Equity holdings (as of May 31, 2009*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		URS CORP NEW		URS	NYSE	46.95	-1.50	-3.10%	n/a	6.37%
		GEBERIT		GEBN.VX	VTX	129.80	-0.90	-0.69%	n/a	4.95%
		AMERON INTL INC		AMN	NYSE	66.22	-1.34	-1.98%	n/a	4.55%
		ACEA SPA		ACE MI	NYSE	42.99	-1.90	-4.23%	n/a	4.26%
		LINDSAY CORP		LNN	NYSE	36.15	-0.27	-0.74%	n/a	4.22%
		VEOLIA ENVIRONNEMENT		VE	NYSE	29.46	-1.16	-3.79%	n/a	3.80%
		AMERICAN STATES WATE		AWR	NYSE	33.59	-1.76	-4.98%	n/a	3.36%
		GUANGDONG INVEST		0270.HK	HKSE	4.09	0.00	0.00%	n/a	3.34%
		DANAHER CORP		DHR	NYSE	59.62	-1.55	-2.53%	n/a	3.20%
		ITRON INC		ITRI	NasdaqGS	53.46	-1.81	-3.27%	n/a	3.09%
		CONNECTICUT WATER SE		CTWS	NasdaqGS	21.18	-0.90	-4.08%	n/a	2.96%
		FRANKLIN ELEC CO INC		FELE	NasdaqGS	25.18	-1.40	-5.27%	n/a	2.68%
		NORTHUMBRIAN WATER G		NWG.L	LSE	244.25	-2.00	-0.81%	n/a	2.34%
		MET PRO CORP		MPR	NYSE	10.34	-0.61	-5.57%	n/a	2.28%
		ARTESIAN RESOURCES C		ARTNA	NasdaqGM	16.69	-0.23	-1.36%	n/a	2.17%

 *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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