Portfolio

Some new index funds are being developed that will be based on a Dow Jones index that satisfies the strictures of Islamic investors.

Guinness Flight Investment Management of Pasadena, Calif. and Wired magazine have a challenger as to who can claim having the right definition of the "new economy."

Even though Internet stocks have recently been in a slump, there are a number of mutual fund companies poised to introduce their own Internet index funds.

Monument Funds Group of Bethesda, Md., best known for its Monument Internet Fund, launched the Monument Medical Sciences Fund on May 25.

Despite poor returns on bank stocks over the past two years, at least a couple of money managers are creating new products tied to the banking industry, signaling that the worst may be over for bank funds.

Putnam Investments has filed with the SEC to create a tax-managed mutual fund.

Prudential Investments Advisory Group of Newark, N.J., introduced last week a business development program to help different types of financial advisors expand their businesses. Called Advisor 2000, the program is designed to help registered investment advisors, financial planners, independent stockbrokers and bankers build their practices and become more profitable. Advisor 2000 attempts to do this by helping advisors strengthen client relationships, develop strategic partnerships with financial institutions, prospect for wealthier clients and foster their own careers.

State Street Research of Boston has begun an investment education program for Spanish- and Chinese-speaking Americans. The effort includes distributing bilingual mutual fund prospectuses and Spanish- and Chinese-language educational brochures and providing bilingual customer service support. Beginning in June, State Street Research will run websites in Chinese and Spanish.

E*Trade of Palo Alto, Calif. plans to offer the E*Trade Technology Index Fund. The fund will track the Goldman Sachs Technology Index, which currently consists of 169 technology stocks. E*Trade filed a registration statement for the new fund with the SEC on May 24.

E*Trade Group of Palo Alto, Calif., filed a registration statement last week with the SEC to introduce two new index funds - the E*Trade Extended Market Index and the E*Trade Aggregate Bond Index. E*Trade introduced its first index fund, the E*Trade S&P 500 Index Fund, earlier this year.