Yes, the meteoric rise of every last Internet IPO and atmospheric valuations have come back into earthly orbit of late. And yes, the biggest mutual fund companies are holding off on launching their own Internet funds until the dust settles a bit -- but that's not the case for the rest of the fund world.

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LCM Funds

RS Investment Mgmt.

Duncan-Hurst Mutual Funds

New entries into the Internet fund sweepstakes seem to be launched weekly these days, with less and less fanfare, almost as if it was an afterthought or simply a necessary move not to lose dollars to the fund company down the block.

This week is no different, with two funds launched, one the first closed-end Internet fund from LCM Funds, another the first tech fund from institutional manager Duncan-Hurst, with yet another Internet fund filed for with the SEC by RS Investment Management.

LCM Internet Growth Fund launched today, calling itself the first actively-managed closed-end Internet fund. Little more is known about it, as the company's website appears to, ironically, be having technical difficulties. At the time of post, the fund was off 2.5%, at 9 ¾.

RS Investment Management, formerly Robertson Stephens Investment Management, is planning an Internet fund of its own, to be named the RS Internet Age Fund, according to an Oct. 8^th filing.

The no-load fund appears to be a middling pure-play product, intending to invest in both computer hardware and software, as well as "companies that provide access, infrastructure, content, products, or services to Internet companies and users." James Callinan and Kathy Baker will serve as senior portfolio managers of the team to manage the new RS fund. The expected expense ratio is 188 basis points.

Lastly, Duncan-Hurst, a money manager with $3.5 billion under management, mostly on the institutional side, launched the Duncan-Hurst Technology Fund on Oct. 1, according to the San Diego company. Sounding like most Internet funds, the Technology Fund will invest in computer hardware and software, networking, semiconductor, and telecommunication stocks. The expense ratio is 148 basis points and the fund will distributed through the major fund supermarkets, including Schwab, Fidelity, Waterhouse and E*Trade. 

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