B6| Monday, February 24, 2020 ** THE WALL STREET JOURNAL.**
BUSINESS & FINANCE
At a sector level, the biggest
differences from the S&P 500
among the ESG funds classi-
fied as buyers of large U.S.
stocks—adjusted to exclude
their many non-S&P hold-
ings—are that on average they
hold more tech and less com-
munication services and en-
ergy than the index.
At 24.7% in tech, the aver-age ESG fund held about 1.6
percentage points more than
the S&P 500, almost all offset
by far smaller positions in
Facebook and AT&T , both in
the communications sector. In
energy, oil major Exxon Mobil
is deeply unpopular, while
Baker Hughes is the sector’s
most widely held, appearing in
44 funds and on average heldat three times its (small)
weight in the S&P.
The most popular stock is
Microsoft , just as it is with
non-ESG investors. Among the
least popular U.S. stocks of any
size are tobacco producers,
gambling stocks and makers of
weapons such as Boeing and
Textron , excluded by condi-
tions of many of the funds.The trouble with working
out where inflows will go is
that no one buys the average.
Among the 219 funds, half
managed under $100 million
at the start of the year. Look
instead at the aggregate of
holdings, so that the choices
of the biggest funds make the
most difference, and they are
even more heavily overweightSTREETWISE|By James Mackintosh
Sustainable Funds Mostly Track the Market
Funds that
promise envi-
ronmental, so-
cial or gover-
nance
improvements
are a strange bunch: They hold
more in technology stocks
than the wider market, but are
underweight Apple , Ama-
zon.com and Facebook , three
of the biggest.
They hold far less in oil
companies than the norm, but
are overweight Baker Hughes ,
a vital supplier of oil-drilling
equipment and services. Star-
bucks , a small fry in the S&P
500, is the fifth-most popular
stock with U.S. ESG funds
classed as buyers of large com-
panies. Meanwhile, electric-car
maker Tesla isn’t that popular
with ESG managers.
Digging into the holdings of
ESG funds should help identify
where the flood of cash pour-
ing into supposedly sustain-
able funds is headed and so
which shares might benefit.
There is a lot of discussion
among investors of whether
the new popularity of ESG
funds will pump up the value
of tech stocks and hurt oil
shares and the stocks of other
carbon-intensive companies.
The answer so far seems to be
no, but that could change.
The detailed holdings
mostly show that ESG funds
don’t agree on much—except
they don’t like oil or Facebook.
I examined the positions at
the end of last year of 219 U.S.
mutual and exchange-traded
funds classified by Morning-
star as integrating ESG into
their investment process or fo-
cusing on sustainable themes.
They include active, quantita-
tive and index-tracking funds.
tech, again mostly offset by
being underweight in Face-
book and AT&T.
Unlike the average fund,
though, the big funds hold
much less in financials than
the broad market, due to the
near-absence of Warren Buf-
fett’s Berkshire Hathaway ,
classified as a financial stock.
Mr. Buffett has been scathing
about ESG, and Berkshire op-
erates coal-fired power plants.
ESG funds in total had only
$112 million of Tesla stock at
the end of 2019, much less
than if they merely tracked
the Russell 1000 large-stock
index. (Tesla is excluded from
the S&P 500 due to a lack of
profitability.) Tesla’s recent
rally hasn’t been supercharged
by ESG fund buying.
The broad picture is that if
new ESG money goes where
current ESG money is, it should
flow disproportionately to tech
stocks, while Facebook, oil pro-
ducers, tobacco and weapons
makers mostly miss out.
But so far, the effects are in-
discernible. In the energy sec-
tor, for example, there is no re-
lationship at all between how
over- or underweight ESG
funds are and performance
over the past year, the past
three years or the price-to-
book valuation. The tech sec-
tor, likewise, has no relation-
ship between ESG weights and
performance or forward price/
earnings. Other factors are
more important and, along
with fees, explain why, on av-
erage, ESG funds underper-
formed the S&P 500 over both
one and three years.
(I excluded non-S&P 500
holdings when working out the
percentage held in a stock or
sector.)TechnologyHealthcareFinancialsConsumer
discretionaryIndustrialsCommunication
servicesConsumer
staplesMaterialsRealestateUtilitiesEnergy12468%AVERAGEFUND
HOLDINGSHAREOFALL
FUNDS’ASSETSS&P500
WEIGHTESGfundsthatfocusonlargeU.S.companiesonaverageholdabitmoreintechstocksandless
inenergythantheS&P500,butaddingalloftheportfoliostogethershowsabiggerdifference
tothemarketinaggregate.*For 111 U.S. ESG large-stock funds; stocks not in the S&P 500 excluded from calculation. †For 219 U.S. ESG mutual and exchange-traded funds, including many investing outside the U.S.
Note: Data as of Dec. 31, 2019.
Sources: FactSet; MorningstarMicrosoftVisaAppleAlphabetWaltDisneyProcter&GambleMastercardDanaherLindeBankofAmericaFundsholding
eachstockShareofallfunds’assets
S&P500weight3.5%0.92.01.31.21.01.11.41.00.94.51.24.61.51.01.21.00.40.41.197827978747468585249Sectorweightforfunds* Themost-heldstocksinU.S.ESGfunds†IPOScorecard
Performance of IPOs, most-recent listed first
% Chg From % Chg From
Company SYMBOL Friday 3 sOffer1st-day Company SYMBOL Friday 3 sOffer1st-day
IPO date/Offer price close ($)price close IPO date/Offer price close ($)price close
dMY Technology Grp 10.34 3.4 ... Greenrose Acquisition 10.08 0.8 0.1
DMYT.UT Feb. 21/$10.00 GNRSU Feb. 11/$10.00
East Stone Acquisition 10.04 0.4 0.3 NexPoint Real Estate Finance19.21 1.1 2.2
ESSCU Feb. 20/$10.00 NREF Feb. 7/$19.00
Churchill Capital III 10.52 5.2 0.1 OneWater Marine 17.86 48.8 18.0
CCXX.UT Feb. 14/$10.00 ONEW Feb. 7/$12.00
Newborn Acquisition 10.09 0.9 0.4 Beam Thera 26.09 53.5 39.1
NBACU Feb. 14/$10.00 BEAM Feb. 6/$17.00
CITIC Capital Acquisition10.22 2.2 0.2 Casper Sleep 10.39 –13.4 –23.0
CCAC.UT Feb. 11/$10.00 CSPR Feb. 6/$12.00
Sources: Dow Jones Market Data; FactSetListed are the 300 largest closed-end funds as
measured by assets. Closed-end funds sell a
limited number of shares and invest the
proceeds in securities. Unlike open-end funds,
closed-ends generally do not buy their shares
back from investors who wish to cash in their
holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is
not available or not applicable. NS signifies
fund not in existence of entire period. 12
month yield is computed by dividing income
dividends paid (during the previous twelve
months for periods ending at month-end or
during the previous fifty-two weeks for
periods ending at any time other than month-
end) by the latest month-end market price
adjusted for capital gains distributions.
Source: Lipper
Friday, February 21, 2020
GeneralEquityFunds
Adams Diversified Equity ADX 18.55 16.43 -11.4 27.1
Boulder Growth & Income BIF 13.68 11.63 -15.0 12.2
Central Secs CET 38.84 33.14 -14.7 23.3
CohenStrsCEOppFd FOF 13.85 13.82 -0.2 20.9
EVTxAdvDivIncm EVT 25.78 26.09 +1.2 28.7
GabelliDiv&IncTr GDV 24.43 21.91 -10.3 8.8
Gabelli Equity Tr GAB 6.01 6.23 +3.7 12.3
GeneralAmer GAM 44.82 38.52 -14.1 26.4
JHancockTaxAdvDiv HTD 28.15 27.69 -1.6 22.9
Librty AllStr Eq USA 6.92 6.91 -0.1 26.0
Royce Micro-Cap Tr RMT 9.88 8.95 -9.4 10.3
Royce Value Trust RVT 16.73 15.23 -9.0 14.4
Source Capital SOR 45.08 40.56 -10.0 15.8
Tri-Continental TY 31.72 28.74 -9.4 17.2
SpecializedEquityFunds52wk
Prem Ttl
Fund(SYM) NAV Close/Disc Ret
Aberdeen Glb Prem Prop AWP 7.57 6.82 -9.9 29.1
Adams Natural Resources PEO 17.01 15.15 -10.9 -1.8
GI NFJ DivInt&PremStr NFJ 14.75 13.50 -8.5 18.8
ASA Gold & Prec Met Ltd ASA 16.97 14.54 -14.3 38.4
BR Enh C&I CII 18.21 17.57 -3.5 19.2
BlackRock Energy & Res BGR 11.45 11.57 +1.0 4.3
BlackRock Eq Enh Div BDJ 9.94 9.43 -5.1 19.0
BlackRock Enh Glbl Div BOE 12.13 10.99 -9.4 13.1
BlackRock Enh Intl Div BGY 6.33 5.76 -9.0 12.4
BlackRock Hlth Sciences BME 42.01 42.94 +2.2 12.9
BlackRock Res & Comm BCX 8.50 7.68 -9.6 2.5
BlackRock Sci&Tech Tr II BSTZ 22.74 21.53 -5.3 NS
BlackRock Sci&Tech Trust BST 35.16 34.93 -0.7 20.1
BlackRock Utl Inf & Pwr BUI 22.95 23.15 +0.9 20.4
CBRE ClrnGlbRlEst IGR 9.27 8.38 -9.6 26.8
CLEARBRIDGE ENGY MDS OPP EMO NA 7.87 NA -7.4
CLEARBRIDGE MLP&MDSTM TR CTR NA 7.99 NA -6.8
ClearBridge MLP & Midstm CEM NA 10.49 NA -4.4
Cntr Cst Brkfld MLP&EI CEN 5.80 5.74 -1.0 -17.6
ChnStrInfr UTF 28.88 27.36 -5.3 25.5
Cohen&SteersQualInc RQI 15.57 14.30 -8.2 23.1
CohenStrsREITPref RNP 26.09 25.18 -3.5 35.2
Cohen&Steers TotRet RFI 14.98 15.11 +0.9 25.3
Columbia Sel Prm Tech Gr STK 23.57 24.05 +2.0 31.3
DNP Select Income DNP 11.25 13.04 +15.9 24.6
Duff&Ph Uti&Infra Inc Fd DPG 17.39 15.91 -8.5 21.4
EtnVncEqtyInc EOI 16.20 16.19 -0.1 22.3
EtnVncEqtyIncoII EOS 18.17 18.70 +2.9 19.0
EVRskMnDvsEqInc ETJ NA 9.60 NA 19.6
ETnVncTxMgdBuyWrtInc ETB 15.35 16.56 +7.9 19.9
EtnVncTxMgdBuyWrtOpp ETV 14.67 15.10 +2.9 11.0
EvTxMnDvsEqInc ETY 12.52 12.64 +1.0 22.3
EtnVncTxMgdGlbB ETW 10.38 10.33 -0.5 15.9
EVTxMnGblDvEqInc EXG 9.12 8.84 -3.1 22.9
First Trust Energy Inc G FEN 20.33 21.40 +5.3 14.1
First Tr Enhanced Eq FFA 17.46 17.56 +0.6 26.7
FirstTrEnergyInfra FIF 18.09 17.28 -4.5 21.0
FirstTrMLPEner&Inc FEI 11.69 11.62 -0.6 13.5
Gabelli Healthcare GRX 13.55 11.82 -12.8 19.5
Gab Utility GUT 5.21 8.02 +53.9 35.9
GAMCOGlGold&NatRes GGN 4.10 4.23 +3.2 10.2
J Han Finl Opptys BTO 34.59 34.20 -1.1 4.4
Neuberger Brmn MLP & EI NML 7.18 6.53 -9.1 -7.5
NubrgrRlEstSec NRO 6.04 5.99 -0.8 35.6
Nuv Dow 30 Dyn Overwrite DIAX 18.35 17.67 -3.7 3.9
Nuveen Engy MLP Tot Rtn JMF 7.23 7.20 -0.4 -15.2
Nuveen Nasdaq 100 Dyn Ov QQQX 24.79 24.95 +0.6 21.6
Nuv Real Est JRS 11.88 11.05 -7.0 14.3
Nuveen Rl Asst Inc & Gro JRI 20.60 19.06 -7.5 31.3
NuvS&P500DynOvFd SPXX NA 16.85 NA 16.1
NuvSP500BuyIncFd BXMX 13.95 13.68 -1.9 11.3
ReavesUtilityIncome UTG 38.97 39.25 +0.7 29.7
RMRRealEstInc RIF 26.64 22.52 -15.5 31.4
Tortoise Enrgy Infra Crp TYG 17.17 15.65 -8.9 -26.5
Tortoise Ess Asst Inc Tm TEAF 18.63 17.10 -8.2 NS
Tortoise Midstream Enrgy NTG 10.41 9.46 -9.1 -23.9
Income&PreferredStockFunds
CalamosStratTot CSQ 14.04 14.29 +1.8 25.3
CohenStrsLtdDurPref&Inc LDP 27.11 27.24 +0.5 24.6
CohenStrsSelPref&Income PSF 28.05 32.68 +16.5 30.2
FirstTrIntDurPref&Inc FPF 25.32 24.67 -2.6 24.7
JHanPrefInc HPI 21.99 23.74 +8.0 20.6
JHPrefIncII HPF 21.63 22.67 +4.8 16.4
HnckJPfdInco III HPS 19.24 19.63 +2.0 15.9
J Han Prm PDT 16.41 18.70 +14.0 25.7
LMP CapInco SCD NA 15.35 NA 30.6
Nuveen Pref & Inc Opp JPC 10.61 10.56 -0.5 23.9
Nuveen Fd JPS 10.38 10.38 0.0 23.9
Nuveen Pref & Inc Term JPI 26.24 26.16 -0.3 26.3
Nuveen TxAdvDivGr JTD 18.39 18.07 -1.8 22.2
TCW Strat Income TSI NA 5.96 NA 16.8
ConvertibleSec's.Funds
AdvntCnvrtbl&IncFd AVK 17.22 16.01 -7.0 21.3
GI Conv & Inc NCV 5.80 6.06 +4.5 6.9
AGI Conv & Inc II NCZ 5.22 5.34 +2.3 7.3
AGI Eqty & Conv Inc NIE 25.97 24.23 -6.7 22.3
CalamosConvHi CHY 12.27 12.16 -0.9 20.4
CalmosConvOp CHI 11.66 11.63 -0.3 22.6
WorldEquityFunds
Aberdeen Emg Mkts Eq Inc AEF 8.44 7.46 -11.6 5.3
Aberdeen Tot Dyn Div AOD 10.15 9.13 -10.0 18.5
Calamos GloDynInc CHW 8.36 8.94 +6.9 26.5
Cdn Genl Inv CGI 39.44 27.07 -31.4 14.2
EV TxAdvGlbDivInc ETG 18.99 18.56 -2.3 29.9
EtnVncTxAdvOpp ETO 25.63 26.42 +3.1 24.3
FirstTr Dyn Euro Eq Inc FDEU 15.80 15.04 -4.8 15.4
Gabelli Multimedia GGT 8.04 8.36 +4.0 10.1
GDL Fund GDL 11.25 9.33 -17.1 3.0
Highland Global Alloc HGLB 11.40 8.96 -21.4 -28.6
India Fund IFN 22.74 20.24 -11.0 11.0
Japan Smaller Cap JOF 9.54 8.21 -13.9 -0.1
MS ChinaShrFd CAF 23.93 20.71 -13.5 -0.752wk
Prem Ttl
Fund(SYM) NAV Close/Disc Ret
MS India IIF 24.06 20.57 -14.5 8.4
New Germany GF 17.98 15.66 -12.9 17.7
Templeton Dragon TDF 22.22 19.46 -12.4 12.2
Templeton Em Mkt EMF 17.18 15.32 -10.8 11.9
Wells Fargo Gl Div Oppty EOD NA 5.77 NA 20.4U.S.MortgageBondFunds
BlckRk Income BKT 6.38 6.13 -3.9 6.7
Invesco HI 2023 Tgt Term IHIT 10.56 10.69 +1.2 5.6
Nuveen Mtge Oppty Term JLS 23.22 22.68 -2.3 6.0
InvestmentGradeBondFunds
BlRck Core Bond BHK 15.96 15.53 -2.7 5.1
BR Credit Alloc Inc BTZ 15.40 14.66 -4.8 6.0
J Han Income JHS 15.88 15.28 -3.8 4.5
MFS Intmdt MIN 4.00 3.84 -4.0 8.9
Western Asset Inf-Lk Inc WIA NA 12.66 NA 3.3
Western Asset Inf-Lk O&I WIW NA 11.97 NA 3.6
LoanParticipationFunds
Apollo Senior Floating AFT NA 15.63 NA 7.7
BR Debt Strategy DSU 12.26 11.41 -6.9 7.3
BR F/R Inc Str FRA 14.54 13.49 -7.2 6.4
BlackRock Floatng Rt Inc BGT 14.09 13.07 -7.2 6.2
Blackstone / GSO Strat BGB 15.42 14.81 -4.0 9.1
Blackstone/GSO Sr Flt Rt BSL 16.59 16.28 -1.9 8.1
Eagle Point Credit ECC NA 14.92 NA 16.0
EtnVncFltRteInc EFT 14.99 13.98 -6.7 6.7
EV SenFlRtTr EFR 14.68 13.63 -7.2 6.8
EVSnrIncm EVF 7.01 6.54 -6.7 6.4
FT/Sr Fltg Rte Inc 2 FCT 13.68 12.57 -8.1 6.7
FT/Sr Fltg Rte 2022 TgTr FIV 9.63 9.27 -3.7 4.1
Highland Income HFRO 13.93 12.64 -9.3 7.3
InvDYCrOpp VTA 12.75 NA NA 7.0
InvSnrIncTr VVR 4.74 4.31 -9.1 6.3
Nuveen Credit Strat Inc JQC 8.02 7.55 -5.9 16.3
NuvFloatRateIncFd JFR 10.93 10.24 -6.3 7.2
NuvFloatRteIncOppty JRO 10.83 10.02 -7.5 7.4
Nuveen Senior Income NSL 6.52 6.08 -6.7 7.4
PionrFltRate Tr PHD 12.02 11.18 -7.0 6.2
HighYieldBondFunds
AllianceBernGlHiIncm AWF 13.44 12.51 -6.9 6.4
Barings Glb SD HY Bd BGH 18.35 18.13 -1.2 10.0
BR Corporate HY HYT 12.01 11.57 -3.7 7.8
BlackRock Ltd Dur Inc BLW 17.16 16.52 -3.7 6.2
BNY Mellon Hi Yield Str DHF 3.38 3.18 -5.9 8.4
Brookfield Real Asst Inc RA 23.20 22.23 -4.2 10.8
CrSuisHighYld DHY 2.59 2.51 -3.1 8.9
DoubleLine Inc Sol DSL NA 20.22 NA 9.0
First Tr Hi Inc Lng/Shrt FSD 17.12 15.89 -7.2 8.2
IVY HIGH INCOME OPP IVH 15.13 14.15 -6.5 9.0
NeubHgYldStrt NHS 12.94 12.64 -2.3 8.1
NexPointStratOppty NHF 20.59 17.34 -15.8 14.0
Nuveen Crdt Opps 2022 TT JCO 9.68 9.88 +2.1 5.6
Nuveen Global High Inc JGH 18.17 16.79 -7.6 7.3
Nuveen HI Nov 2021 Tgt JHB 9.96 9.95 -0.1 5.0
PGIM Global High Yield GHY NA 15.22 NA 8.0
PGIM High Yield Bond ISD 16.90 15.72 -7.0 7.9
PioneerHilncmTr PHT 10.27 9.91 -3.5 7.6
Wells Fargo Income Oppty EAD NA 8.55 NA 8.5
WstAstHIF II HIX NA 7.02 NA 8.2
Western Asset Hi Inc Opp HIO NA 5.24 NA 7.0
Western Asset Hi Yld D O HYI NA 15.95 NA 6.8
OtherDomesticTaxableBondFunds
Ares Dynamic Crdt Alloc ARDC NA 15.86 NA 8.2
Barings Corporate Inv MCI NA 16.80 NA 7.2
BlackRock Mlt-Sctr Inc BIT 17.45 16.75 -4.0 8.8
BlackRock Tax Muni Bd BBN 25.89 25.75 -0.5 5.3
DoubleLine:Oppor Crdt Fd DBL NA 20.94 NA 6.7
Duff&Ph Util Cor DUC 9.59 9.34 -2.7 4.6
EVLmtDurIncm EVV 14.47 13.50 -6.7 7.1
Franklin Ltd Dur Income FTF 10.04 9.72 -3.2 10.7
J Han Investors JHI 18.96 18.30 -3.5 6.7
KKR Income Opportunities KIO 16.17 16.26 +0.6 9.5
MFS Charter MCR 9.05 8.57 -5.3 8.3
Nuveen Taxable Muni Inc NBB 22.98 23.39 +1.8 5.3
PIMCO Corp & Inc Oppty PTY NA 19.67 NA 8.1
PIMCO Corp & Inc Strat PCN NA 20.08 NA 7.1
PIMCOHilnco PHK NA 7.60 NA 10.2
PIMCO IncmStrFd PFL NA 12.36 NA 8.9
PIMCO IncmStrFd II PFN NA 10.90 NA 8.9
Putnam Mas Int PIM 4.87 4.82 -1.0 7.4
Putnam Prem Inc PPT 5.44 5.57 +2.4 7.6
Wells Fargo Multi-Sector ERC NA 13.16 NA 9.2
WorldIncomeFunds
Abrdn AP IncFd FAX 4.85 4.36 -10.1 4.6
BrndywnGLB Glb Inc Oppts BWG NA 13.48 NA 5.9
EtnVncStDivInc EVG NA 13.63 NA 6.4
MS EmMktDomDebt EDD 7.58 6.94 -8.4 8.2
PIMCO Dyn Crd & Mrt Inc PCI NA 25.44 NA 9.8
PIMCO Dynamic Income PDI NA 33.07 NA 9.3
PIMCO Income Opportunity PKO NA 28.73 NA 8.0
PIMCO Stratg Inc RCS NA 9.10 NA 8.252wk
Prem Ttl
Fund(SYM) NAV Close/Disc RetPrem12Mo
Fund(SYM) NAV Close/Disc YldPrincipal Dvs Sel RA Y26.32 NA NA NS
Resource RE Div Inc:A10.66 NA NA 8.4
Resource RE Div Inc:C10.65 NA NA 7.7
Resource RE Div Inc:I 11.11 NA NA 8.7
Resource RE Div Inc:L10.66 NA NA 8.2
Resource RE Div Inc:W10.82 NA NA 8.4
SharesPost 100;A 30.36 NA NA 6.4
SharesPost 100:I 30.52 NA NA 6.6
SharesPost 100:L 30.21 NA NA 6.1
USQ Core Real Estate:I25.82 NA NA 4.4
USQ Core Real Estate:IS25.82 NA NA 4.4
Versus Cap MMgr RE Inc:I28.48 NA NA NE
Versus Capital Real Asst25.72 NA NA 6.1
Wildermuth Endwmnt:A14.29 NA NA 11.0
Wildermuth Endwmnt:C13.87 NA NA 10.2
Wildermuth Endowment:I14.42 NA NA 11.3
Income&PreferredStockFunds
A3 Alternative Cr 10.91 NA NA NS
Calamos L/S Eqty and DI CPZ 19.73 18.97 -3.9 NS
Destra Multi-Altrntv;A13.52 NA NA 4.6
Destra Multi-Altrntv;C13.01 NA NA 3.9
Destra Multi-Altrntv;I13.77 NA NA 4.9
Destra Multi-Altrntv;L13.18 NA NA 4.2
Flat Rock Opportunity19.70 NA NA 12.9
Variant Altrntv Inc:Inst26.93 NA NA 12.9
Variant Altrntv Inc:Inv26.94 NA NA 12.6
ConvertibleSec's.Funds
Calmos Dyn Conv and Inc CCD 22.26 22.46 +0.9 22.3
WorldEquityFunds
ACAP Strategic:A 19.83 NA NA 25.4
ACAP Strategic:W 14.73 NA NA 26.3
BMO LGM Front ME;I 8.33 NA NA -11.6
CalamosGlbTotRet CGO 12.33 13.44 +9.0 16.8LoanParticipationFunds
1WS Credit Income NA NA NA NS
AlphCntrc Prime Merid In NA NA NA NS
Angel Oak Str Crdt:Inst24.77 NA NA 6.5
Axonic Alternative Inc25.01 NA NA 3.4
Blackstone/GSO FR EI D24.47 NA NA 6.3
Blackstone/GSO FR EI I24.47 NA NA 6.6
Blackstone/GSO FR EI T24.43 NA NA 6.1
Blackstone/GSO FR EI T-I24.95 NA NA NS
Blstn Commnty Dev 9.91 NA NA 3.5
BNYM Alcntr Glb MS Cr Fd105.29 NA NA NS
CLIFFWATER CL FD;I10.24 NA NA NS
CNR Strategic Credit 10.16 NA NA 7.2
FedProj&TrFinanceTendr10.01 NA NA 4.1
FS Global Crdt Opptys D NA NA NA 6.7
Garrison Capital Inc GARS NA 6.15 NA NA
Schrdrs Opp Inc;A 25.12 NA NA NS
Schrdrs Opp Inc;A2 NA NA NA NS
Schrdrs Opp Inc;I 25.12 NA NA NS
Schrdrs Opp Inc;SDR 25.13 NA NA NS
Invesco Sr Loan A 6.51 NA NA 4.7
Invesco Sr Loan C 6.53 NA NA 3.9
Invesco Sr Loan IB 6.51 NA NA 4.9
Invesco Sr Loan IC 6.51 NA NA 4.8
Invesco Sr Loan Y 6.51 NA NA 4.9
Sierra Total Return:T 20.10 NA NA 6.3
HighYieldBondFunds
Griffin Inst Access Cd:A NA NA NA 6.7
Griffin Inst Access Cd:C NA NA NA 6.7
Griffin Inst Access Cd:F NA NA NA 6.7
Griffin Inst Access Cd:I NA NA NA 6.7
Griffin Inst Access Cd:L NA NA NA 6.7
PIMCO Flexible Cr I;A-2 NA NA NA NS
PIMCO Flexible Cr I;A-4 NA NA NA 9.1
PIMCO Flexible Cr I;Inst NA NA NA 9.8
PionrILSBridge NA NA NA 0.0
WA Middle Mkt Dbt NA NA NA 8.2
WA Middle Mkt Inc NA NA NA 8.5
OtherDomesticTaxableBondFunds
Am Beacon Apollo TR:T10.23 NA NA NS
Am Beacon Apollo TR:Y10.23 NA NA 2.7
Am Beacon SP Enh Inc:T 9.58 NA NA NS
Am Beacon SP Enh Inc:Y 9.58 NA NA 5.2
BR Credit Strat;Inst 10.32 NA NA NS
BlackRock Mlt-Sctr Oppty100.85 NA NA 7.5
BlackRock Mlt-Sec Opp II103.67 NA NA NS
Carlyle Tact Pvt Cred:A NA NA NA 7.7
Carlyle Tact Pvt Cred:I NA NA NA 8.3
Carlyle Tact Pvt Cred:L NA NA NA 8.0
Carlyle Tact Pvt Cred:N NA NA NA NS
Carlyle Tact Pvt Cred:Y NA NA NA 8.2
CION Ares Dvsfd Crdt;A NA NA NA 5.3
CION Ares Dvsfd Crdt;C NA NA NA 5.3
CION Ares Dvsfd Crdt;I NA NA NA 5.3
CION Ares Dvsfd Crdt;L NA NA NA 5.3
CION Ares Dvsfd Crdt;U NA NA NA NS
CION Ares Dvsfd Crdt;W NA NA NA 5.3
CNR Select Strategies10.90 NA NA 0.0
GL Beyond Income 1.23 NA NA NE
Lord Abbett Cred Opps Fd10.04 NA NA NS
Lord Abbett Cred Opps Fd10.05 NA NA NS
Palmer Square Opp Inc18.84 NA NA 5.7
Resource Credit Inc:A10.89 NA NA 7.6
Resource Credit Inc:C11.01 NA NA 6.8
Resource Credit Inc:I 10.92 NA NA 7.8
Resource Credit Inc:L 10.89 NA NA 7.3
Resource Credit Inc:W10.89 NA NA 7.6
Thrivent Church Ln&Inc:S10.70 NA NA 3.4
WorldIncomeFunds
Destra Int&Evt-Dvn Crd:A25.73 NA NA 4.9
Destra Int&Evt-Dvn Crd:I25.74 NA NA 5.1
Destra Int&Evt-Dvn Crd:L25.71 NA NA 4.6
Destra Int&Evt-Dvn Crd:T25.70 NA NA 4.4
NationalMuniBondFunds
PIMCO Flex Mun Inc;A-3 NA NA NA NS
PIMCO Flex Mun Inc;Inst NA NA NA NS
Tortoise Tax-Adv Soc Inf 9.89 NA NA 4.652wk
Prem Ttl
Fund(SYM) NAV Close/Disc RetPrem12Mo
Fund(SYM) NAV Close/Disc YldSpecializedEquityFunds
Bluerock Total Inc+ RE:A30.78 NA NA 7.1
Bluerock Total Inc+ RE:C29.47 NA NA 6.3
Bluerock Total Inc+ RE:I31.30 NA NA 7.4
Bluerock Total Inc+ RE:L30.57 NA NA 6.8
CC Real Estate Income;A 7.56 NA NA -14.2
CC Real Estate Income;Ad 7.29 NA NA -18.8
CC Real Estate Income;C 7.37 NA NA -17.8
CC Real Estate Income;I 7.56 NA NA -14.2
CC Real Estate Income;T 7.35 NA NA -15.4
Clarion Partners REI D NA NA NA NS
Clarion Partners REI I NA NA NA NS
Clarion Partners REI S NA NA NA NS
Clarion Partners REI T NA NA NA NS
NexPointHCOpp;A 17.07 NA NA 11.5
NexPointHCOpp;C 16.82 NA NA 10.7
NexPointRlEstStrat;A20.74 NA NA 10.4
NexPointRlEstStrat;C20.91 NA NA 9.8
NexPointRlEstStrat;Z20.93 NA NA 11.1
PREDEX;I 26.31 NA NA 4.3
PREDEX;T 26.36 NA NA 4.3
PREDEX;W 26.36 NA NA 4.3
Principal Dvs Sel RA A26.26 NA NA NS
Principal Dvs Sel RA Ins26.29 NA NA NSTempleton Em Inc TEI 9.79 9.25 -5.5 8.5
Templtn Glbl Inc GIM 6.63 6.07 -8.4 6.6
WstAstEmergDebt EMD NA 15.03 NA 8.2
Western Asset Gl Cr D Op GDO NA 18.35 NA 6.6
NationalMuniBondFunds
AllBerNatlMunInc AFB 15.71 14.25 -9.3 3.8
BlckRk Inv Q Mun BKN 16.90 16.04 -5.1 4.2
BlackRock Muni 2030 Tgt BTT 26.84 24.56 -8.5 3.0
BlackRock Muni BFK 14.99 15.11 +0.8 4.5
BlackRock Muni II BLE 15.38 15.68 +2.0 4.3
BlckRk Muni Inc Qly BYM 15.94 14.58 -8.5 4.1
BR MuniAssets Fd MUA 14.68 15.93 +8.5 4.1
BR MuniEnhanced MEN 12.60 11.69 -7.2 4.2
BR MuniHoldings Qly MFL 15.23 13.88 -8.9 4.2
BR MH Qly 2 MUE 14.36 13.07 -9.0 4.2
BR MuniHoldngs MHD 17.57 17.55 -0.1 4.4
BR MuniVest Fd MVF 10.01 9.55 -4.6 4.6
BR MuniVest 2 MVT 15.78 15.39 -2.5 4.5
BR MuniYield Fd MYD 15.44 15.33 -0.7 4.5
BR MuniYield Qlty MQY 16.72 15.61 -6.6 4.2
BR MuniYld Qlty2 MQT 14.72 13.41 -8.9 4.0
BR MuniYld Qly 3 MYI 15.50 14.11 -9.0 4.0
BNY Mellon Muni Bd Infra DMB 14.84 14.91 +0.5 4.3
BNY Mellon Str Muni Bond DSM 8.51 8.31 -2.4 5.0
BNY Mellon Strat Muni LEO 8.89 8.98 +1.0 4.7
DWS Muni Inc KTF 12.93 11.84 -8.4 4.2
EVMuniBd EIM 14.34 13.37 -6.8 3.9
EVMuniIncm EVN 14.27 13.73 -3.8 4.3
EVNatMuniOpp EOT 22.08 22.68 +2.7 4.1
InvAdvMuIncTrII VKI 12.30 11.48 -6.7 4.7
Invesco MuniOp OIA 7.92 8.17 +3.2 4.7
InvescoMuOppTr VMO 13.77 12.94 -6.0 4.6
InvescoMuTr VKQ 13.79 12.91 -6.4 4.6
InvescoQual Inc IQI 13.93 13.00 -6.7 4.7
InvTrInvGrMu VGM 14.21 13.27 -6.6 4.6
InvescoValMunInc IIM 16.93 15.90 -6.1 4.4
MAINSTAY:MK DEFTR MUN OP MMD 20.90 21.42 +2.5 4.6
NeubrgrBrm NBH 15.73 16.40 +4.3 4.7
Nuveen AMT-Fr Mu Val NUW 17.37 16.72 -3.7 3.6
Nuveen AMT-Fr Qlty Mun I NEA 16.05 14.85 -7.5 4.3
Nuveen AMT-Fr Mu CI NVG 17.74 17.04 -3.9 4.6
Nuveen Enh Muni Val NEV 16.06 15.68 -2.4 4.4
Nuveen Int Dur Mun Term NID 14.73 14.43 -2.0 3.6
Nuv Muni Credit Income NZF 17.28 16.75 -3.1 4.7
NuvMuniHiIncOpp NMZ 14.58 14.88 +2.1 4.8
Nuveen Muni Val NUV 10.80 11.07 +2.5 3.4
Nuveen Quality Muni Inc NAD 16.42 15.04 -8.4 4.2
Nuveen Sel TF NXP 16.48 16.45 -0.2 3.2
Nuveen Sel TF 2 NXQ 15.71 15.50 -1.3 3.2
PIMCO MuniInc PMF NA 15.25 NA 4.6
PIMCOMuniIncII PML NA 15.54 NA 5.0
Pimco Muni III PMX NA 12.56 NA 4.9
PioneerHilncAdv MAV 12.31 11.29 -8.3 4.1
PioneerMunHiIcmT MHI 13.23 12.44 -6.0 4.7
Putnam Mgd Inc PMM 8.36 8.35 -0.1 4.7
Putnam Muni Opp PMO 14.00 13.51 -3.5 4.7
RiverNorth Mgd Dur Mun I RMM 20.85 20.76 -0.4 NS
Western Asset Mgd Muni MMU NA 14.00 NA 4.6
Westn Asst Mu Def Opp Tr MTT NA 21.40 NA 4.1
SingleStateMuniBond
BlackRock CA Mun BFZ 15.97 14.28 -10.6 3.5
BR MH CA Qly Fd Inc MUC 16.13 14.50 -10.1 3.7
BR MH NJ Qly MUJ 16.41 14.83 -9.6 4.2
BR MH NY Qly MHN 15.48 14.09 -9.0 3.7
BR MuniYld CA MYC 16.26 14.75 -9.3 3.6
BR MuniYld CA Qly MCA 16.36 14.81 -9.5 3.9
BR MuniYld MI Qly MIY 16.15 14.64 -9.3 4.1
BR MuniYld NJ MYJ 16.51 15.70 -4.9 4.6
BR MuniYld NY Qly MYN 14.83 13.47 -9.2 3.8
EVCAMuniBd EVM 12.84 11.89 -7.4 3.9
Eaton Vance NY Muni Bd ENX 13.78 12.47 -9.5 3.9
InvCaValMuIncTr VCV 13.73 13.41 -2.3 4.2
InvPAValMuIncTr VPV 14.36 13.45 -6.3 4.6
InvTrInvGrNYMu VTN 14.85 13.92 -6.3 4.3
Nuveen CA AMT-F Qual MI NKX 17.00 16.00 -5.9 3.8
Nuveen CA Val NCA 10.95 10.91 -0.4 3.1
NuveenCAQtyMuInc NAC 16.49 15.59 -5.5 4.2
Nuveen MD Qual Muni Inc NMY 15.59 14.04 -9.9 3.8
Nuveen MI Qual Muni Inc NUM 16.17 14.49 -10.4 3.7
NuvNJ Qual Muni Inc NXJ 16.87 15.11 -10.4 4.3
Nuveen NY AMT/Fr Qual MI NRK 15.27 13.98 -8.4 3.8
Nuveen NY Qual Muni Inc NAN 15.86 14.55 -8.3 3.9
Nuveen OH Qual Muni Inc NUO 17.58 15.74 -10.5 3.3
Nuveen PA Qual Muni Inc NQP 16.19 14.63 -9.6 4.1
Nuveen VA Qlty Mun Inc NPV 15.44 14.70 -4.8 3.5
PIMCO CA PCQ NA 19.08 NA 4.8
PIMCOCAMuniII PCK NA 10.00 NA 4.0Prem12Mo
Fund(SYM) NAV Close/Disc Yld52wk
Prem Ttl
Fund(SYM) NAV Close/Disc RetClosed-End Funds | WSJ.com/funds
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