Sales of hybrid mutual funds are recovering from the stock market's third-quarter jitters, according to figures from the Investment Company Institute.

Net sales of hybrid funds - which include various combinations of stocks, bonds, and money market instruments-were $687.8 million in January, the mutual fund trade group reported. That is a fraction of the net $2.6 billion invested in hybrid funds in January 1998 but is up from the $130 million that flowed out from such funds in December.

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