Equity holdings (as of July 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Percentage of Portfolio*
		AMERON INTL INC		AMN	NYSE	60.21	0.52	0.87%	5.12%
		GEBERIT		GEBN.VX	VTX	168.30	-0.10	-0.06%	3.56%
		URS CORP NEW		URS	NYSE	38.00	0.50	1.33%	3.36%
		HAWKINS INC		HWKN	NasdaqGS	31.19	-0.60	-1.89%	2.89%
		ESCO TECHNOLOGIES IN		ESE	NYSE	33.96	0.74	2.23%	2.81%
		VEOLIA ENVIRONNEMENT		VE	NYSE	24.93	0.56	2.30%	2.58%
		SEVERN TRENT		SVT.L	LSE	1333.00	2.00	0.15%	2.20%
		ARMTEC INFRASTRUCTURE INCM FD		ARF-UN.TO	Toronto	18.60	0.06	0.32%	2.06%
		NORTHWEST PIPE CO		NWPX	NasdaqGS	16.33	0.56	3.55%	2.05%
		ACEA SPA		ACE MI	NYSE	55.24	0.71	1.30%	2.05%
		DUOYUAN GLOBAL WATER INC		DGW	NYSE	21.16	-0.49	-2.26%	2.02%
		ITRON INC		ITRI	NasdaqGS	58.90	0.87	1.50%	1.86%
		UNITED UTILITIES GROUP PLC		UU.L	LSE	587.00	-0.50	-0.09%	1.80%
		TETRA TECH INC		TTEK	NasdaqGS	19.11	0.47	2.52%	1.79%
		GUANGDONG INVEST		270 HK	N/A	N/A	N/A	N/A%	1.79%

 *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.

Position size may not be indicative of actual market position due to the
use of call and put options.

The securities and ticker symbols listed above may not represent the actual securities held in the fund.
To the extent a particular security price cannot be obtained, a representative security ticker may be listed.

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