Munder Funds

plans to roll out yet another tech fund, its fifth new tech offering in less than a year.

The firm, probably best-known for running the

closed $8.4 billion

(MNNAX) - Get Report

Munder NetNet fund, filed preliminary paperwork for the

Munder Digital Economy Fund

. The fund, which could launch in September if regulators approve its filing, will invest in foreign or U.S. companies of any size that use the Internet to streamline or build their business.

The broker-sold fund will be just the latest of a slew of sector funds from the $62 billion Birmingham, Mich.-based shop. Since launching NetNet back in 1996, Munder rolled out

(MTFAX)

Munder Future Technology last October and

(MNIAX)

Munder International NetNet just prior to NetNet's closure to new investors in April. In May the firm also

registered closed-end tech fund

Munder@Vantage Trust

and last week they

filed for a new biotech fund,

Munder HealthTech

.

The glut of new tech funds comes at a time when investors' interest in tech funds has cooled a bit. The latest cash flow figures show that $683 million flowed into tech funds in May, down from more than $4 billion in April. When the NetNet fund closed in April it had $11.5 billion and now its assets are nearly $3 billion lower.

The fleet of tech funds has had mixed results. NetNet is up just 0.7% since Jan. 1, trailing both the S&P 500 and more than 80% of its tech peers, according to

Morningstar

. Future Technology, on the other hand, is up more than 29% over the same time period, trouncing both its peers and the S&P 500.

Since its April 10 launch, the International NetNet fund is down a little over 5%.

While the Digital Economy funds' managers aren't named in the filing, it will probably be run by the same team that works on its other tech funds, which is led by Steve Appledorn and Paul Cook.

The fund's projected annual expenses aren't included in the filing, but its loads or sales charges are noted. Class A and Class II shares carry maximum 5.5% and 1% front-end sales charges, respectively. Class B shares levy a maximum 5% back-end load and Class II shares have a 1% charge on shares sold within 18 months of purchase.

State Street Plans Two New ETFs

State Street Global

is developing two new exchange-traded funds that will track

Fortune

magazine's e-50 and 500 stock indices.

The $720 billion Boston-based money-management house on Tuesday filed paperwork on the proposed funds with the

Securities and Exchange Commission

. Each fund will hold the stocks in its respective index and will trade on the

American Stock Exchange.

Unlike the usual

open-end mutual fund, exchange-traded funds, or ETFs, price and trade throughout the day like stocks. They're seen as a potent threat to mutual funds because of their frequent pricing and lower costs. As of June 30, 58 ETFs traded on the Amex, with total assets of more than $46 billion.

The e-50 index is composed of old and young companies "shaping the Internet economy," according to a news release. The companies include leaders such as

Microsoft

(MSFT) - Get Report

,

America Online

(AOL)

,

AT&T

(T) - Get Report

and

Charles Schwab

(SCH)

, in addition to less-established Internet firms such as

priceline.com

(PCLN)

,

eToys

(ETYS)

, and

Healtheon/WebMD

(HLTH)

.

The 500 index comprises the 500 largest companies, ranked by revenue. The top three are

General Motors

(GM) - Get Report

,

Wal-Mart Stores

(WMT) - Get Report

and

Exxon Mobil

(XOM) - Get Report

.

The funds can't offer shares until regulators approve their paperwork, which typically takes 75 days. The preliminary filing doesn't include any fee information.

Goldman Rolls Out Best Ideas Fund

Goldman Sachs

announced its own "best ideas" fund today.

The broker-sold

Goldman Sachs Research Select

fund will hold the 25 to 35 stocks on its U.S. Select List, essentially the firm's favorite stocks over the next 12 to 18 months.

The fund started on June 23 and has raised $250 million, but performance figures are unavailable. While it may seem hard to go wrong with a "best ideas" list, plenty have gone

awry.

(PWKAX)

PaineWebber Strategy, chock full of the top picks selected by vaunted strategist Ed Kerschner, is down 6.2% so far this year, lagging behind the S&P 500 by more than nine percentage points and trailing 98% of its large-cap growth peers, according to

Morningstar

.

The fund isn't cheap, either: Its Class A shares have a 5.5%

front-end load. Class B and Class C shares carry a maximum 5% and 1%

back-end load.

The fund's annual expenses on Class A shares are 1.5% and 2.25% on Class B and Class C shares. The average large-cap growth fund's expense ratio is 1.44%, according to Morningstar.

Tech Fund Parade Gets a Global Entry

Yet another tech fund is on the way, this one will focus on foreign Net stocks.

The broker-sold

Global e-Fund

will primarily invest in foreign Net companies, according to its preliminary filing Tuesday with regulators. That might sound focused, but the fund leaves itself plenty of wiggle room by essentially defining a Net company as any company whose business is significantly engaged in the Internet or related efforts.

Although the manager,

International Assets Holding Corp.

, touts the fund as the first foreign Net fund, that's not exactly accurate. It overlooks the broker-sold Munder International NetNet fund, for instance. That fund has a similar focus, while also having lower expenses and a more-tenured management team.

The Global e-Fund will be run by Michael Ward, with assistance from Mido Shammaa and Stefan Spath. The filing indicates that each has joined the firm in the past three years and has no previous retail mutual-fund management experience.

The fund is also among the priciest out there. It will levy a maximum 5.5% maximum sales charge and its annual expense ratio is expected to be 3.49%. The average tech and foreign funds' expense ratios are just 1.66% and 1.85%, respectively. The Munder International NetNet fund's expense ratio ranges from 1.75% to 2.5%.

See Monday's

Fund Moves, Manager Changes.