We develop a CDM-TM-FF3 and a CDM-HM-FF3 model to investigate the mutual funds’timing ability by dividing the mutual funds into three segments and incorporating the information variables to reflect the changes of Beta． The results demonstrate that the proposed timing ability models are suitable to reveal the fund’s timing ability in various segments of funds．In the stock market and bond market，many mutual funds show significant timing ability．The stock oriented mutual funds have a better timing ability in the bond market while the bond oriented mutual funds have a better timing ability in the stock market．The hybrid mutual funds show a strong timing ability in both the stock market and bond market since their portfolios are less restricted．