April's Top Closed-End Funds

April's top-performing closed-end funds are a diversified bunch.

A trend toward improved ratios of market prices to net asset values helped propel them to the top.

Each member of the accompanying list of the 10 closed-end funds with the highest total returns for the month has experienced an improvement of at least six percentage points in its end-of-April premium or discount to net asset value per share as compared with its average ratio over the past six months.

Six of the funds ended the month priced at premiums -- some unusually hefty -- over net asset value.

The closed-end fund top-performer list includes five fixed-income funds. A possible increase in investor tolerance for risk is indicated in the fact that four of the funds on the roster represent livelier segments of the fixed-income market.

Only two basis points from first place for the month was the Western Asset Emerging Markets Floating Rate Fund(EFL), which vaulted 25.86% in April. Keeping it company from the edgier fringe of the fixed-income market was the globally focused Pioneer High Income Trust(PHT), which currently allocates 23.6% of its holdings to emerging markets.

A more traditional high-yield fund that made the list is the Credit Suisse High Yield Bond Fund(DHY).

Helping the bond funds in maintaining an international flavor on the top-10 list are a trio of globally invested equity funds. Third and fourth best closed-end performers for April were the Greater China Fund(GCH) and the Morgan Stanley China A Share Fund(CAF), both more than 20% higher for the month.

Although its name sounds entirely international, The Herzfeld Caribbean Basin Fund(CUBA) invests in U.S. and overseas securities that would be likely candidates to benefit to a return by Cuba to a free economy.

Playing the premiums and discounts has been the name of the game with the Cornerstone Total Return Fund(CRF), which took a 25.88% leap in April, putting it in the top spot among the closed-end funds. Virtually the entire gain could be explained by the advance of its premium of market price over net asset value per share, from the 60% range a month earlier to a whopping 84.28% at the end of April.

CRF has fluctuated from a premium of close to 100% in July of last year down to the 15% range at the close of 2007.

The Cornerstone fund is a holder of household names whose largest positions are Exxon Mobil(XOM), General Electric(GE), Microsoft(MSFT) and AT&T(T). The fund's final holding of more than a billion dollars is Johnson & Johnson(JNJ).

IMPROVED PREMIUM/DISCOUNT RATIOS HELPED TOP CLOSED-END FUNDS IN APRIL
NAME, TICKER & TheStreet.com RATINGS GRADE	1-MO. TOTAL RET'N (%)	12-MO. TOTAL RET'N (%)	4/30/2008 PREMIUM/ DISC. (%)	6-MO. AVG. PREM/DISC (%)	ANN'L EXPENSE RATIO (%)
Cornerstone Total Return Fund (CRF) E+	25.88	-15.50	84.28	44.82	1.49
Western Asset Emerg Mkts Fltg (EFL) C+	25.86	21.15	19.16	-4.47	1.48
Greater China Fund (GCH) C	20.81	39.87	-5.44	-11.81	1.62
Morgan Stanley China A Share Fund (CAF) B-	20.20	70.60	-10.66	-22.72	1.73
First Trust Strategic High Yield (FHI) E	18.71	-28.21	18.86	1.03	3.70
Pioneer High Income Trust (PHT) C	17.22	-2.61	10.73	2.78	1.00
Eaton Vance Insured FL Plus Muni (EIF) D+	16.93	2.01	-0.22	-7.60	1.65
Cornerstone Strategic Value Fund (CLM) C+	16.83	-13.84	70.99	41.71	1.23
Credit Suisse High Yield Bond Fund (DHY) E+	16.65	-11.57	-1.92	-8.04	4.11
Herzfeld Caribbean Basin Fund (CUBA) C-	16.14	-8.21	11.00	0.93	3.16
Source: TheStreet.com Ratings - Data as of 4/30/2008. For an explanation of our ratings, click here.

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