These are the top funds in five major categories, ranked according to three-year returns. We primarily consider funds with managers in place for at least three years; the only exceptions are managers with at least three years’ experience in a similar capacity. We don’t rank funds with front or back-end loads greater than 3 percent or funds that are closed to new investors, have less than $25 million in assets, have minimums of $10,000 or more, have trust restrictions or are single-state muni-bond funds.

All data as of 9/30/10.

Source: Morningstar, Bloomberg

The Louis Rukeyser Honor Roll

Funds that have been on The Rukeyser 100 more than 80 percent of the past three years (at least 29 out of 36 months) make it onto The Louis Rukeyser Honor Roll. Their names are in green and marked with laurels.

On the Move
The strongest September performance in decades led to significant upheaval in the Rukeyser 100, as a bevy of smaller and aggressively positioned funds supplanted more stolid fare. Adirondack Small Cap (ADKSX), with just over $31 million in assets and a big stake in financials, is a perfect case in point. The fund’s aggressive risk profile helped propel it to the top quarter of its category. Comparatively conservative funds such as Pinnacle Value (PVFIX) and Queens Road Small Cap Value (QRSVX) lagged their riskier peers.

Adirondack Small Cap
Artisan International Value
Baird Intermediate Muni Bond
California Investment Equity Income
DWS Intermediate Tax/AMT Free A
DWS Managed Muni Bonds A
FAM Equity-Income
FBR Small Cap Financial
Fidelity Capital Appreciation
Fidelity Capital & Income
Fidelity New Markets Income
Fidelity Select Pharmaceuticals
FPA Crescent
Homestead Small Company Stock
Nicholas Limited Edition N
Oakmark International I
PMC Core Fixed Income
T Rowe Price Emerging Markets Bond
The Delafield Fund
TIAA-CREF Tax-Exempt Bond
USAA Emerging Markets
USAA Tax Exempt Long-Term
USAA Total Return Strategy
Vanguard L/T Investment-Grade
Weitz Partners III Opportunity

Funds Dropped This Month

Alger Capital Appreciation C
AllianceBern Muni Income National
Auxier Focus
Baron Opportunity
CM Advisers Fixed Income
Cullen High Dividend Equity
Dreyfus Municipal Bond
Fidelity Freedom Income
Fidelity High Income
Fidelity Select Consumer Staples
Harding Loevner Emerging Markets
Hussman Strategic Growth
ISI Managed Municipal A
Janus Overseas
Metropolitan West Total Return Bond M
Northern Emerging Markets Equity
Nothern Intermediate Tax-Exempt
Payden Global Fixed Income
Payden Global Short Bond
Pinnacle Value
Queens Road Small Cap Value
Robeco All Cap Value
Rydex Consumer Products
Thornburg Intermediate Municipal A
Wasatch-1st Source Income Equity