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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