Over the past 10 days, Google (GOOG), Apple (AAPL) and Amazon.com (AMZN) reported recession-defying profit gains, while Yahoo (YHOO) and Microsoft (MSFT) said they had taken sizable hits. To say the least, earning season in tech land has resulted in a mixed bag of results, making it that much more difficult for investors to predict what's in store the rest of 2009.

Nevertheless, throughout the earnings season the tech sector has been one of the few bright spots of the mutual fund world. According to Lipper, the mutual fund data tracking company, the average technology fund is up 12.8% this year (through Thursday's close) vs. a 4.9% loss for S&P 500 index funds. Some of those gains were due to the frenzy surrounding IBM (IBM) and Oracle (ORCL) competing bids to buy Sun Microsystems (JAVA) . IBM walked away and Oracle won the prize -- at a cost of $7.4 billion. But decent earnings also helped boost the sector. Indeed, tech has performed well coming out of previous economic downturns and some investors are betting history will repeat itself in 2009 and 2010.

We are seeing some strong buy signals, says David Hefty, chief executive officer of Cornerstone Wealth Management in Auburn, Ind.

Tech's outperformance is the main reason why we are devoting this week's screen to it. We feel compelled to give readers some insights into what's behind the sector's gains --and whether it will last. There are 125 funds and share classes in what Lipper calls its Science & Technology category. We knocked out 99 that charged a sales load. The funds also had to sport track records that put them in the top half of their peer group over the trailing three- and five-year time periods. We were left with just five funds, one of the smallest lists of the year.

We debated whether to include a 5-year tenure criterion. The thinking goes advisors are more comfortable knowing an experienced manager is running what could be a risky investment. But a reader emailed us this week to challenge the assertion that tenure has any profound impact on performance -- and he had spreadsheets to back up his argument. Given our own results and those of academic studies it appears he's right (and we give him kudos for doing his own homework). Had we included the five-year tenure criteria, Buffalo Science & Technology (BUFTX) would have been the only fund to make the cut.

A word of caution: Investing in a sector fund can be a precarious proposition. And anybody who has invested in tech in the past knows its fortunes can turn -- quickly. When we polled a few managers about how to play the sector this week we received a range of answers. Chuck Akre, manager of top-rated FBR Focus (FBRVX) has traditionally held very few tech stocks in his portfolio, but says he is close to buying one tech company that could end up comprising a substantial position in the fund. Cornerstone's Hefty says his clients equity portfolios now have a 6% exposure to tech. The takeaway: The experts are building small, tactical positions in the sector. You should, too.

There's a very simple reason to tread carefully. There are no clear signs tech's outperformance will last. Forrester Research (FORR) recently estimated U.S. business and government IT purchases will fall 3.1% in 2009. That's down from the 1.6% increase it had earlier predicted. And during their earnings conference calls, many chief executive officers cautioned against predicting what the second half of 2009 would look like. Forrester, meanwhile, says it's anticipating growth in IT spending to pick up in the fourth quarter and gain momentum next year.

There are plenty of ways for investors to gain exposure to tech. Exchange traded funds offer cheap fees and trading flexibility. Don't forget, though, most broadly focused, actively managed funds will have ample exposure to the sector. Even a plain vanilla S&P 500 index fund has almost 20% of its holdings in tech. But if you want to make a bigger bet on the sector, check out one of the funds below. Each is beating the broad market in 2009 and they did so in the year after the last bear market, too.

The Criteria: The funds on our table are members of Lipper's Science & Technology category. They are open to new money, charge less than a 1.5% annual expense ratio and require a minimum investment under $5,000. Their performance track records during the trailing three- and five-year periods put them in the top half of the category. We did not include load funds.

Recipe

• Fund Type = Science & Technology
• Annualized 3-Year Return (%) = Display Only
• Rank in Classification (%) (3 year performance) <= 50
• Annualized 5-Year Return (%) = Display Only
• Rank in Classification (%) (5 year performance) <= 50
• Expense Ratio <= 1.5%
• Load Fund (type) = No Load
• Minimum Initial Investment <= $5,000
• Open to New Investors = Yes
• Total Net Assets ($ millions) >= 50