The Moneypaper, a newsletter based in Mamaroneck, NY, has started a new no-load mutual fund which is based on the newsletter's 63-stock index of companies that have low or no-cost dividend reinvestment plans. The company announced plans to start the fund in the fall.

The index includes companies like Coca-Cola, Intel, Johnson & Johnson, Paychex, Sara Lee and Tyco International. The index has outperformed the Dow Jones Industrial and S&P Index since its inception in 1994, logging a gain of 175.51% through Dec. 31, 1998.

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