Happy Birthday, Bull Market!

The record highs set by the Dow Jones Industrial Average and the S&P 500 index during the week ended Oct. 5 were appropriate birthday presents for the current bull market, which marks its fifth anniversary on Oct. 9. That was the date in 2002 when the major U.S. market indices reached their lowest closing levels of the 2000-2002 bloodbath.

Unless you own one of a handful of funds that bet against the market, the past half decade has been unusually rewarding. The rewards for those holding emerging market funds -- especially those focused on Latin America -- have been particularly munificent.

For a significant percentage of emerging markets funds, every dollar of value in the funds five years ago is now worth more than $5. And for holders of some Latin American funds, the payoff for every dollar in their respective funds in late 2002 is now approaching $10.

The best-performing open-end mutual funds for the five years ended Sept. 30, 2007, are displayed in the accompanying table, along with the best performing fund investment objectives and selected market indices.

Except for a single global resources fund, the top 10 performers for the past five years are exclusively emerging market offerings.

In order to provide a more representative presentation of leaders, lists of the top five diversified equity funds and sector funds were included in the table.

Although the rewards for the past five years might seem to be super-sized, they must be viewed in the context of the two-year market implosion that preceded the current bull run.

From its previous all-time high in March of 2000, half the value of the S&P 500 evaporated -- 49.15%, to be exact -- by the time the broad-based index bottomed on Oct. 9 of 2002. The then high-flying Nasdaq composite crumbled 77.89% from its 2000 peak to its 2002 trough.

Except for some relatively mild corrections along the way, the stock prices have adapted to some major changes in the economic milieu over the past half decade.

Five years ago this month, the euro was worth roughly 98 cents in U.S. currency vs. its recent value of about $1.41. Gold fluctuated at around $319 an ounce, less than half its current quotes in the $740 range. Most striking, crude oil was selling at $22.50 per barrel, a small fraction of its recent value of $81.

Over the past five years the key federal funds interest rate spent time as low as 1% and then as high as 5.25% for much of the current rally before being pulled back recently to 4.75% by the Federal Reserve.

In 2002 the investment community was just beginning to take notice of an investment vehicle that had been around since 1993 but had not yet received broad-based attention.

That year, 10 new exchange-traded funds came into existence, bringing the total at year-end to 124. This year, 192 ETFs have been brought to life through the end of September, bringing the total to 577.

Bull Market's Biggest Winners
NAME, TICKER & TheStreet.com RATINGS GRADE	5-YR. ANN'L RET'N (%)	5-YR. APPREC. OF $1,000 *	BEST BULL MKT. YEAR	RET'N IN BEST YEAR (%)	MIN. INITIAL INVEST- MENT
LEADING OPEN-END FUNDS
BlackRock Latin America Inv A (MDLTX) C+	55.52	$9,097	2003	68.14	1,000
Fidelity Latin American Fund (FLATX) B-	53.79	$8,603	2003	65.78	2,500
T. Rowe Price Latin America (PRLAX) B-	53.66	$8,568	2005	60.05	2,500
Fidelity Adv Latin America A (FLTAX) B-	52.58	$8,271	2003	64.80	2,500
Eaton Vance Greater India A (ETGIX) C	48.33	$7,180	2003	117.31	1,000
DWS Latin America Eq Fund A (SLANX) C+	47.95	$7,090	2003	54.48	1,000
US Global Inv Global Resources (PSPFX) C-	47.56	$6,996	2003	99.56	5,000
Principal Inv Intl Emrg Mkts A (PRIAX) C+	46.75	$6,805	2005	74.27	1,000
ING Russia A (LETRX) C+	46.18	$6,675	2003	75.89	1,000
US Global Accolade East European (EUROX) C-	44.97	$6,403	2003	61.35	5,000
TOP DIVERSIFIED EQUITY FUNDS
Pacific Advisors Small Cap A (PASMX) B-	34.96	$4,477	2003	83.21	1,000
CGM Focus Fund (CGMFX) B	32.86	$4,140	2003	66.46	2,500
Turner New Enterprise Fund (TBTBX) C+	30.89	$3,841	2003	92.69	2,500
Hodges Fund (HDPMX) A	29.97	$3,709	2003	80.24	250
Bruce Fund (BRUFX) B	29.24	$3,605	2003	63.15	1,000
BEST PERFORMING SECTOR FUNDS
Jacob Internet Fund (JAMFX) C	42.18	$5,810	2003	101.25	2,500
CGM Realty Fund (CGMRX) C	39.69	$5,318	2003	89.71	2,500
Vanguard Prec. Metals & Mining Fd (VGPMX) C+	37.46	$4,908	2003	59.45	10,000
JennDry Jennison Nat Resources A (PGNAX) B-	37.36	$4,889	2002	54.19	2,500
Fidelity Select Wireless Fund (FWRLX) B	34.85	$4,459	2003	68.31	2,500
TOP FUND INVESTMENT OBJECTIVES
Emerging Market Equity	37.03	$4,831	2003	56.58
Sector - Energy/Natural Res	29.00	$3,572	2005	40.34
Sector - Precious Metals	27.28	$3,340	2002	58.16
Non-US Equity	24.19	$2,954	2003	39.22
Sector - Utilities	22.88	$2,802	2006	26.23
Sector - Real Estate	21.30	$2,626	2003	36.66
Sector - Tech/Communications	20.74	$2,566	2003	52.89
Global Equity	20.03	$2,491	2003	34.97
Small Cap	17.90	$2,278	2003	43.72
Mid Cap	17.73	$2,262	2003	36.31
SELECTED BENCHMARKS
S&P 500 Composite Total Return	15.45	$2,051	2003	28.69
S&P 400 Mid-Cap Total Return	18.17	$2,305	2003	35.62
Russell 2000 Index	18.75	$2,361	2003	47.25
Nasdaq Composite Index	18.18	$2,305	2003	50.01
MSCI EAFE Index	24.05	$2,938	2003	39.17
IFC Emerg Mkts - Comp Global (US$)	38.72	$5,137	2003	54.44
FTSE NAREIT REIT: All	19.86	$2,474	2003	38.47
Gold: London PM	18.08	$2,295	2002	25.57
Merrill Lynch 91-Day Treasury Index	2.94	$1,156	2006	4.85
* Appreciation, with distributions reinvested, but excluding sales commissions. Excludes leveraged funds. Source: TheStreet.com Ratings (Data as of 9/30/2007).