The Best Closed-End Funds
These funds have earned three upward-pointing arrows, the highest rating for risk-adjusted total return for the 1994-96 period.
EQUITY FUNDS
AVERAGE ANNUAL INVESTMENT
TOTAL RETURN* CATEGORY
RISK
CENTRAL SECURITIES 23.3% Low Mid-cap Value
EUROPE FUND 21.0 Low Europe
FIRST FINANCIAL 35.7 Low Financial
PILGRIM AMERICA BANK & THRIFT 25.6 Low Financial
QUEST FOR VALUE INCOME 12.0 Very low Large-cap Blend
SALOMON BROTHERS FUND 20.9 Very low Large-cap Blend
SOUTHEASTERN THRIFT & BANK 26.7 Very low Financial
BOND FUNDS
APEX MUNICIPAL 6.6 Very low Muni. Ntl. Long
CIGNA HIGH-INCOME SHARES 11.8 Very low High Yield
COLONIAL MUNICIPAL INCOME 5.9 Very low Muni. Ntl. Long
DREYFUS STRATEGIC MUNICIPALS 5.9 Very low Muni. Ntl. Long
KEMPER STRATEGIC MUNI. INC. 6.2 Very low Muni.Ntl.Interm.
MFS MUNICIPAL INCOME 6.2 Very low Muni. Ntl. Long
MORGAN STANLEY HIGH-YIELD 11.8 Low High Yield
MUNICIPAL HIGH-INCOME 7.1 Very low Muni. Ntl. Long
NUVEEN CALIF. MUNI. VALUE 4.8 Very low Muni. S.S.Interm.
PUTNAM HIGH-YIELD MUNI. 5.9 Low Muni. Ntl. Long
*1994-96, pretax return based on appreciation of net asset value plus reinvestment of dividends and capital gains
DATA: MORNINGSTAR INC.
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