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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