Of the 260 closed-end funds in the Mutual Fund Scoreboard, only these 16 earned 
      three upward-pointing arrows, the highest rating for risk-adjusted otal return 
      for the 1992-94 period.
      
                                 AVERAGE ANNUAL   RISK       INVESTMENT
      Equity Funds                TOTAL RETURN*              CATEGORY
      BRAZIL                          38.2%       High        Latin America
      FIRST FINANCIAL                 41.7        Low         U.S.
         FIRST PHILIPPINE             37.3        Average     Pacific
      SOUTHEASTERN THRIFT & BANK      35.1        Low         U.S.
      THAI                            32.0        High        Pacific
      THAI CAPITAL                    34.3        High        Pacific
      Bond Funds
      CIGNA HIGH-INCOME               13.2%       Very low    Corp.-high-yield
      CIM HIGH-YIELD SECURITIES       12.8        Low         Corp.-high-yield
      FRANKLIN UNIVERSAL              11.9        Average     Multisector
      KEMPER STRATEGIC MUNI. INCOME    7.2        Low         Municipal
      MFS MUNICIPAL INCOME             6.6        Very low    Municipal
      NEW AMERICA HIGH INCOME         17.7        Average     Corp.-high-yield
      NUVEEN NY MUNI. VALUE            5.5        Low         Municipal
      PROSPECT STREET HIGH INCOME     13.7        Low         Corp.-high-yield
      PUTNAM HIGH INCOME CONVERTIBLE  15.2        Very Low    Convertible
      USF&G PACHOLDER                 12.7        Very low    Corp.-high-yield
      *1992-94, pretax return based on appreciation of net asset value plus 
      reinvestment of dividends and capital gains
      DATA: MORNINGSTAR INC.
      
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