Equity holdings (as of November 30, 2008*)

Company Name
Website Links
Ticker Symbol Market Exchange Last
Price
Price Change Percentage
Change
Share
Volume
Percentage
of Portfolio*
  SINGAPORE EXCHANGE SGX SP N/A N/A N/A N/A% N/A 5.30%
  BEIJING CAPITAL INLT 694 HK N/A N/A N/A N/A% N/A 3.62%
  TSINGTAO BREWERY 168 HK N/A N/A N/A N/A% N/A 3.23%
  LINK R/EST INVEST 823 HK N/A N/A N/A N/A% N/A 3.16%
  HONG KONG EXCHANGE 388 HK N/A N/A N/A N/A% N/A 2.74%
  FINANCIAL TECHNOLOGI FTIS LI N/A N/A N/A N/A% N/A 2.45%
  DATANG INTL POWER 991 HK N/A N/A N/A N/A% N/A 2.44%
  BANK OF CHINA LTD 3988 HK N/A N/A N/A N/A% N/A 2.31%
  CHINA PETROLEUM & CH 386 HK N/A N/A N/A N/A% N/A 2.28%
  HOPEWELL HOLDINGS 54 HK N/A N/A N/A N/A% N/A 2.23%
  CHINA LIFE INSURANCE 2628 HK N/A N/A N/A N/A% N/A 2.21%
  HENDERSON LAND DEV 12 HK N/A N/A N/A N/A% N/A 2.18%
  JIANGSU EXPRESSWAY 177 HK N/A N/A N/A N/A% N/A 2.11%
  IND & COMM BK OF CHI 1398 HK N/A N/A N/A N/A% N/A 2.10%
  STATE BANK OF INDIA SBKFF N/A N/A N/A N/A% N/A 2.10%

 *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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