Equity holdings (as of July 31, 2008*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		VEOLIA ENVIRONMENT		VE	NYSE	54.48	-0.29	-0.53%	146,277	3.74%
		CALIFORNIA WATER SER		CWT	NYSE	39.72	-0.49	-1.22%	157,375	3.41%
		URS CORP NEW		URS	NYSE	45.59	0.09	0.20%	1,396,072	2.76%
		COMPANHIA DE SANEAM		SBS	NYSE	46.47	0.13	0.28%	236,142	2.64%
		GEBERIT		GEBN VX	N/A	N/A	N/A	N/A%	N/A	2.57%
		DANAHER CORP		DHR	NYSE	81.78	0.06	0.07%	1,200,753	2.10%
		ANDRITZ AG		ANDR AV	N/A	N/A	N/A	N/A%	N/A	1.98%
		LAYNE CHRISTENSEN CO		LAYN	NasdaqGS	47.29	-0.71	-1.48%	290,422	1.96%
		UNITED UTILITIES		UU LN	N/A	N/A	N/A	N/A%	N/A	1.93%
		AMERICAN STATES WATE		AWR	NYSE	39.79	-0.58	-1.44%	131,852	1.93%
		MUELLER INDUSTRIES I		MLI	NYSE	27.66	0.55	2.03%	568,118	1.86%
		MET PRO CORP		MPR	NYSE	15.56	-0.06	-0.38%	28,941	1.75%
		IDEX CORP		IEX	NYSE	38.45	-0.42	-1.08%	427,587	1.75%
		FRANKLIN ELECTRIC CO		FELE	NasdaqGS	44.06	0.06	0.14%	194,508	1.64%
		AQUA AMERICA INC		WTR	NYSE	17.76	-0.20	-1.11%	932,572	1.61%

 *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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