Equity holdings (as of March 31, 2008*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		CONNECTICUT WATER SE		CTWS	NasdaqGS	24.59	0.54	2.25%	19,340	3.38%
		AMERON INTERNATIONAL		AMN	NYSE	101.11	-0.49	-0.48%	27,137	3.37%
		TYCO INTL LTD BERMUD		TYC	NYSE	45.40	0.73	1.63%	3,109,577	3.27%
		VEOLIA ENVIRONMENT		VE	NYSE	68.20	0.34	0.50%	198,514	2.96%
		ANDRITZ AG		ANDR AV	N/A	N/A	N/A	N/A%	N/A	2.91%
		YIT CORP		YTY1V FH	N/A	N/A	N/A	N/A%	N/A	2.80%
		URS CORP NEW		URS	NYSE	45.42	1.22	2.76%	1,179,926	2.77%
		ITT CORP NEW		ITT	NYSE	66.65	0.07	0.11%	1,376,378	2.74%
		YORK WTR CO		YORW	NasdaqGS	15.01	0.08	0.54%	8,263	2.44%
		EMPIRE DIST ELEC CO		EDE	NYSE	21.08	-0.06	-0.28%	113,218	2.15%
		WATTS WATER TECHNOLO		WTS	NYSE	26.38	-0.18	-0.68%	375,308	2.08%
		CLEAN HARBORS INC		CLHB	NasdaqGS	66.40	0.21	0.32%	164,757	2.07%
		CALIFORNIA WTR SVC G		CWT	NYSE	36.78	-0.85	-2.26%	178,453	2.02%
		IDEX CORP		IEX	NYSE	37.58	-0.03	-0.08%	682,439	1.95%
		ALFA LAVAL AB		ALFA SS	NasdaqGS	21.98		0.00%	0	1.93%

 *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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