Kinetics Drains 4-star Water Fund

The Board of Directors of Kinetics Mutual Funds last month approved an overhaul of the Water Infrastructure Fund (KWINX).

Specifically, the fund will change its name to the Alternative Income Fund and will hold a diversified portfolio of fixed income and equity securities, according to a filing. The fund can also all of its assets in fixed income, derivatives, stocks and cash. The Water fund formerly betted on U.S. and foreign water infrastructure concerns.

The changes fund are contingent upon the approval of shareholders, who will have the opportunity to vote on the proposals at a shareholder meeting on December 21. If shareholders approve the changes, the restructuring of the fund and the portfolio will begin on January 1, 2013.