Technology is clearly a long term growth prospect for those willing to remain invested and should continue to outperform the market over time. Many have viewed the sector with skepticism since the tech bubble burst more than a decade ago, but times have clearly changed for the better. Valuations are now based on stronger fundamentals and careful selection of investments has yielded good long term returns for many funds. Technology mutual funds greatly reduce the volatility inherent in this sector through by carefully selecting securities to create widely diversified portfolios.

Below we will share with you 5 top rated technology mutual funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all technology funds, investors can click here to see the complete list of funds.

Invesco Technology Investor ( FTCHX - MF report ) invests a large share of its assets in companies which leverage technology in product development or operations. The fund purchases both domestic and foreign securities. The technology mutual fund is non-diversified and has a ten year annualized return of 6.84%.

The fund manager is Warren T. Tennant and he has managed this technology mutual fund since 2008.

Matthews Asia Science & Technology Investor ( MATFX - MF report ) seeks capital growth over the long term. The fund invests heavily in companies located in Asia which generate more than half of their revenues from product and services sales in technology related industries and services. The technology mutual fund has a ten year annualized return of 10.91%.

As of June 2012, this technology mutual fund held 60 issues, with 6.89% of its total assets invested in Baidu, Inc. ADR.

T. Rowe Price Science & Tech ( PRSCX - MF report ) invests a large share of its assets in common stocks of firms which are projected to gain from advances in science and technology. The fund may purchase both domestic and foreign securities. The technology mutual fund is non-diversified and has a ten year annualized return of 8%.

The technology mutual fund has a minimum initial investment of $2,500 and an expense ratio of 0.90% compared to a category average of 1.58%.

Black Oak Emerging Technology ( BOGSX - MF report ) seeks capital appreciation over the long term. The fund invests the majority of its assets in common stocks of firms that are expected to emerge as market leaders in the technology sector. The technology mutual fund has a ten year annualized return of 7.55%.

The fund manager is Robert D. Stimpson and he has managed this technology mutual fund since 2006.

HighMark NYSE ArcaTech 100 Index A ( PPTIX - MF report ) invests in nearly all of the securities which make up the NYSE Arca Tech 100 Index in nearly the same proportion. A minimum of 90% of its assets are invested in securities included in the index. The technology mutual fund has a ten year annualized return of 10.4%.

The technology mutual fund has a minimum initial investment of $1,000 and an expense ratio of 1.08% compared to a category average of 1.58%.

To view the Zacks Rank and past performance of all technology mutual funds, investors can click here to see the complete list of funds.

About Zacks Mutual Fund Rank

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Learn more about the Zacks Mutual Fund Rank at http://www.zacks.com/funds.