Equity holdings (as of January 31, 2010*)

		Company Name Website Links		Ticker Symbol	Market Exchange	Last Price	Price Change	Percentage Change	Share Volume	Percentage of Portfolio*
		AMERON INTL INC		AMN	NYSE	66.73	-2.57	-3.71%	n/a	5.91%
		URS CORP NEW		URS	NYSE	47.53	-0.16	-0.34%	n/a	5.76%
		GEBERIT		GEBN.VX	VTX	187.10	-7.70	-3.95%	n/a	4.63%
		LINDSAY CORP		LNN	NYSE	42.29	-0.03	-0.07%	n/a	3.96%
		ESCO TECHNOLOGIES IN		ESE	NYSE	33.74	-0.71	-2.06%	n/a	2.80%
		ARMTEC INFRASTRUCTUR		ARF-UN.TO	Toronto	25.19	-0.15	-0.59%	n/a	2.78%
		VEOLIA ENVIRONNEMENT		VE	NYSE	32.63	0.29	0.90%	n/a	2.74%
		NORTHWEST PIPE CO		NWPX	NasdaqGS	24.87	-0.48	-1.89%	n/a	2.36%
		SEVERN TRENT		SVT.L	LSE	1199.00	2.00	0.17%	n/a	2.31%
		ACEA SPA		ACE MI	NYSE	50.115	0.175	0.35%	n/a	2.30%
		MIDDLESEX WATER CO		MSEX	NasdaqGS	17.38	-0.17	-0.97%	n/a	2.22%
		GUANGDONG INVEST		0270.HK	HKSE	4.17	-0.05	-1.18%	n/a	2.19%
		CHINA HYDROELECTRIC		CHC	NYSE	10.32	0.00	0.00%	n/a	2.13%
		ITRON INC		ITRI	NasdaqGS	69.70	-0.67	-0.95%	n/a	2.11%
		CHINA VALVES TECHNOL		CVVT	NasdaqGM	12.09	-0.06	-0.49%	n/a	2.05%

 *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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