Best longer term investment for a small child?

I have a 3 year old son. We have put some money into a savings account and mutual funds in his name, so that when he's older he can make a deposit on a house, buy a car, pay College Fees, etc, etc.

Given that the money isn't going to be touched for 15 years does anyone want to suggest alternative investments that might give a better return than mutual funds? Please keep the suggestions sensible, medium risk is OK for some of the money but I don't want to have to tell my son he can't go to College because I blew the money on a business start up or golf course in the Sahara.

Pacific rim, especially Japanese, balanced growth mutual funds such as EWJ or the Japan Fund.

Consider FVL, an American mutual fund that consists only of stocks ranked #1 for timeliness by Value Line.

The best possible use for that money as a teenager and a young adult will be for college and graduate school.

i'm sure you can get savings bonds.. those are good i think..
or those education savings plans..

kinda like RRSP's but for kids

Partial 529 plan. Money you conrtibute can be tax deductable. Earnings are tax free. yeah its a mutual fund but you can direct risk according to age of child. Some plans have very reasonable fees...

check with some local mutual fund advisors........many of those can be set up with small monies.........check out long term funds.......since you re waiting a few years........many of those have very low risks.

You already have the best investment going for your child. just pick mutuals with a 10 year track record of making money and you shoud be just fine.