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. ...