It is somewhat late in the day for junk funds, though advisers diverge on the exact time.

When the stock funds began to rally at the end of last year, the returns on junk funds advanced too.

Then the five met with the salesman and his supervisor, who outlined the risks of junk funds more clearly.

Of course, not everyone thinks closed-end junk funds are such good deals.

Investor interest in junk funds surged as their performance soared.

Last year afforded a perfect opportunity: In the first half, the average junk fund was up 4.62 percent.

Still, professionals caution against buying a junk fund on the basis of yield alone.

But not all fund managers said their junk funds were gathering cash.

He said the Dow Jones industrial average would have to reach 3,400 to match the return on junk funds.

Over the next couple of years, junk funds were wonderful performers.