02/12/96 TABLE: The Top Performers

The Top Performers

These 39 bond funds have earned three upward-pointing arrows in the BUSINESS WEEK Mutual Fund Scoreboard. To get this rating, they needed to deliver superior risk-adjusted total returns over the last five years. FUND AVERAGE ANNUAL INVESTMENT OTAL RETURN* OBJECTIVE AIM HIGH-YIELD A 18.1% Corporate-High-yield CALVERT TAX-FREE RESERVES LTD.-TERM A 4.7 Municipal-National COLONIAL HIGH-YIELD SECURITIES A 19.6 Corporate-High-yield DAVIS TAX-FREE HIGH INCOME B 7.7 Municipal-National DEAN WITTER HIGH-YIELD SECURITIES 24.3 Corporate-High-yield DELAWARE TAX-FREE USA A 8.7 Municipal-National DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND 5.6 Municipal-National FEDERATED HIGH-YIELD 18.9 Corporate-High-yield FIDELITY ADVISOR HIGH-YIELD A 18.5 Corporate-High-yield FIDELITY CAPITAL & INCOME 18.3 Corporate-High-yield FIDELITY SPARTAN HIGH-INCOME 19.2 Corporate-High-yield FIDELITY SPARTAN SHORT-INTERMEDIATE MUNI 6.1 Municipal-National FIRST INVESTORS FUND FOR INCOME A 18.6 Corporate-High-yield FLAGSHIP LIMITED-TERM TAX-EXEMPT A 7.1 Municipal-National FRANKLIN AGE HIGH INCOME I 18.9 Corporate-High-yield FRANKLIN HIGH YIELD TAX-FREE INCOME I 9.5 Municipal-National FRANKLIN PA TAX-FREE INCOME I 9.0 Municipal-Single-state KEMPER DIVERSIFIED INCOME A 20.0 Multi-sector bond KEMPER HIGH-YIELD A 19.0 Corporate-High-yield LIBERTY HIGH-INCOME BOND A 20.9 Corporate-High-yield MAINSTAY HI-YIELD CORPORATE BOND B 18.9% Corporate-High-yield MERRILL LYNCH CORPORATE HIGH-INCOME B 17.0 Corporate-High-yield MFS HIGH-INCOME A 18.9 Corporate-High-yield MFS MUNICIPAL HIGH-INCOME A 8.1 Municipal-National NORTHSTAR ADVANTAGE HIGH-YIELD T 19.8 Corporate-High-yield NUVEEN MUNICIPAL BOND R 8.1 Municipal-National T. ROWE PRICE TAX-FREE HIGH-YIELD 9.0 Municipal-National T. ROWE PRICE TAX-FREE SHORT-INTERM. 5.7 Municipal-National PUTNAM HIGH YIELD ADVANTAGE A 18.7 Corporate-High-yield PUTNAM NY TAX EXEMPT OPPORTUNITIES A 8.3 Municipal-New York SELIGMAN HIGH-YIELD BOND A 17.9 Corporate-High-yield SIT TAX-FREE INCOME 7.8 Municipal-National SMITH BARNEY MUNICIPAL LIMITED-TERM A 7.2 Municipal-National THORNBURG LIMITED-TERM MUNI. NATIONAL A 6.6 Municipal-National UNITED MUNICIPAL HIGH-INCOME A 9.6 Municipal-National USAA TAX-EXEMPT SHORT-TERM 5.6 Municipal-National VAN KAMPEN AMERICAN CAP. HIGH-YIELD MUNI A 8.7 Municipal-National VANGUARD MUNICIPAL BOND LIMITED-TERM 6.1 Municipal-National VANGUARD MUNICIPAL BOND SHORT-TERM 4.7 Municipal-National * Pretax return, appreciation plus reinvestment of dividends and capital gains, 1991-95 DATA: MORNINGSTAR INC.