Portfolio Management Biographies

Kinetics Asset ManagementMr. Doyle serves as co-portfolio manager of the Portfolio and oversees all investment decisions for the Portfolio. In early 1996, Mr. Doyle co-founded Kinetics. Mr. Doyle also co-founded Horizon Asset Management, Inc., a New York based investment management and research firm. From 1988 through late 1994, Mr. Doyle was an Investment Officer in Bankers Trust Company's Investment Services Group.

Mr. Doyle received a Masters of Business Administration from Fordham University and a Bachelor of Science in Economics from St. John's University.