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 07/31/09.

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

– UMB Scout funds are no more–but in name only. The popular fund family changed its name in the wake of a recent corporate reorganization that separated it from its parent bank. The change won’t affect shareholders but does add an extra layer of protection in the unlikely event that the bank side of the operation runs into trouble.

– TFS Market Neutral (TFSMX) has dropped off the Rukeyser 100, now that it’s closed to new investors. The fund should continue to perform; we don’t suggest that current investors sell.

– Fidelity Select Biotechnology (FBIOX) may have dropped out of our industry sector category, but as we point out in the lead article, it remains one of our favorite plays on cutting-edge health care.

– Fidelity Global Balanced (FGBLX) is the latest addition to our balanced/multi-asset category, but don’t let that categorization lull you into a false sense of security. Although its moderate allocation between stocks and bonds adds some layer of security to the fund, managers Derek Young and Rueben Calderon have healthy stakes invested in emerging markets.

Funds Added This Month

Fidelity New Millennium
Rydex NASDAQ-100
Forester Value
Wells Fargo Adv Growth
Parnassus Small-Cap
Artisan Mid-Cap
Westcore Blue Chip
Aston/River Road Dividend
Matrix Advisors Value
Fidelity Global Balanced
Rydex Biotechnology
Firsthand e-Commerce
Rydex Basic Materials
Red Oak Technology Select
TCW Core Fixed-Income I
Thompson Plumb Bond
CM Advisers Fixed Income
MainStay Convertible Inv
TCW Emerging Markets Income I

Funds Dropped This Month

Reaves Select Research
TFS Market Neutral
Westport R
Perkins Mid-Cap Value
AmCent Long/Short Market Neutral
Osterweis
Aston Value N
Copley
Cullen High Dividend Equity
GAMCO Mathers
T Rowe Price Health Sciences
Fidelity Select Biotechnology
T Rowe Price Media & Telecom
Gabelli Utilities AAA
ISI Total Return US Treasury
AmCent Government Bond
AmCent Infl-Adj Bond
Value Line Convertible
T Rowe Price Emerging Markets Bond