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*
		JEFFERIES GROUP INC		JEF	NYSE	14.07	-0.50	-3.43%	1,514,998	7.29%
		MBIA INC		MBI	NYSE	4.85	0.35	7.78%	9,028,628	5.54%
		FRANCO NEVADA CORP		FNNVF	N/A	N/A	N/A	N/A%	N/A	5.07%
		BERKSHIRE HATHAWAY I		BRK-A	NYSE	102600.00	2,610.00	0.00%	878	3.10%
		OMX.AB		OMX.SS	N/A	N/A	N/A	N/A%	N/A	2.92%
		ASX LTD		ASX AU	NYSE	1.86	0.05	2.76%	772,988	2.71%
		CHINA LIFE INSURANCE		LFC	NYSE	49.55	0.45	0.92%	1,410,923	2.60%
		PING AN INSURANCE		2318 HK	N/A	N/A	N/A	N/A%	N/A	2.52%
		GREENHILL & CO INC		GHL	NYSE	70.01	0.72	1.04%	355,321	2.29%
		IND & COMM BK OF CHI		1398 HK	N/A	N/A	N/A	N/A%	N/A	2.29%
		CHINA CONST BK		939 HK	N/A	N/A	N/A	N/A%	N/A	2.16%
		HONG KONG EXCHANGE		388 HK	N/A	N/A	N/A	N/A%	N/A	2.11%
		BANK OF NEW YORK MEL		BK	NYSE	27.73	-0.79	-2.77%	6,225,153	2.08%
		BROOKFIELD ASSET MGM		BAM	NYSE	16.29	0.88	5.71%	2,258,250	1.94%
		SINGAPORE EXCHANGE		SGX SP	N/A	N/A	N/A	N/A%	N/A	1.94%

 *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.

Prospectus | Contact Us | FAQs | Investment Links | Financial Professionals