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 andAT&T, both in
the communications sector. In
energy, oil majorExxon 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 asBoeingand
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
underweightApple,Ama-
zon.comandFacebook, three
of the biggest.
They hold far less in oil
companies than the norm, but
are overweightBaker 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
makerTeslaisn’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’sBerkshire 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
CompanySYMBOL Friday 3 sOffer1st-day CompanySYMBOL 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.UTFeb. 21/$10.00 GNRSUFeb. 11/$10.00
East Stone Acquisition 10.04 0.4 0.3 NexPoint Real Estate Finance19.21 1.1 2.2
ESSCUFeb. 20/$10.00 NREFFeb. 7/$19.00
Churchill Capital III 10.52 5.2 0.1 OneWater Marine 17.86 48.8 18.0
CCXX.UTFeb. 14/$10.00 ONEWFeb. 7/$12.00
Newborn Acquisition 10.09 0.9 0.4 Beam Thera 26.09 53.5 39.1
NBACUFeb. 14/$10.00 BEAMFeb. 6/$17.00
CITIC Capital Acquisition10.22 2.2 0.2 Casper Sleep 10.39 –13.4–23.0
CCAC.UTFeb. 11/$10.00 CSPRFeb. 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.NAsignifies that the information is
not available or not applicable.NSsignifies
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 EquityADX18.55 16.43 -11.4 27.1
Boulder Growth & IncomeBIF13.68 11.63 -15.0 12.2
Central SecsCET 38.84 33.14 -14.7 23.3
CohenStrsCEOppFdFOF13.85 13.82 -0.2 20.9
EVTxAdvDivIncmEVT25.78 26.09 +1.2 28.7
GabelliDiv&IncTrGDV24.43 21.91 -10.3 8.8
Gabelli Equity TrGAB 6.01 6.23 +3.7 12.3
GeneralAmerGAM 44.82 38.52 -14.1 26.4
JHancockTaxAdvDivHTD28.15 27.69 -1.6 22.9
Librty AllStr EqUSA 6.92 6.91 -0.1 26.0
Royce Micro-Cap TrRMT9.88 8.95 -9.4 10.3
Royce Value TrustRVT16.73 15.23 -9.0 14.4
Source CapitalSOR 45.08 40.56 -10.0 15.8
Tri-ContinentalTY 31.72 28.74 -9.4 17.2
SpecializedEquityFunds52wk
Prem Ttl
Fund(SYM) NAV Close/Disc Ret
Aberdeen Glb Prem PropAWP7.57 6.82 -9.9 29.1
Adams Natural ResourcesPEO17.01 15.15 -10.9 -1.8
GI NFJ DivInt&PremStrNFJ14.75 13.50 -8.5 18.8
ASA Gold & Prec Met LtdASA16.97 14.54 -14.3 38.4
BR Enh C&ICII 18.21 17.57 -3.5 19.2
BlackRock Energy & ResBGR11.45 11.57 +1.0 4.3
BlackRock Eq Enh DivBDJ9.94 9.43 -5.1 19.0
BlackRock Enh Glbl DivBOE12.13 10.99 -9.4 13.1
BlackRock Enh Intl DivBGY6.33 5.76 -9.0 12.4
BlackRock Hlth SciencesBME42.01 42.94 +2.2 12.9
BlackRock Res & CommBCX8.50 7.68 -9.6 2.5
BlackRock Sci&Tech Tr IIBSTZ22.74 21.53 -5.3 NS
BlackRock Sci&Tech TrustBST35.16 34.93 -0.7 20.1
BlackRock Utl Inf & PwrBUI22.95 23.15 +0.9 20.4
CBRE ClrnGlbRlEstIGR9.27 8.38 -9.6 26.8
CLEARBRIDGE ENGY MDS OPPEMO NA 7.87 NA -7.4
CLEARBRIDGE MLP&MDSTM TRCTR NA 7.99 NA -6.8
ClearBridge MLP & MidstmCEM NA 10.49 NA -4.4
Cntr Cst Brkfld MLP&EICEN5.80 5.74 -1.0 -17.6
ChnStrInfrUTF 28.88 27.36 -5.3 25.5
Cohen&SteersQualIncRQI15.57 14.30 -8.2 23.1
CohenStrsREITPrefRNP26.09 25.18 -3.5 35.2
Cohen&Steers TotRetRFI14.98 15.11 +0.9 25.3
Columbia Sel Prm Tech GrSTK23.57 24.05 +2.0 31.3
DNP Select IncomeDNP11.25 13.04 +15.9 24.6
Duff&Ph Uti&Infra Inc FdDPG17.39 15.91 -8.5 21.4
EtnVncEqtyIncEOI 16.20 16.19 -0.1 22.3
EtnVncEqtyIncoIIEOS18.17 18.70 +2.9 19.0
EVRskMnDvsEqIncETJ NA 9.60 NA 19.6
ETnVncTxMgdBuyWrtIncETB15.35 16.56 +7.9 19.9
EtnVncTxMgdBuyWrtOppETV14.67 15.10 +2.9 11.0
EvTxMnDvsEqIncETY12.52 12.64 +1.0 22.3
EtnVncTxMgdGlbBETW10.38 10.33 -0.5 15.9
EVTxMnGblDvEqIncEXG9.12 8.84 -3.1 22.9
First Trust Energy Inc GFEN20.33 21.40 +5.3 14.1
First Tr Enhanced EqFFA17.46 17.56 +0.6 26.7
FirstTrEnergyInfraFIF18.09 17.28 -4.5 21.0
FirstTrMLPEner&IncFEI11.69 11.62 -0.6 13.5
Gabelli HealthcareGRX13.55 11.82 -12.8 19.5
Gab UtilityGUT 5.21 8.02 +53.9 35.9
GAMCOGlGold&NatResGGN4.10 4.23 +3.2 10.2
J Han Finl OpptysBTO34.59 34.20 -1.1 4.4
Neuberger Brmn MLP & EINML7.18 6.53 -9.1 -7.5
NubrgrRlEstSecNRO 6.04 5.99 -0.8 35.6
Nuv Dow 30 Dyn OverwriteDIAX18.35 17.67 -3.7 3.9
Nuveen Engy MLP Tot RtnJMF7.23 7.20 -0.4 -15.2
Nuveen Nasdaq 100 Dyn OvQQQX24.79 24.95 +0.6 21.6
Nuv Real EstJRS 11.88 11.05 -7.0 14.3
Nuveen Rl Asst Inc & GroJRI20.60 19.06 -7.5 31.3
NuvS&P500DynOvFdSPXX NA 16.85 NA 16.1
NuvSP500BuyIncFdBXMX13.95 13.68 -1.9 11.3
ReavesUtilityIncomeUTG38.97 39.25 +0.7 29.7
RMRRealEstIncRIF 26.64 22.52 -15.5 31.4
Tortoise Enrgy Infra CrpTYG17.17 15.65 -8.9 -26.5
Tortoise Ess Asst Inc TmTEAF18.63 17.10 -8.2 NS
Tortoise Midstream EnrgyNTG10.41 9.46 -9.1 -23.9
Income&PreferredStockFunds
CalamosStratTotCSQ14.04 14.29 +1.8 25.3
CohenStrsLtdDurPref&IncLDP27.11 27.24 +0.5 24.6
CohenStrsSelPref&IncomePSF28.05 32.68 +16.5 30.2
FirstTrIntDurPref&IncFPF25.32 24.67 -2.6 24.7
JHanPrefIncHPI 21.99 23.74 +8.0 20.6
JHPrefIncIIHPF 21.63 22.67 +4.8 16.4
HnckJPfdInco IIIHPS19.24 19.63 +2.0 15.9
J Han PrmPDT 16.41 18.70 +14.0 25.7
LMP CapIncoSCD NA 15.35 NA 30.6
Nuveen Pref & Inc OppJPC10.61 10.56 -0.5 23.9
Nuveen FdJPS 10.38 10.38 0.0 23.9
Nuveen Pref & Inc TermJPI26.24 26.16 -0.3 26.3
Nuveen TxAdvDivGrJTD18.39 18.07 -1.8 22.2
TCW Strat IncomeTSI NA 5.96 NA 16.8
ConvertibleSec's.Funds
AdvntCnvrtbl&IncFdAVK17.22 16.01 -7.0 21.3
GI Conv & IncNCV 5.80 6.06 +4.5 6.9
AGI Conv & Inc IINCZ 5.22 5.34 +2.3 7.3
AGI Eqty & Conv IncNIE25.97 24.23 -6.7 22.3
CalamosConvHiCHY12.27 12.16 -0.9 20.4
CalmosConvOpCHI 11.66 11.63 -0.3 22.6
WorldEquityFunds
Aberdeen Emg Mkts Eq IncAEF8.44 7.46 -11.6 5.3
Aberdeen Tot Dyn DivAOD10.15 9.13 -10.0 18.5
Calamos GloDynIncCHW8.36 8.94 +6.9 26.5
Cdn Genl InvCGI 39.44 27.07 -31.4 14.2
EV TxAdvGlbDivIncETG18.99 18.56 -2.3 29.9
EtnVncTxAdvOppETO25.63 26.42 +3.1 24.3
FirstTr Dyn Euro Eq IncFDEU15.80 15.04 -4.8 15.4
Gabelli MultimediaGGT8.04 8.36 +4.0 10.1
GDL FundGDL 11.25 9.33 -17.1 3.0
Highland Global AllocHGLB11.40 8.96 -21.4 -28.6
India FundIFN 22.74 20.24 -11.0 11.0
Japan Smaller CapJOF9.54 8.21 -13.9 -0.1
MS ChinaShrFdCAF 23.93 20.71 -13.5 -0.752wk
Prem Ttl
Fund(SYM) NAV Close/Disc Ret
MS IndiaIIF 24.06 20.57 -14.5 8.4
New GermanyGF 17.98 15.66 -12.9 17.7
Templeton DragonTDF22.22 19.46 -12.4 12.2
Templeton Em MktEMF17.18 15.32 -10.8 11.9
Wells Fargo Gl Div OpptyEOD NA 5.77 NA 20.4U.S.MortgageBondFunds
BlckRk IncomeBKT 6.38 6.13 -3.9 6.7
Invesco HI 2023 Tgt TermIHIT10.56 10.69 +1.2 5.6
Nuveen Mtge Oppty TermJLS23.22 22.68 -2.3 6.0
InvestmentGradeBondFunds
BlRck Core BondBHK15.96 15.53 -2.7 5.1
BR Credit Alloc IncBTZ15.40 14.66 -4.8 6.0
J Han IncomeJHS 15.88 15.28 -3.8 4.5
MFS IntmdtMIN 4.00 3.84 -4.0 8.9
Western Asset Inf-Lk IncWIA NA 12.66 NA 3.3
Western Asset Inf-Lk O&IWIW NA 11.97 NA 3.6
LoanParticipationFunds
Apollo Senior FloatingAFT NA 15.63 NA 7.7
BR Debt StrategyDSU12.26 11.41 -6.9 7.3
BR F/R Inc StrFRA 14.54 13.49 -7.2 6.4
BlackRock Floatng Rt IncBGT14.09 13.07 -7.2 6.2
Blackstone / GSO StratBGB15.42 14.81 -4.0 9.1
Blackstone/GSO Sr Flt RtBSL16.59 16.28 -1.9 8.1
Eagle Point CreditECC NA 14.92 NA 16.0
EtnVncFltRteIncEFT14.99 13.98 -6.7 6.7
EV SenFlRtTrEFR 14.68 13.63 -7.2 6.8
EVSnrIncmEVF 7.01 6.54 -6.7 6.4
FT/Sr Fltg Rte Inc 2FCT13.68 12.57 -8.1 6.7
FT/Sr Fltg Rte 2022 TgTrFIV9.63 9.27 -3.7 4.1
Highland IncomeHFRO13.93 12.64 -9.3 7.3
InvDYCrOppVTA 12.75 NA NA 7.0
InvSnrIncTrVVR 4.74 4.31 -9.1 6.3
Nuveen Credit Strat IncJQC8.02 7.55 -5.9 16.3
NuvFloatRateIncFdJFR10.93 10.24 -6.3 7.2
NuvFloatRteIncOpptyJRO10.83 10.02 -7.5 7.4
Nuveen Senior IncomeNSL6.52 6.08 -6.7 7.4
PionrFltRate TrPHD 12.02 11.18 -7.0 6.2
HighYieldBondFunds
AllianceBernGlHiIncmAWF13.44 12.51 -6.9 6.4
Barings Glb SD HY BdBGH18.35 18.13 -1.2 10.0
BR Corporate HYHYT12.01 11.57 -3.7 7.8
BlackRock Ltd Dur IncBLW17.16 16.52 -3.7 6.2
BNY Mellon Hi Yield StrDHF3.38 3.18 -5.9 8.4
Brookfield Real Asst IncRA23.20 22.23 -4.2 10.8
CrSuisHighYldDHY 2.59 2.51 -3.1 8.9
DoubleLine Inc SolDSL NA 20.22 NA 9.0
First Tr Hi Inc Lng/ShrtFSD17.12 15.89 -7.2 8.2
IVY HIGH INCOME OPPIVH15.13 14.15 -6.5 9.0
NeubHgYldStrtNHS 12.94 12.64 -2.3 8.1
NexPointStratOpptyNHF20.59 17.34 -15.8 14.0
Nuveen Crdt Opps 2022 TTJCO9.68 9.88 +2.1 5.6
Nuveen Global High IncJGH18.17 16.79 -7.6 7.3
Nuveen HI Nov 2021 TgtJHB9.96 9.95 -0.1 5.0
PGIM Global High YieldGHY NA 15.22 NA 8.0
PGIM High Yield BondISD16.90 15.72 -7.0 7.9
PioneerHilncmTrPHT10.27 9.91 -3.5 7.6
Wells Fargo Income OpptyEAD NA 8.55 NA 8.5
WstAstHIF IIHIX NA 7.02 NA 8.2
Western Asset Hi Inc OppHIO NA 5.24 NA 7.0
Western Asset Hi Yld D OHYI NA 15.95 NA 6.8
OtherDomesticTaxableBondFunds
Ares Dynamic Crdt AllocARDC NA 15.86 NA 8.2
Barings Corporate InvMCI NA 16.80 NA 7.2
BlackRock Mlt-Sctr IncBIT17.45 16.75 -4.0 8.8
BlackRock Tax Muni BdBBN25.89 25.75 -0.5 5.3
DoubleLine:Oppor Crdt FdDBL NA 20.94 NA 6.7
Duff&Ph Util CorDUC9.59 9.34 -2.7 4.6
EVLmtDurIncmEVV14.47 13.50 -6.7 7.1
Franklin Ltd Dur IncomeFTF10.04 9.72 -3.2 10.7
J Han InvestorsJHI 18.96 18.30 -3.5 6.7
KKR Income OpportunitiesKIO16.17 16.26 +0.6 9.5
MFS CharterMCR 9.05 8.57 -5.3 8.3
Nuveen Taxable Muni IncNBB22.98 23.39 +1.8 5.3
PIMCO Corp & Inc OpptyPTY NA 19.67 NA 8.1
PIMCO Corp & Inc StratPCN NA 20.08 NA 7.1
PIMCOHilncoPHK NA 7.60 NA 10.2
PIMCO IncmStrFdPFL NA 12.36 NA 8.9
PIMCO IncmStrFd IIPFN NA 10.90 NA 8.9
Putnam Mas IntPIM 4.87 4.82 -1.0 7.4
Putnam Prem IncPPT5.44 5.57 +2.4 7.6
Wells Fargo Multi-SectorERC NA 13.16 NA 9.2
WorldIncomeFunds
Abrdn AP IncFdFAX 4.85 4.36 -10.1 4.6
BrndywnGLB Glb Inc OpptsBWG NA 13.48 NA 5.9
EtnVncStDivIncEVG NA 13.63 NA 6.4
MS EmMktDomDebtEDD7.58 6.94 -8.4 8.2
PIMCO Dyn Crd & Mrt IncPCI NA 25.44 NA 9.8
PIMCO Dynamic IncomePDI NA 33.07 NA 9.3
PIMCO Income OpportunityPKO NA 28.73 NA 8.0
PIMCO Stratg IncRCS 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 DICPZ19.73 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 IncCCD22.26 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
CalamosGlbTotRetCGO12.33 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 IncGARS 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 IncTEI9.79 9.25 -5.5 8.5
Templtn Glbl IncGIM 6.63 6.07 -8.4 6.6
WstAstEmergDebtEMD NA 15.03 NA 8.2
Western Asset Gl Cr D OpGDO NA 18.35 NA 6.6
NationalMuniBondFunds
AllBerNatlMunIncAFB15.71 14.25 -9.3 3.8
BlckRk Inv Q MunBKN16.90 16.04 -5.1 4.2
BlackRock Muni 2030 TgtBTT26.84 24.56 -8.5 3.0
BlackRock MuniBFK14.99 15.11 +0.8 4.5
BlackRock Muni IIBLE15.38 15.68 +2.0 4.3
BlckRk Muni Inc QlyBYM15.94 14.58 -8.5 4.1
BR MuniAssets FdMUA14.68 15.93 +8.5 4.1
BR MuniEnhancedMEN12.60 11.69 -7.2 4.2
BR MuniHoldings QlyMFL15.23 13.88 -8.9 4.2
BR MH Qly 2MUE 14.36 13.07 -9.0 4.2
BR MuniHoldngsMHD17.57 17.55 -0.1 4.4
BR MuniVest FdMVF10.01 9.55 -4.6 4.6
BR MuniVest 2MVT 15.78 15.39 -2.5 4.5
BR MuniYield FdMYD15.44 15.33 -0.7 4.5
BR MuniYield QltyMQY16.72 15.61 -6.6 4.2
BR MuniYld Qlty2MQT14.72 13.41 -8.9 4.0
BR MuniYld Qly 3MYI15.50 14.11 -9.0 4.0
BNY Mellon Muni Bd InfraDMB14.84 14.91 +0.5 4.3
BNY Mellon Str Muni BondDSM8.51 8.31 -2.4 5.0
BNY Mellon Strat MuniLEO8.89 8.98 +1.0 4.7
DWS Muni IncKTF 12.93 11.84 -8.4 4.2
EVMuniBdEIM 14.34 13.37 -6.8 3.9
EVMuniIncmEVN 14.27 13.73 -3.8 4.3
EVNatMuniOppEOT22.08 22.68 +2.7 4.1
InvAdvMuIncTrIIVKI12.30 11.48 -6.7 4.7
Invesco MuniOpOIA 7.92 8.17 +3.2 4.7
InvescoMuOppTrVMO13.77 12.94 -6.0 4.6
InvescoMuTrVKQ 13.79 12.91 -6.4 4.6
InvescoQual IncIQI 13.93 13.00 -6.7 4.7
InvTrInvGrMuVGM 14.21 13.27 -6.6 4.6
InvescoValMunIncIIM16.93 15.90 -6.1 4.4
MAINSTAY:MK DEFTR MUN OPMMD20.90 21.42 +2.5 4.6
NeubrgrBrmNBH 15.73 16.40 +4.3 4.7
Nuveen AMT-Fr Mu ValNUW17.37 16.72 -3.7 3.6
Nuveen AMT-Fr Qlty Mun INEA16.05 14.85 -7.5 4.3
Nuveen AMT-Fr Mu CINVG17.74 17.04 -3.9 4.6
Nuveen Enh Muni ValNEV16.06 15.68 -2.4 4.4
Nuveen Int Dur Mun TermNID14.73 14.43 -2.0 3.6
Nuv Muni Credit IncomeNZF17.28 16.75 -3.1 4.7
NuvMuniHiIncOppNMZ14.58 14.88 +2.1 4.8
Nuveen Muni ValNUV10.80 11.07 +2.5 3.4
Nuveen Quality Muni IncNAD16.42 15.04 -8.4 4.2
Nuveen Sel TFNXP 16.48 16.45 -0.2 3.2
Nuveen Sel TF 2NXQ15.71 15.50 -1.3 3.2
PIMCO MuniIncPMF NA 15.25 NA 4.6
PIMCOMuniIncIIPML NA 15.54 NA 5.0
Pimco Muni IIIPMX NA 12.56 NA 4.9
PioneerHilncAdvMAV12.31 11.29 -8.3 4.1
PioneerMunHiIcmTMHI13.23 12.44 -6.0 4.7
Putnam Mgd IncPMM8.36 8.35 -0.1 4.7
Putnam Muni OppPMO14.00 13.51 -3.5 4.7
RiverNorth Mgd Dur Mun IRMM20.85 20.76 -0.4 NS
Western Asset Mgd MuniMMU NA 14.00 NA 4.6
Westn Asst Mu Def Opp TrMTT NA 21.40 NA 4.1
SingleStateMuniBond
BlackRock CA MunBFZ15.97 14.28 -10.6 3.5
BR MH CA Qly Fd IncMUC16.13 14.50 -10.1 3.7
BR MH NJ QlyMUJ 16.41 14.83 -9.6 4.2
BR MH NY QlyMHN 15.48 14.09 -9.0 3.7
BR MuniYld CAMYC16.26 14.75 -9.3 3.6
BR MuniYld CA QlyMCA16.36 14.81 -9.5 3.9
BR MuniYld MI QlyMIY16.15 14.64 -9.3 4.1
BR MuniYld NJMYJ 16.51 15.70 -4.9 4.6
BR MuniYld NY QlyMYN14.83 13.47 -9.2 3.8
EVCAMuniBdEVM 12.84 11.89 -7.4 3.9
Eaton Vance NY Muni BdENX13.78 12.47 -9.5 3.9
InvCaValMuIncTrVCV13.73 13.41 -2.3 4.2
InvPAValMuIncTrVPV14.36 13.45 -6.3 4.6
InvTrInvGrNYMuVTN14.85 13.92 -6.3 4.3
Nuveen CA AMT-F Qual MINKX17.00 16.00 -5.9 3.8
Nuveen CA ValNCA 10.95 10.91 -0.4 3.1
NuveenCAQtyMuIncNAC16.49 15.59 -5.5 4.2
Nuveen MD Qual Muni IncNMY15.59 14.04 -9.9 3.8
Nuveen MI Qual Muni IncNUM16.17 14.49 -10.4 3.7
NuvNJ Qual Muni IncNXJ16.87 15.11 -10.4 4.3
Nuveen NY AMT/Fr Qual MINRK15.27 13.98 -8.4 3.8
Nuveen NY Qual Muni IncNAN15.86 14.55 -8.3 3.9
Nuveen OH Qual Muni IncNUO17.58 15.74 -10.5 3.3
Nuveen PA Qual Muni IncNQP16.19 14.63 -9.6 4.1
Nuveen VA Qlty Mun IncNPV15.44 14.70 -4.8 3.5
PIMCO CAPCQ NA 19.08 NA 4.8
PIMCOCAMuniIIPCK 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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