Morgan Stanley Dean Witter of New York plans to introduce a growth fund that will invest in the companies at which teenagers spend their money.

The new fund, the Morgan Stanley Dean Witter Next Generation Trust, is still in registration with the SEC. It is expected to be offered by early fall. It will invest in companies that sell clothing, computer games and entertainment to teenagers and young adults.

One of the fund's objectives is to help young people understand investing by offering them educational materials. Stein Roe & Farnham of Chicago offers a similar fund, the Young Investor Fund. It also offers educational materials targeted at youths.

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