In an effort to build its online business, Morgan Stanley Dean Witter is creating a line of proprietary index funds to be sold exclusively through its online brokerage, Discover Brokerage Direct.

The first new fund will be the Discover Brokerage S&P 500 Fund, a no-load index fund that will only be available to Discover Brokerage customers. The fund will be managed by Morgan Stanley Dean Witter Advisors, which will invest at least 80 percent of the fund in the S&P 500 Index.

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