KINETICS MUTUAL FUNDS, INC. and KINETICS PORTFOLIOS TRUST

FOURTH AMENDMENT TO THE

FUND ACCOUNTING SERVICING AGREEMENT

THIS FOURTH AMENDMENT dated as of this 6th day of December, 2007, to the Fund Accounting Servicing Agreement, dated as of December 15, 2005, as amended June 16, 2006, December 15, 2006, and March 5, 2007, is entered into by and among Kinetics Mutual Funds, Inc., a Maryland corporation, Kinetics Portfolios Trust, a Delaware business trust and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company.

RECITALS

WHEREAS, the parties have entered into a Fund Accounting Servicing Agreement dated as of December 15, 2005, as previously amended (the “Agreement”); and

WHEREAS, the parties desire to amend the Agreement; and

WHEREAS, Section 15 of the Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, the parties agree as follows:

Exhibit A and Exhibit B are hereby superseded and replaced with Exhibit A and Exhibit B attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

KINETICS MUTUAL FUNDS, INC.	U.S. BANCORP FUND SERVICES, LLC
By:  /s/ Peter B. Doyle	By: /s/ Michael R. McVoy
Name:  Peter B. Doyle	Name:  Michael R. McVoy
Title: President	Title:  Executive Vice President
KINETICS PORTFOLIOS TRUST
By:  /s/ Peter B. Doyle
Name:  Peter B. Doyle
Title: President

1

Exhibit A

to the Fund Accounting Servicing Agreement – Kinetics Mutual Funds, Inc. and Kinetics Portfolios Trust

Separate Series of Kinetics Mutual Funds, Inc. – Feeder Funds

Name of Series

The Internet Fund

The Internet Emerging Growth Fund

The Paradigm Fund

The Medical Fund

The Small Cap Opportunities Fund

The Kinetics Government Money Market Fund

The Market Opportunities Fund

The Water Infrastructure Fund

The Multi-Disciplinary Fund

Separate Series of Kinetics Portfolios Trust – Master Investment Portfolios

Name of Series

The Internet Portfolio

The Internet Emerging Growth Portfolio

The Paradigm Portfolio

The Medical Portfolio

The Small Cap Opportunities Portfolio

The Kinetics Government Money Market Portfolio

The Market Opportunities Portfolio

The Water Infrastructure Portfolio

The Multi-Disciplinary Portfolio

2

Exhibit B

to the

Fund Accounting Servicing Agreement – Kinetics Mutual Funds, Inc. and

Kinetics Portfolios Trust

Fee Schedule at December 6, 2007 – Master Portfolios

The Internet Portfolio, The Medical Portfolio, The Internet Emerging Growth Portfolio, The Paradigm Portfolio, The Small Cap Opportunities Portfolio, The Kinetics Government Money Market Portfolio, The Market Opportunities Portfolio, The Water Infrastructure Portfolio and The Multi-Disciplinary Portfolio shall incur the following fee schedule:

Annual fee based on complex of Master Portfolios net assets:

*            _____ basis points on the first $______________

*            _____ basis point on the balance

Plus out-of-pocket expenses, including pricing service:

Domestic and Canadian Equities	$_____
Options	$_____
Corp/Gov/Agency Bonds	$_____
CMOs	$_____
Currency transactions	$_____
International Equities and Bonds	$_____
Municipal Bonds	$_____
Money Market Instruments	$_____
Mutual Funds	$_____/fund/mo.

Fees and out-of-pocket expenses are billed to the fund monthly.  Note:  all schedules subject to change depending upon the use of derivatives – options, futures, short sales, etc.

Annual fee schedule at December 6, 2007 – Feeder Funds

The Internet Fund, The Medical Fund, The Internet Emerging Growth Fund, The Paradigm Fund, The Small Cap Opportunities Fund, The Kinetics Government Money Market Fund, The Market Opportunities Fund, The Water Infrastructure Fund and The Multi-Disciplinary Fund shall incur the following fee schedule:

_____ of _____ basis point on complex of Feeder Fund net assets

Minimum Annual Fee of $__________ Note:  Minimum is based on the combined fees for both the Master Portfolios and the Feeder Funds and does not include pricing of securities fees.

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