(MONEY Magazine) – Risk rules the bond rankings. Almost all the top spots for the past one, three, five and 10 years (to Jan. 27) belong to funds that invest in the diciest securities: emerging market debt and high-yield junk bonds. Emerging markets bond funds have benefited from the growing strength of economies in Latin America and Eastern Europe. One-year leader $44.8 million Phoenix Emerging Markets, for example, has big stakes in Argentina, Brazil and Russia. And junk bonds have thrived along with the U.S. economy. Top junker: $364 million Strong High-Yield, up 24.5%.

[Text not available--table ranking Top-performing taxable funds (% sales load) for one year, three years, five years, ten years, and ten biggest funds (ranked by size); table ranking Top-performers by one-year return (% sales load) in the following categories: U.S. government, investment-grade corporate, high-yield corporate, mortgage-backed, world-income, and tax-exempt]