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*
		EW SCRIPPS CO		SSP	NYSE	9.62	-0.02	-0.21%	n/a	6.09%
		DREAMWORKS ANIMATION		DWA	NasdaqGS	42.10	-0.06	-0.14%	n/a	5.82%
		LEUCADIA NATL CP		LUK	NYSE	25.31	0.29	1.16%	n/a	5.30%
		ROVI CORPORATION		ROVI	NasdaqGS	37.00	0.00	0.00%	n/a	4.40%
		BAIDU INC		BIDU	NasdaqGS	554.10	4.93	0.90%	n/a	3.98%
		MANTECH INTL		MANT	NasdaqGS	50.48	-0.09	-0.18%	n/a	3.92%
		SINGAPORE EXCHANGE		S68.SI	SES	7.82	0.05	0.64%	n/a	3.51%
		RITCHIE BROS AUCTION		RBA	NYSE	21.82	-0.14	-0.64%	n/a	3.39%
		SCRIPPS NETWORKS INT		SNI	NYSE	41.36	0.26	0.63%	n/a	2.77%
		CACI INTL INC		CACI	NYSE	51.26	0.06	0.12%	n/a	2.63%
		LIBERTY GLOBAL INC S		LBTYK	NasdaqGS	28.09	0.11	0.39%	n/a	2.52%
		TIME WARNER INC		TWX	NYSE	30.66	0.13	0.43%	n/a	2.37%
		EMC CORPORATION		EMC	NYSE	18.80	0.08	0.43%	n/a	2.33%
		BROADRIDGE FINANCIAL		BR	NYSE	22.15	-0.13	-0.58%	n/a	2.17%
		CME GROUP INC		CME	NasdaqGS	313.28	5.38	1.75%	n/a	2.09%

 *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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