Today we are featuring top-performing "Corporate High Yield" fixed income mutual funds, which primarily seek high current income through investment in lower-rated corporate bonds.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Corporate High Yield Fixed Income Funds.

3 Solid Samples

PIMCO Fundamental Advantage Total Return Institutional (PFATX) seeks long-term growth of capital. The fund invests at least 80% of its assets in equity securities and derivatives in the technology-related sector.

The fund invests at least 50% of its gross income or its net sales income from activities in the sector. The fund may invest its assets in foreign securities.

Unit holders have to make a minimum initial investment of $5,000,000 to enter this Zacks#1 Rank ("Strong Buy") fund. As of June 2009, its portfolio turnover was 621%.

William H. Gross has been lead manager of the fund since February 2008. Gross is a Chartered Financial

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Today we are featuring top-performing "Convertible" fixed income mutual funds, which primarily invest in convertible securities in search of growth and/or income.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Convertible Fixed Income Funds.

3 Solid Picks

Calamos Convertible Fund A (CCVIX) seeks current income, with growth as a secondary objective. It was founded in June 1985.

The fund generally invests in a diversified portfolio of convertible securities issued by both U.S. and foreign companies. Dividends are declared and paid quarterly. Capital gains, if any, are distributed annually.

John P. Calamos has been lead manager at the fund since June 1985. As a founder of Calamos Asset Management Inc, he has discovered many techniques to help manage risk for both institutional and individual investors over the last thirty years. The fund has an expense ratio of 1.09%.

Franklin Convertible Securities A (FISCX), founded in

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Today we are featuring top-performing "Diversified Bond" fixed-income mutual funds, which primarily invest in a variety of bonds that pursue total return as well as income.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Diversified Bond Fixed-Income Funds.

3 Solid Choices

PIMCO Fundamental Advantage Total Return A (PTFAX) was founded in November 1999 and seeks total return consisting of current income and capital appreciation.

The fund primarily invests in debt obligations issued or guaranteed by the U.S. government and its agencies. It also invests in debt obligations issued by U.S. companies, foreign companies and foreign governments and their agencies.

William H Gross has been managing the fund since February 29, 2008. Gross is a designated Chartered Financial Analyst. He has also been recognized as an influential authority on the US bond market in a survey by Pensions and Investments Magazine conducted in 1993.

The fund

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Today we are featuring top-performing "Short" equity mutual funds.

Investors can find such funds by checking out the entire list of the Zacks #1 Rank Short Equity Funds.2 Solid Shorts

ProFunds UltraBear Inv (URPIX) was incepted in December 1997 and seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P 500 Index.

The fund would experience losses when benchmark indexes rise. It engages in short sales. It invests assets which are not invested in equity securities or financial instruments in debt instruments or money market instruments.

The fund is non-diversified. Unit holders have to make a minimum initial investment of $15,000 to enter the fund.

PIMCO StocksPLUS TR Short Strat A (PSSAX) seeks total return through the implementation of short investment positions on the S&P 500. The fund is

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NY Times, August 24
“The size of the commercial paper market, a crucial source of short-term financing for businesses, decreased 4.2 percent last week, the biggest drop in at least seven years, as investors fled asset-backed debt and opted for the safety of Treasuries….

… The retreat may indicate that the Fed’s decision to lower the discount rate last week failed to instill enough calm to draw back investors. Commercial paper backed by assets led the fall as buyers fled debt linked to subprime mortgages. …