The increase of the open investment fund shares in December kept below the inflationary rate, as it had also done in November. Investments in mutual funds in December produced a 1.3% yield on the average against the 1.5% inflation in the same month. The December fund gain was even lower than the average monthly inflationary rate last year, 1.4%. The overall mutual fund growth in 2002 reached 23.7% against 17.8% inflation, therefore the mutual funds posted approximately 6% growth in real terms last year. The slow growth registered by funds is due to the investments on the money market directed mainly to T-bills, which have posted significantly lower yields last year. T-bills had come to account for more than 80% in the total assets of the funds by the end of 2002, while banking deposits accounted for 8%. The largest investment fund on the Romanian market, Simfonia 1, had placed all of its money in T-bills (492bn ROL) by the end of last year. Simfonia 1 is administrated by SG Asset Management, the investment management company controlled by Banca Romana pentru Dezvoltare (Romanian Development Bank – BRD) and accounts for half of the mutual fund market in Romania. ZF