(MONEY Magazine) – Following years of outsize gains, emerging markets stock funds lost big in May. If you were among those who poured $13 billion into them earlier in the year, it's gut-check time. "Emerging markets can make you very happy or very queasy," says Lipper senior research analyst Don Cassidy. Among the MONEY 65, three funds in that category were the month's biggest losers. Index trackers Vanguard Emerging Markets Stock and Emerging Markets VIPERs (an exchange-traded fund) were off 11%, as was actively managed SSgA Emerging Markets. What happened? The specter of rising interest rates spooked investors, since emerging economies depend on easy credit to fuel expansion. Long-term prospects for developing countries still look great, however. Just remember: The ride can get rough.

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OUR LIST OF RECOMMENDED MUTUAL FUNDS

NOTES: As of May 31. N.A.: Not available. [1] Annualized. [2] Audited and annualized figures except on Fidelity. [3] Includes a waiver. SOURCES: Lipper, New York, 877-955-4773; the fund companies. [UP] Up 10% or more for the month. [DOWN] Down 10% or more for the month.