The bull market and the popularity of mutual funds has helped provide an extra dividend for members of the Investment Company Institute - a cut in dues.

The ICI reduced its membership fees by approximately 20 percent during the past three years because of its growing reserves, the non-profit group said. Last year, the fee cuts resulted in a slight reduction in revenue from dues for the first time in at least six years. Nevertheless, the ICI's total revenue of approximately $37.8 million still exceeded expenses by about $1.5 million. Total revenue decreased by about one percent from 1997.

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