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 Analyst and has been recognised as the most influential authority on the bond market in the United States in a 1993 survey by Pension and Investments Magazine.

RS High Yield Bond A (GUHYX) was incepted in September 1998. The fund seeks current income with capital appreciation as a secondary objective.

The fund invests at least 80% of its assets in corporate bonds and other debt securities that, at the time of purchase, are rated below investment grade by nationally recognized statistical ratings organizations or are unrated. The fund offers dividends daily. Capital gains are distributed monthly.

Howard G. Most has been lead manager of the fund since July 2008. He is a managing director and head of fixed income credit research at Guardian Life.

Aegis High Yield (AHYFX) seeks maximum total return with an emphasis on high current income. The fund invests at least 80% of its assets in high-yield, fixed income securities.

The fund may invest 20% of its assets in common stocks, warrants and investment-grade bonds. It has an expense ratio of 1.20%.

Scott L. Barbee has been lead manager of the fund since October 2008. Barbee is a Chartered Financial Analyst and has been with the firm since 1997.

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Learn more about the new Zacks Mutual Fund Rank and discover some of the best market-beating mutual funds by browsing our mutual funds section. This part of Zacks.com offers a variety of tools, including mutual fund research, a new mutual fund screener, helpful answers to frequently asked questions and quick access to prospectuses and other information.

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.

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 April 1987, seeks to maximize total return by optimizing capital appreciation and high current income.

The fund primarily invests 80% of its assets in convertible securities, which generally are bonds or preferred stocks that may be converted within a specified period of time into a set amount of common stock at a pre-stated price.

The fund offers dividends quarterly, and capital gains, if any, are distributed annually. As of April 2009, the portfolio turnover was 48.66%.

Alan Muschott has been lead manager at the fund since July 2002. Muschott is a Chartered Financial Analyst and has been with the firm since 1998.

PIMCO Convertible Bond Inst (PFCIX) seeks maximum total return. Its secondary objective is conservation of capital.

The fund normally invests at least 80% of its assets in convertible securities, which are issued by companies of all sizes and market capitalizations. These include corporate bonds, debentures, notes or preferred stocks and their hybrids, which can be converted into (exchanged for) common stock or other securities, such as warrants or options.

Unit holders have to make a minimum initial investment of $5,000,000 to enter this Zacks #1 Rank ("Strong Buy") fund. It declares and distributes dividends, if any, annually.

William H Gross has been lead manager of the fund since May 2009. 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.

Discover Many More Funds

Learn more about the new Zacks Mutual Fund Rank and discover some of the best market-beating mutual funds by browsing our new mutual funds section. This part of Zacks.com offers a variety of tools, including mutual fund research, a new mutual fund screener, helpful answers to frequently asked questions and quick access to prospectuses and other information.

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.

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 has an expense ratio of 2.89%. It declares dividends daily and pays it monthly. Capital gains are distributed annually.

Delaware Extended Duration Bond A (DEEAX) seeks to generate total return through a combination of income and capital appreciation.

The fund, which was founded in September 1998, typically invests in US corporate bonds that have investment grade credit ratings in the four highest categories. The fund may invest up to 15% of it's assets in foreign corporate and government securities.

Roger A Early has been lead manager of the fund since May 24, 2007. He has had two stints with Delaware Investments, from 1994 to 2001 and from 2007 to the present. He quit Delaware as the head of its US Investment Grade Fixed Income Group, but has since rejoined the company as a member of the taxable fixed income portfolio management team.

The fund offers dividends monthly and capital gains in November. As of April 30, 2009, the portfolio turnover was 442%.

Frontegra Columbus Core Plus (FRTRX) seeks a high level of total return, consistent with the preservation of capital. It typically invests in investment-grade bonds of varying maturities.

Typically, the fund invests 80% of its assets in bonds of varying maturities. While the fund primarily focuses on investment grade fixed income securities, it may invest up to 25% of its assets in non investment grade fixed income securities. The fund looks for securities that it believes are undervalued in the fixed income market.

The fund distributes dividends quarterly and capital gains annually. As of March 31, 2009, its portfolio turnover was 1093%.

Discover Many More Funds

Learn more about the new Zacks Mutual Fund Rank and discover some of the best market-beating mutual funds by browsing our new mutual funds section. This part of Zacks.com offers a variety of tools, including mutual fund research, a new mutual fund screener, helpful answers to frequently asked questions and quick access to prospectuses and other information.

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.

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 non-diversified.

The fund invests primarily in short positions with respect to the S&P 500 Index or specific Index securities, backed by a portfolio of Fixed Income Instruments. As of December 2008, its portfolio turnover was 378%.

The fund has been managed by William H. Gross since 2003. The fund's annual returns have outperformed its benchmark index in the last 1-year period.

Discover Many More Funds

Learn more about the new Zacks Mutual Fund Rank and discover some of the best market-beating mutual funds by browsing our new mutual funds section. This part of Zacks.com offers a variety of tools, including mutual fund research, a new mutual fund screener, helpful answers to frequently asked questions and quick access to prospectuses and other information.

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.