KINETICS MUTUAL FUNDS, INC. AND KINETICS PORTFOLIOS TRUST

FIRST AMENDMENT TO THE

FUND ACCOUNTING SERVICING AGREEMENT

THIS FIRST AMENDMENT dated as of the 16 day of June 2006, to the Fund Accounting Servicing Agreement, dated as of December 15, 2005, is entered into by and among Kinetics Mutual Funds, Inc., a Maryland corporation, Kinetics Portfolios Trust, a Delaware statutory 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 (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Exhibit B, the fee schedule of the Agreement, is hereby superseded and replaced with Exhibit B attached hereto.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 First 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: Senior Vice President
KINETICS PORTFOLIOS TRUST
By:  /s/ Peter B. Doyle
Name: Peter B. Doyle
Title: President