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      <regCik>0001083387</regCik>
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      <regStreet1>470 Park Avenue South</regStreet1>
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      <regZipOrPostalCode>10016</regZipOrPostalCode>
      <regPhone>800-930-3828</regPhone>
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      <seriesId>S000058593</seriesId>
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      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
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        <name>Civeo Corp</name>
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        <name>Grayscale Bitcoin Cash Trust</name>
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        <name>Grayscale Bitcoin Trust ETF</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5609.320000000000</valUSD>
        <pctVal>0.0139542591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valterra Platinum Ltd</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Valterra Platinum Ltd</title>
        <cusip>03486T202</cusip>
        <identifiers>
          <isin value="US03486T2024"/>
          <ticker value="ANGPY"/>
        </identifiers>
        <balance>22.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311.080000000000</valUSD>
        <pctVal>0.0007738711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Urbana Corp</name>
        <lei>5493003WCSNG13LU3180</lei>
        <title>Urbana Corp</title>
        <cusip>91707P109</cusip>
        <identifiers>
          <isin value="CA91707P1099"/>
          <ticker value="URB"/>
        </identifiers>
        <balance>6234.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100000000"/>
        <valUSD>43065.730000000000</valUSD>
        <pctVal>0.1071342612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mesabi Trust</name>
        <lei>N/A</lei>
        <title>Mesabi Trust</title>
        <cusip>590672101</cusip>
        <identifiers>
          <isin value="US5906721015"/>
          <ticker value="MSB"/>
        </identifiers>
        <balance>550.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17325.000000000000</valUSD>
        <pctVal>0.0430992596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Miami International Holdings I</name>
        <lei>254900TREUDBWGLAP788</lei>
        <title>Miami International Holdings Inc</title>
        <cusip>59356Q108</cusip>
        <identifiers>
          <isin value="US59356Q1085"/>
          <ticker value="MIAX"/>
        </identifiers>
        <balance>2548.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>99168.160000000000</valUSD>
        <pctVal>0.2466998135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toei Animation Co Ltd</name>
        <lei>N/A</lei>
        <title>Toei Animation Co Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3560200002"/>
          <ticker value="4816"/>
        </identifiers>
        <balance>200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.705000000000"/>
        <valUSD>3270.220000000000</valUSD>
        <pctVal>0.0081352993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seaport Entertainment Group In</name>
        <lei>2549006G3SN205YAST27</lei>
        <title>Seaport Entertainment Group Inc</title>
        <cusip>812215200</cusip>
        <identifiers>
          <isin value="US8122152007"/>
          <ticker value="SEG"/>
        </identifiers>
        <balance>187.999970000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4038.240000000000</valUSD>
        <pctVal>0.0100458963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Pacific Land Corp</name>
        <lei>N/A</lei>
        <title>Texas Pacific Land Corp</title>
        <cusip>88262P102</cusip>
        <identifiers>
          <isin value="US88262P1021"/>
          <ticker value="TPL"/>
        </identifiers>
        <balance>65167.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30925651.520000000000</valUSD>
        <pctVal>76.9334881542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US BANK MMDA - USBGFS 7</name>
        <lei>N/A</lei>
        <title>US BANK MMDA - USBGFS 7</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USBGFS7"/>
          <other otherDesc="USER DEFINED" value="8AMMF0FT3"/>
        </identifiers>
        <balance>2366886.720000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2366886.720000000000</valUSD>
        <pctVal>5.8880845669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WaterBridge Infrastructure LLC</name>
        <lei>N/A</lei>
        <title>WaterBridge Infrastructure LLC</title>
        <cusip>940923105</cusip>
        <identifiers>
          <isin value="US9409231050"/>
          <ticker value="WBI"/>
        </identifiers>
        <balance>14098.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>377685.420000000000</valUSD>
        <pctVal>0.9395649035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SB Technology Inc</name>
        <lei>N/A</lei>
        <title>SB Technology Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="99SBTECH"/>
        </identifiers>
        <balance>5811.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100007.310000000000</valUSD>
        <pctVal>0.2487873600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TXSE Group, Inc</name>
        <lei>N/A</lei>
        <title>TXSE Group, Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="9SPMTKUC1"/>
        </identifiers>
        <balance>1300.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29900.000000000000</valUSD>
        <pctVal>0.0743819833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Urbana Corp</name>
        <lei>5493003WCSNG13LU3180</lei>
        <title>Urbana Corp</title>
        <cusip>91707P208</cusip>
        <identifiers>
          <isin value="CA91707P2089"/>
          <ticker value="URB/A"/>
        </identifiers>
        <balance>1600.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100000000"/>
        <valUSD>9948.960000000000</valUSD>
        <pctVal>0.0247499457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PrairieSky Royalty Ltd</name>
        <lei>529900AXG582AP7CV733</lei>
        <title>PrairieSky Royalty Ltd</title>
        <cusip>739721108</cusip>
        <identifiers>
          <isin value="CA7397211086"/>
          <ticker value="PSK"/>
        </identifiers>
        <balance>12000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100000000"/>
        <valUSD>277765.800000000000</valUSD>
        <pctVal>0.6909956891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARTNERS VALUE INVESTMENTS L</name>
        <lei>N/A</lei>
        <title>Partners Value Investments LP</title>
        <cusip>70214W112</cusip>
        <identifiers>
          <isin value="CA70214W1124"/>
          <ticker value="PVF-W"/>
        </identifiers>
        <balance>200.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100000000"/>
        <valUSD>3845.880000000000</valUSD>
        <pctVal>0.0095673639</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Venture</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Partners Value Investments LP</issuerName>
                <issueTitle>Partners Value Investments LP</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <isin value="BMG6936M1001"/>
                  <ticker value="PVF-U"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.000000000000</shareNo>
            <exercisePrice>2.934000000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2026-06-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-298.720000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>White Mountains Insurance Grou</name>
        <lei>549300N3FL068JERBG02</lei>
        <title>White Mountains Insurance Group Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG9618E1075"/>
          <ticker value="WTM"/>
        </identifiers>
        <balance>58.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>127423.680000000000</valUSD>
        <pctVal>0.3169908375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Knife River Corp</name>
        <lei>N/A</lei>
        <title>Knife River Corp</title>
        <cusip>498894104</cusip>
        <identifiers>
          <isin value="US4988941047"/>
          <ticker value="KNF"/>
        </identifiers>
        <balance>100.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8165.000000000000</valUSD>
        <pctVal>0.0203120031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Landbridge Co LLC</name>
        <lei>529900P7NBGGY6C0SF08</lei>
        <title>Landbridge Co LLC</title>
        <cusip>514952100</cusip>
        <identifiers>
          <isin value="US5149521008"/>
          <ticker value="LB"/>
        </identifiers>
        <balance>28670.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1979663.500000000000</valUSD>
        <pctVal>4.9247925570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Energy Inc</name>
        <lei>254900PKFJW6RILDCM60</lei>
        <title>Liberty Energy Inc</title>
        <cusip>53115L104</cusip>
        <identifiers>
          <isin value="US53115L1044"/>
          <ticker value="LBRT"/>
        </identifiers>
        <balance>972.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27993.600000000000</valUSD>
        <pctVal>0.0696394478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>2026-05-27</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>
