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Of the five types of hybrid mutual funds we track, the 19 convertible-security funds finished April with the highest average one-month return at 4.36%. The trailing four categories are ranked by the average one-month total return for each group.

The best performing convertible fund for April is the

Franklin Convertible Securities A

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. This D+ rated fund gained 7.55% in one month, enough to pay back the front load of 5.75%.

The fund is apportioned to 63.8% corporate securities of companies like

Microchip Technology

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Best Buy

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It's allocated 31.9% to preferred shares, including those of

TheStreet Recommends

McMoRan Exploration



Avery Dennison

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(ETR) - Get Entergy Corporation Report


The category in second place is global asset allocation, averaging 3.48% for the month. This is one of the most flexible types of mutual-fund categories, as it can generally choose among any of the classes of investment from anywhere around the world.

The C+ rated

Purisima Total Return Fund


topped this group of 41 funds gaining 7.84% in April.

Unfortunately, as the fund is not sold to the public, the only way to invest in it is to be one of the smaller private clients of Fisher Investments.

A representative of Fisher said the fund has a current allocation of about 55% foreign and the remaining domestic. The firm considers the Morgan Stanley World Index as its internal benchmark for comparison.

The third-place category of domestic asset allocation is led by the

TCW LifePlan Aggressive Fund


The group averaged 3.46% while the individual fund showed a performance of 7.78% in April. This LifePlan fund invests in a portfolio of other TCW funds, including 37.99%

TCW Large Cap Growth Fund


, 20.57%

TCW Diversified Value Fund

(TGDVX) - Get TCW Relative Value Lg Cap N Report

, 11.88%

TCW Growth Equities Fund


, 11.86%

TCW Value Opportunities Fund

(TGVOX) - Get TCW Relative Value Mid Cap I Report

, 11.61%

TCW Core Fixed Income Fund

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, 6.52%

TCW Relative Value Small Cap Fund


and 3.75%

TCW Small Cap Growth Fund



The net result is a highly diversified fund with 93% invested in U.S. securities.

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Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.