Equity holdings (as of December 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	43.54	-0.53	-1.20%	n/a	5.82%
		AMERON INTL INC		AMN	NYSE	64.05	1.07	1.70%	n/a	5.53%
		GEBERIT		GEBN.VX	VTX	182.20	-1.90	-1.03%	n/a	4.72%
		LINDSAY CORP		LNN	NYSE	36.66	0.05	0.14%	n/a	4.00%
		ARMTEC INFRASTRUCTUR		ARF-UN.TO	Toronto	24.05	0.55	2.34%	n/a	3.19%
		VEOLIA ENVIRONNEMENT		VE	NYSE	31.35	-0.80	-2.49%	n/a	2.80%
		NORTHWEST PIPE CO		NWPX	NasdaqGS	21.81	-0.67	-2.98%	n/a	2.69%
		GUANGDONG INVEST		0270.HK	HKSE	3.86	-0.01	-0.26%	n/a	2.55%
		TETRA TECH INC		TTEK	NasdaqGS	20.29	-0.50	-2.41%	n/a	2.37%
		ITRON INC		ITRI	NasdaqGS	59.71	-0.93	-1.53%	n/a	2.36%
		ESCO TECHNOLOGIES IN		ESE	NYSE	31.45	-0.93	-2.87%	n/a	2.34%
		ACEA SPA		ACE MI	NYSE	48.31	-0.02	-0.04%	n/a	2.34%
		MIDDLESEX WATER CO		MSEX	NasdaqGS	16.42	-0.36	-2.15%	n/a	2.31%
		CONNECTICUT WATER SE		CTWS	NasdaqGS	21.61	-0.19	-0.87%	n/a	2.29%
		SEVERN TRENT		SVT.L	LSE	1127.00	5.00	0.45%	n/a	2.29%

 *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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