The investment adviser to the Internet Fund - a portfolio that returned better than 300 percent for the 12-month period ending Jan. 31 - is considering opening a new fund.

Kinetics Asset Management of North Babylon, N.Y., tentatively plans to start a second mutual fund this year, James G. Doyle, a lawyer for the Internet Fund, said last week. The new fund is not expected to be a pure Internet fund, Doyle said. Kinetics may file a registration statement regarding the offering with the SEC in the coming weeks, Doyle said. He declined to provide additional details about the new fund's investment objectives.

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