3 funds for bad times

Investing in troubled assets is expensive and risky for most people. But here are three mutual funds that could benefit in different ways from today's turmoil.

Ticker: PHDAX

This $13 billion fund has averaged 7.2% annualized returns over the past decade, beating competitors, and focuses on better-quality high-yield bonds.

NEXT: Third Avenue Focused Credit

@FortuneMagazine - Last updated January 10 2012: 7:52 AM ET

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