Internet mutual fund assets increased 1,250 percent during the first nine months of 1999 through Sept. 30, bringing the total to $4.3 billion, according to Wiesenberger, a mutual fund tracking service in Rockville, Md. In the same period, assets in all mutual funds rose only 9.03 percent. Wiesenberger released the data last week.

"The phenomenal growth of these funds . . . is the envy of a mutual fund industry that has posted only sluggish expansion in 1999," said Ramy Shaalan, a Wiesenberger analyst, in a teleconference.

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