Short-term investment pools are a highly specialized group of money market intermediaries that includes money market mutual funds, local government investment pools, and short-term investment funds of bank trust departments. These intermediaries purchase large pools of money market instruments and sell SHARES in these instruments to investors. In doing so they enable individuals and other small investors to EARN the YIELDS available on money market instruments. These pools, which were VIRTUALLY nonexistent before the mid- 1970s, have grown to be one of the largest financial intermediaries in the United STATES.

Short-term investment pools are a highly specialized group of money market intermediaries that includes money market mutual funds, local government investment pools, and short-term investment funds of bank trust departments. These intermediaries purchase large pools of money market instruments and sell shares in these instruments to investors. In doing so they enable individuals and other small investors to earn the yields available on money market instruments. These pools, which were virtually nonexistent before the mid- 1970s, have grown to be one of the largest financial intermediaries in the United States.