Mutual Fund Scoreboard

TABLE: The Best Closed-End Funds

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.