.27%	2.13%
		COGNIZANT TECHNOLOGY SOLUTIONS CORP		CTSH	NasdaqGS	62.37	1.45	2.38%	2.08%

 *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.

Position size may not be indicative of actual market position due to the
use of call and put options.

The securities and ticker symbols listed above may not represent the actual securities held in the fund.
To the extent a particular security price cannot be obtained, a representative security ticker may be listed.

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