Those soaring Internet stocks can't seem to fly high enough

If you blink, you risk missing the corrections in technologystocks these days.

A brief downturn in February followed by a hiccup in May have beenthe only pauses in the nearly straight-up action since early lastfall. Investors who in years past grew accustomed to a bone-jarringtechnology decline every now and then have had few bargain-huntingopportunities of late.

It just hasn't been a time when patience and discipline havecounted for much. Fueled by Internet fever, many tech funds alreadyare up 25 percent this year, and they've been sprinting in recentweeks. Tech funds could finish the year with average gains above 50percent - for the second straight year."One of the biggest risks with technology investing is that youmight get caught with cash in hand at the time of a big upturn," saidKevin Landis, manager of the Firsthand Technology Value Fund in SanJose, Calif.How true. Even the looming Y2K computer peril hasn't done much toquiet the party. Granted, software stocks have languished inanticipation of slower second-half sales, as investors debate whethercomputer users will cut back on software purchases so they can focuson fixing existing Y2K problems.But Landis, for one, doesn't buy that argument and has been addingsoftware stocks to the portfolio. "There are a lot of small,specialty software applications that people aren't going to wait toinstall," he said.The only other significant clouds on the horizon are the extremelyhigh prices at which many technology stocks now sell. Internetstocks got banged up a few weeks ago, some falling more than 30percent. But that came after an early-year rally during which someissues doubled in price. Most of the half dozen or so mutual fundsthat focus on Internet companies are still showing fat gains for theyear to date.As surreal as Internet valuations have become, the industry hasbarely scratched the surface of its potential, many believe. "TheInternet is really in its early hypergrowth phase," said AlexanderCheung, manager of the Monument Internet Fund in Bethesda, Md.He expects another three to five years of strong growth, as moreentities turn to the Internet to expand their marketing reaches,improve customer service, cut costs and more.However, there are ways to play the sector without having to chaseafter the inflated shares of firms that operate popular Web siteslike America Online and Amazon.com.Investors have no shortage of ways to invest in technology stocksthrough mutual funds. Here are four approaches: Technologysubsectors. Roughly a dozen funds focus on stocks in tech subgroupssuch as the Internet, software and computers. Choices range from thefairly new Internet (888-386-3999) and Monument Internet (888-420-9950) funds to Fidelity Select Computers and Fidelity SelectElectronics (800-544-8888). Broad technology. Most tech funds haveleeway to invest in many subgroups, including Alliance Technology(800-227-4618), Firsthand Technology Value (888-884-2675) and T. RowePrice Science & Tech nology (800-638-5660). Growth. Among broadlydiversified portfolios, growth funds are most likely to have ampletechnology - perhaps 33 percent or higher. Such funds include IDSGrowth (800-328-8300), Van Wagoner Emerging Growth (800-228-2121) andWhite Oak Growth Stock (888-462-5386). Index. Funds that track theStandard & Poor's 500 have roughly 20 percent of their assets in techstocks, including index portfolios run by Vanguard (800-662-7447) andUSAA (800-382-8722).