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  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001083387</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000005035</seriesId>
        <classId>C000013738</classId>
        <classId>C000013740</classId>
        <classId>C000013741</classId>
        <classId>C000013737</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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    <genInfo>
      <regName>Kinetics Mutual Funds</regName>
      <regFileNumber>811-09303</regFileNumber>
      <regCik>0001083387</regCik>
      <regLei>254900Z4PTNUE2SN9529</regLei>
      <regStreet1>470 Park Avenue South</regStreet1>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10016</regZipOrPostalCode>
      <regPhone>800-930-3828</regPhone>
      <seriesName>Kinetics Market Opportunities Feeder 1</seriesName>
      <seriesId>S000005035</seriesId>
      <seriesLei>254900J2MIB7C8T3LC45</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>302964918.410000000000</totAssets>
      <totLiabs>128758.880000000000</totLiabs>
      <netAssets>302836159.530000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>302821874.600000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000013737" rtn1="-1.750000000000" rtn2="-.750000000000" rtn3="1.620000000000"/>
          <monthlyTotReturn classId="C000013738" rtn1="-1.760000000000" rtn2="-.780000000000" rtn3="1.620000000000"/>
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          <monthlyTotReturn classId="C000013741" rtn1="-1.720000000000" rtn2="-.740000000000" rtn3="1.640000000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="89.050000000000" netUnrealizedAppr="-5125142.880000000000"/>
        <othMon2 netRealizedGain="-25.300000000000" netUnrealizedAppr="-2108373.760000000000"/>
        <othMon3 netRealizedGain="-176.380000000000" netUnrealizedAppr="4834828.290000000000"/>
      </returnInfo>
      <mon1Flow redemption="31249555.770000000000" reinvestment=".000000000000" sales="25491308.800000000000"/>
      <mon2Flow redemption="10130751.750000000000" reinvestment=".000000000000" sales="9559672.560000000000"/>
      <mon3Flow redemption="7105430.930000000000" reinvestment=".000000000000" sales="8061633.040000000000"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>N/A</nameDesignatedIndex>
          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>KINETICS MARKET OPPORT</name>
        <lei>N/A</lei>
        <title>KINETICS MARKET OPPORT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="943700"/>
          <other otherDesc="USER DEFINED" value="943700"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>302821874.6</valUSD>
        <pctVal>99.9952829510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The monthly total returns shown in B.5.a do not reflect the deduction of sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-11-18</ncom:dateSigned>
      <ncom:nameOfApplicant>Kinetics Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jay Kesslen</ncom:signature>
      <ncom:signerName>Kinetics Mutual Funds Inc</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
