April's Top Closed-End Funds

The best average returns for closed-end funds in April were to be found in the Corporate High Yield category.

The average return for High Yield funds was 8.62%. The best-performing fund in this category was the Credit Suisse High Yield Bond Fund(DHY) returning 16.65%.

However, risks are present, as indicated by the nature of high yield and a slowing economy that will at some stage expose the risk in the corporate bond market. But at this stage, there are good returns to be had in this sector.

Category	Number of funds	1 Month Average Return
Corporate - High Yield	32	8.62
Corporate - Investment Grade	1	4.48
Emerging Market Equity	4	5.60
Emerging Market Income	9	6.84
Equity Income	68	6.20
General Bd - Investment Grade	12	3.19
General Mortgage	11	2.67
Global Equity	40	6.31
Global Income	34	3.47
Government Bond	3	2.91

The other categories of interest are Emerging Market Equity and Equity Income, which posted solid averages.

They also contained the two best-performing funds: Western Asset Emerging Markets Fund(EFL) and Cornerstone Total Return Fund(CRF), returning 25.86% and 25.88%, respectively.

These funds are fairly risky, though -- they exhibit volatility in their returns over time and therefore investors near-term gains are unlikely to be sustainable at these levels.

Still, given that the employment picture and credit situation is going to be much the same for May as it was in April, these funds look attractive.

Below is the entire list of top funds in each category of the TSC Ratings closed-end universe.

Fund	Category	TICKER	1 Month Return
Cornerstone Total Return Fund	Equity Income	CRF	25.88
Western Asset Emerg Mkts Fltg	Emerging Market Income	EFL	25.86
Greater China Fund	Non-US Equity	GCH	20.81
First Trust Strategic High Yield	Multi-Sector Bond	FHI	18.71
Pioneer High Income Trust	Global Income	PHT	17.22
Eaton Vance Insured FL Plus Muni	Municipal Single State	EIF	16.93
Credit Suisse High Yield Bond Fund	Corporate - High Yield	DHY	16.65
Cohen&Steers Worldwide Realty Inc	Global Equity	RWF	15.81
Dividend Capital Strategic Gbl Rlty	Growth & Income	DCW	14.33
BlackRock Diversified Inc Strat	Loan Participation	DVF	13.11
First Trust Energy Income&Growth	Sector - Energy/Natural Res	FEN	11.59
Morgan Stanley Emerging Markets	Emerging Market Equity	MSF	11.19
PIMCO Strategic Glob Gov Fund	General Mortgage	RCS	10.64
Evergreen Utilities&High Income	Sector - Utilities	ERH	10.62
Western Asset Premier Bond Fund	General Bd - Investment Grade	WEA	9.60
MFS High Yield Muni Trust	Municipal - High Yield	CMU	8.71
Eaton Vance Insured Muni Bond II	Municipal - National	EIV	8.59
SunAmerica Focused Alpha Growth	Growth - Domestic	FGF	6.94
First Financial Fund	Sector - Financial Services	FF	6.86
BlackRock Enhanced Government	Government Bond	EGF	6.55
Gabelli Global Gold Nat Res&Income	Sector - Precious Metals	GGN	5.01
Rivus Bond Fund	Corporate - Investment Grade	BDF	4.48
H&Q Life Sciences Investors	Sector - Health/Biotechnology	HQL	3.13

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