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 03/31/10.

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

– With heavy weightings in energy and materials names, Westport R (WPFRX) has suffered some knocks in recent months. In January, the fund’s net asset value dropped 2.7 percent after the European debt crisis raised concerns about demand for commodities. Nevertheless, Westport R remains one of our favorite mid-cap funds for the long haul.

– James Balanced: Golden Rainbow (GLRBX) lagged its peers by a half percent in the first quarter, pushing it into the 61st percentile of its category. A major reason for the underperformance was the fund’s heavy allocation to bonds. Despite this setback, the fund still ranks within the top 10 percent of its category on a five-, 10- and 15-year basis; James Balanced: Golden Rainbow remains an attractive long-term holding.

– A relatively strong performance in February and March propelled White Oak Select Growth (WOGSX) into the Long-Term Growth section of The Rukeyser 100, but prospective investors should be wary of this fund. Over the long haul this offering has generally lagged its category, though a substantial position to technology names has propped up recent returns. Be forewarned that the fund will suffer if the tech sector struggles.

Funds Added This Month

AllianceBern Muni Income National
Artio US Smallcap A
Aston/Montag & Caldwell Balanced N
Northern High Yield Muni
Perkins Small Cap Value R
TFS Small Cap
Wasatch Small Cap Growth
Wasatch-1st Source Income Equity
Wells Fargo Advantage S/T Muni
White Oak Select Growth

Funds Dropped This Month

American Century Heritage
American Century High-Yield Muni
American Century Tax-Free Bond
Aston Growth N
James Balanced: Golden Rainbow
Pinnacle Value
Queens Road Small Cap Value
T Rowe Price Tax-Free Income
Wells Fargo Advantage Discovery
Westport R