Money managers, mostly small ones, have been registering Internet fund products with the SEC at a rapid rate.

It is no surprise given the enormous success of Internet funds this year, especially the much-heralded Internet Fund of North Babylon, N.Y. That fund was started in October, 1996 by then unknown Kinetics Asset Management and has attracted more than $600 million since its inception. It is now even sold through Schwab's OneSource mutual fund supermarket.

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