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20 Feb, 2020 | 22:48
United States of America, EMEA

Credit Markets Research:Nicole Serino, Sudeep K Kesh
Sector Credit Markets Research Default Transition & Recovery
Tags Americas Latin America APAC EMEA

View Analyst Contact Information

This research is a companion piece to our series on global fallen angels, defined as issuers downgraded to speculative grade ('BB+' or lower) from investment grade ('BBB-' or higher) by S&P Global Ratings. For more information, please see "Fallen Angel Risk Emerges For The European Auto Sector," published Feb. 20, 2020.

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Global Fallen Angels (1995-Present)

Year	Date	Issuer	Country	Industry	Rating to	Rating from	Par value (mil. $)
1995	2/3/1995	Hechinger Co.	U.S.	Retail/restaurants	BB+	BBB	323
	2/22/1995	U.S. Shoe Corp	U.S.	Retail/restaurants	BB+	BBB-	125
	3/13/1995	IDB Communications Group	U.S.	Telecommunications	B+	BBB-	196
	3/24/1995	MABE Export S.A. de C.V.	Mexico	Consumer products	BB+	BBB-	100
	4/11/1995	Kemper Corp.	U.S.	Insurance	BB+	BBB	360
	4/27/1995	Cray Research Inc.	U.S.	High technology	BB-	BBB-	115
	5/3/1995	Dow Corning Corp.	U.S.	Chemicals, packaging, and environmental services	BB-	BBB-	225
	5/8/1995	Great Atlantic & Pacific Tea Co. Inc.	U.S.	Retail/restaurants	BB+	BBB-	400
	5/17/1995	Blockbuster Entertainment Corp.	U.S.	Media and entertainment	BB+	BBB-	150
	8/15/1995	Pope & Talbot Inc.	U.S.	Forest products and building materials	BB+	BBB-	75
	8/25/1995	Conseco Inc.	U.S.	Insurance	BB+	BBB-	644
	10/3/1995	Brown Group Inc.	U.S.	Retail/restaurants	BB+	BBB	100
	10/6/1995	Niagara Mohawk Power Corp.	U.S.	Utility	BB	BBB-	102
	11/29/1995	CBS Inc.	U.S.	Media and entertainment	BB	A	500
	12/8/1995	Valassis Communications Inc.	U.S.	Media and entertainment	BB+	BBB-	675
1996	1/12/1996	Kmart Corp.	U.S.	Retail/restaurants	BB	BBB	2,637
	1/29/1996	Loewen Group International Inc.	Canada	Health care	BB-	BBB-	75
	1/29/1996	Apple Computer Inc.	U.S.	High technology	BB-	BBB	300
	3/21/1996	Phillips-Van Heusen Corp.	U.S.	Retail/restaurants	BB+	BBB	100
	3/29/1996	Arkansas Best Corp.	U.S.	Transportation	B+	BBB-	121
	4/1/1996	Borden Inc.	U.S.	Consumer products	BB+	BBB-	1,111
	5/28/1996	Connecticut Yankee Atomic Power Co.	U.S.	Utility	BB+	BBB-	100
	5/28/1996	Northeast Utilities	U.S.	Utility	BB+	BBB-	2,526
	6/13/1996	Federal-Mogul Corp.	U.S.	Automotive	BB+	BBB-	288
	6/19/1996	Hayes Wheels International Inc.	U.S.	Automotive	BB-	BBB-	100
	12/31/1996	Integon Corp.	U.S.	Insurance	BB+	BBB-	213
1997	3/17/1997	ADVANTA Corp.	U.S.	Financial institutions	BB+	BBB-	458
	5/20/1997	Edelnor S.A.	Chile	Utility	BB+	BBB	250
	5/21/1997	Amphenol Corp.	U.S.	High technology	B+	BBB-	1,140
	5/22/1997	Northeast Utilities	U.S.	Utility	BB+	BBB-	2,012
	5/23/1997	Sensormatic Electronics Corp.	U.S.	High technology	BB+	BBB-	350
	7/9/1997	Ohio Edison Co.	U.S.	Utility	BB+	BBB-	3,272
	9/22/1997	Beckman Instruments Inc.	U.S.	Health care	BB+	A	100
	10/30/1997	Silicon Graphics Inc.	U.S.	High technology	BB+	BBB-	507
	11/25/1997	Yasuda Trust & Banking Co.,Ltd.	Japan	Bank	BB+	BBB-	400
	12/2/1997	Fisher Scientific International Inc.	U.S.	Health care	B+	BBB	150
	12/22/1997	Korea (Republic of)	Korea	Sovereign	B+	BBB-	0
	12/22/1997	Export-Import Bank of Korea	Korea	Bank	B+	BBB-	2,939
	12/22/1997	Korea Development Bank	Korea	Bank	B+	BBB-	13,791
	12/22/1997	Industrial Bank of Korea	Korea	Bank	B+	BBB-	310
	12/23/1997	Samsung Electronics Co. Ltd.	Korea	High technology	B+	BBB-	973
	12/23/1997	Pohang Iron & Steel Co.,Ltd.	Korea	Metals, mining, and steel	B+	BBB-	2,389
	12/23/1997	SK Telecom Co. Ltd.	Korea	Telecommunications	B+	BBB-	230
	12/23/1997	Hyundai Semiconductor America Inc.	Korea	High technology	B+	BBB	600
	12/23/1997	Korea Electric Power Corp.	Korea	Utility	B+	BBB-	4,193
	12/23/1997	LG-Caltex Oil Corp.	Korea	Oil and gas exploration and production	B+	BBB-	600
	12/23/1997	Korea Telecom	Korea	Telecommunications	B+	BBB-	450
	12/24/1997	Kookmin Bank	Korea	Bank	B+	BBB-	200
	12/24/1997	Shinhan Bank	Korea	Bank	B+	BBB-	150
	12/24/1997	Korea Long Term Credit Bank	Korea	Bank	B+	BBB-	347
	12/29/1997	Hyundai Motor Co.	Korea	Automotive	B+	BBB-	250
	12/29/1997	Total Access Communication Public Co.	Thailand	Telecommunications	BB	BBB-	400
	12/31/1997	Bank Negara Indonesia Persero Tbk (P.T.)	Indonesia	Bank	BB+	BBB-	145
	12/31/1997	Indonesia (Republic of)	Indonesia	Sovereign	BB+	BBB-	0
1998	1/9/1998	Freeport-McMoRan Copper & Gold Inc.	U.S.	Metals, mining, and steel	BB+	BBB-	1,161
	1/21/1998	Apria Healthcare Group, Inc.	U.S.	Health care	BB	BBB-	200
	2/6/1998	Cone Mills Corp.	U.S.	Consumer products	BB+	BBB	100
	2/12/1998	Colowyo Coal Funding Corp.	U.S.	Metals, mining, and steel	BB	BBB	193
	3/10/1998	United Companies Financial Corp.	U.S.	Financial institutions	BB+	BBB-	550
	3/20/1998	MedPartners Inc.	U.S.	Health care	BB+	BBB	1,290
	3/24/1998	Homestake Mining Co.	U.S.	Metals, mining, and steel	BB	BBB	150
	4/22/1998	Westcorp, Irvine, CA	U.S.	Bank	BB+	BBB-	250
	4/28/1998	Japan Airlines Co. Ltd.	Japan	Transportation	BB+	BBB+	622
	5/6/1998	Thai Farmers Bank Public Co. Ltd.	Thailand	Bank	BB	BBB-	200
	5/6/1998	Bangkok Bank Public Co. Ltd.	Thailand	Bank	BB+	BBB-	600
	5/6/1998	Siam Commercial Bank Public Co. Ltd	Thailand	Bank	BB	BBB-	150
	5/21/1998	Penncorp Financial Group Inc.	U.S.	Insurance	BB+	BBB-	390
	5/27/1998	Fruit of the Loom Inc.	U.S.	Consumer products	BB+	BBB-	623
	6/1/1998	Lukens Inc.	U.S.	Metals, mining, and steel	BB-	BBB	150
	6/11/1998	LCI International Inc.	U.S.	Telecommunications	BB+	BBB	1,050
	6/30/1998	Scotts Co. (The)	U.S.	Consumer products	BB+	BBB-	100
	7/31/1998	Long-Term Credit Bank of Japan Ltd.	Japan	Bank	BB+	BBB-	695
	8/6/1998	Cogentrix Energy Inc.	U.S.	Utility	BB+	BBB-	100
	9/14/1998	Boise Cascade Corp.	U.S.	Forest products and building materials	BB+	BBB-	1,006
	9/17/1998	Slovak Republic	Slovak Republic	Sovereign	BB+	BBB-	0
	9/21/1998	Chinese Estates Holdings Ltd.	Hong Kong	Homebuilders/real estate cos.	BB-	BBB-	420
	10/7/1998	Guangdong International Trust & Investment Corp.	China	Financial institutions	CC	BBB-	450
	10/7/1998	Caesars World Inc.	U.S.	Media and entertainment	B+	BBB-	150
	10/7/1998	ITT Corp.**	U.S.	Media and entertainment	BB	BBB	353
	10/29/1998	Fujian International Trust & Investment Corp.	China	Financial institutions	BB-	BBB	100
	11/5/1998	Komercni Banka A.S.	Czech Republic	Bank	BB	BBB-	200
	11/12/1998	Meditrust Cos.	U.S.	Homebuilders/real estate cos.	BB	BBB	1,780
	12/1/1998	Star Markets Co., Inc.	U.S.	Retail/restaurants	CCC+	BBB+	110
	12/2/1998	Mark IV Industries Inc.	U.S.	Capital goods	BB+	BBB-	775
	12/3/1998	Millipore Corporation	U.S.	Health care	BB+	BBB-	300
	12/8/1998	Petrozuata Finance Inc.	Venezuela	Oil and gas exploration and production	BB+	BBB-	1,000
	12/9/1998	R&B Falcon Corp.	U.S.	Oil and gas exploration and production	BB+	BBB-	1,250
	12/17/1998	Polaroid Corp.	U.S.	Media and entertainment	BB	BBB-	500
	12/17/1998	Banco Nacional de Mexico S.A. (Banamex)	Brazil	Bank	BB+	BBB-	250
	12/17/1998	Pioneer Natural Resources Co.	U.S.	Oil and gas exploration and production	BB+	BBB-	600
	12/18/1998	Western Gas Resources Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	173
	12/22/1998	SB Treasury Co. LLC	Japan	Finance Co.	BB+	BBB-	1,800
	12/23/1998	Sumitomo Bank Ltd.	Japan	Bank	BB+	BBB-	1,800
1999	1/14/1999	Banco Rio de la Plata S.A.	Argentina	Bank	BB+	BBB-	580
	1/28/1999	Azurix Europe Ltd.	U.K.	Utility	BB+	A-	1,168
	2/10/1999	Inco Ltd.	Canada	Metals, mining, and steel	BB+	BBB-	751
	2/16/1999	Venator Group Inc.	U.S.	Retail/restaurants	BB	BBB-	400
	2/23/1999	Reliant Energy Inc.	U.S.	Utility	BB+	BBB-	150
	2/23/1999	AmerUs Life Insurance Co.	U.S.	Insurance	BB+	BBB-	86
	2/23/1999	Columbia/HCA Healthcare Corp.	U.S.	Health care	BB+	BBB	3,696
	3/1/1999	China International Trust & Investment Corp.	China	Bank	BB+	BBB	1,169
	3/1/1999	Harnischfeger Industries Inc.	U.S.	Capital goods	BB+	BBB-	464
	3/1/1999	Bank of Communications	China	Bank	BB+	BBB	98
	3/11/1999	Airgas, Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	450
	3/16/1999	Associated Estates Realty Corp.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	254
	4/1/1999	Ocean Energy, Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	400
	4/7/1999	PennzEnergy Company	U.S.	Oil and gas exploration and production	BB	BBB	2,615
	4/7/1999	Banco Sud Americano	Chile	Bank	BB+	BBB-	100
	4/21/1999	Lear Corp.	U.S.	Automotive	BB+	BBB-	345
	4/21/1999	Lyondell Chemical Company	U.S.	Chemicals, packaging, and environmental services	BB	BBB+	4,775
	6/2/1999	Frontier Corp.	U.S.	Telecommunications	BB+	A	606
	6/16/1999	Overseas Shipholding Group Inc.	U.S.	Transportation	BB+	BBB-	200
	7/21/1999	Bank of China	China	Bank	BB+	BBB-	300
	7/26/1999	Browning-Ferris Industries Inc.*	U.S.	Chemicals, packaging, and environmental services	BB-	A-	60
	8/2/1999	ARM Financial Group Inc.	U.S.	Insurance	BB	BBB	125
	8/3/1999	Blount Inc.*	U.S.	Capital goods	B	BBB	975
	8/9/1999	GenAmerica Corp.	U.S.	Insurance	BB-	A-	332
	9/9/1999	Nash Finch Co.	U.S.	Retail/restaurants	BB	BBB-	170
	9/9/1999	Burlington Industries Inc.	U.S.	Consumer products	BB+	BBB-	300
	9/21/1999	Financiera Energetica Nacional	Colombia	Bank	BB+	BBB-	750
	9/21/1999	Colombia (Republic of)	Colombia	Sovereign	BB+	BBB-	0
	9/21/1999	Banco de Comercio Exterior de Colombia S.A. (BANCOLDEX)	Colombia	Bank	BB+	BBB-	404
	10/13/1999	Designer Finance Trust*	U.S.	Consumer products	BB+	BBB-	120
	10/22/1999	Rite Aid Corp.	U.S.	Retail/restaurants	BB	BBB-	2,971
	10/28/1999	Protection One Alarm Monitoring, Inc.	U.S.	High technology	BB	BBB-	800
	10/29/1999	Oakwood Homes Corp.	U.S.	Homebuilders/real estate cos.	BB	BBB-	317
	11/9/1999	Sovereign Bancorp	U.S.	Financial institutions	BB+	BBB-	440
	11/12/1999	TriNet Corporate Realty Trust Inc.	U.S.	Financial institutions	BB	BBB-	375
	11/17/1999	ASARCO Inc.	U.S.	Metals, mining, and steel	B+	BBB-	1,820
	11/19/1999	Gruma, S.A. de C.V.	Mexico	Consumer products	BB+	BBB-	250
	11/22/1999	Cincinnati Bell Inc.	U.S.	Telecommunications	BB+	A	1,300
	12/15/1999	Selectibanque	France	Finance co.	BB+	BBB-	407
	12/29/1999	Omega Healthcare Investors, Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	333
2000	1/11/2000	Chesapeake Corp.	U.S.	Forest products and building materials	BB+	BBB	221
	1/12/2000	LaBranche & Co Inc.	U.S.	Finance co.	BB+	BBB-	100
	1/14/2000	Levi Strauss & Co.	U.S.	Consumer products	BB	BBB-	800
	1/19/2000	UNOVA Inc.	U.S.	Capital goods	BB	BBB-	200
	1/20/2000	Cincinnati Bell Inc. (d/b/a BroadWing Inc.)	U.S.	Telecommunications	BB+	BBB-	290
	1/24/2000	British Sky Broadcasting Group PLC	U.K.	Media and entertainment	BB+	BBB-	2,891
	1/28/2000	Tektronix Inc.	U.S.	High technology	BB+	BBB-	100
	2/1/2000	Frontier Insurance Group Inc.	U.S.	Insurance	BB+	BBB	167
	2/2/2000	Bergen Brunswig Corp	U.S.	Retail/restaurants	BB	BBB-	909
	2/4/2000	USEC Inc.	U.S.	Metals, mining, and steel	BB+	BBB	500
	2/7/2000	Nissan Motor Co. Ltd.	Japan	Automotive	BB+	BBB-	6,169
	2/15/2000	Laidlaw Inc.	Canada	Transportation	BB+	BBB	1,608
	2/22/2000	McDermott International Inc.	U.S.	Capital goods	BB+	BBB-	242
	2/22/2000	Stewart Enterprises Inc.	U.S.	Health care	BB+	BBB	300
	2/22/2000	Mississippi Chemical Corp.	U.S.	Chemicals, packaging, and environmental services	BB	BBB-	215
	2/22/2000	Service Corp. International	U.S.	Health care	BB+	BBB-	2,573
	2/23/2000	National Health Investors, Inc.	U.S.	Homebuilders/real estate cos.	BB	BBB-	100
	3/6/2000	Mandalay Resort Group	U.S.	Media and entertainment	BB+	BBB-	1,075
	3/29/2000	Western Resources Inc.	U.S.	Utility	BB+	BBB+	2,257
	4/13/2000	JDN Realty Corp.	U.S.	Homebuilders/real estate cos.	BB	BBB-	235
	4/13/2000	Conseco Finance Corp	U.S.	Insurance	BB-	BBB-	282
	4/14/2000	Pep Boys-Manny, Moe & Jack	U.S.	Retail/restaurants	BB+	BBB-	275
	4/18/2000	Lennar Corp.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	511
	5/3/2000	Conseco Inc.	U.S.	Insurance	BB-	BBB-	4,170
	5/8/2000	Fremont General Corp.	U.S.	Insurance	BB	BBB-	425
	5/11/2000	Jostens Inc.	U.S.	Consumer products	BB-	A+	225
	5/19/2000	SOLA International Inc.	U.S.	Health care	BB+	BBB-	100
	5/24/2000	Zhuhai Highway Co.	China	Infrastructure Finance	BB-	BBB-	85
	6/20/2000	Reliance Group Holdings	U.S.	Insurance	BB-	BBB-	506
	6/26/2000	Owens Corning	U.S.	Forest products and building materials	BB+	BBB-	1,032
	8/16/2000	Hyder PLC	U.K.	Utility	BB+	BBB+	1,875
	9/7/2000	Great Atlantic & Pacific Tea Co. Inc. (The)	U.S.	Retail/restaurants	BB	BBB-	500
	9/18/2000	Bradley Operating L.P.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	275
	9/18/2000	Heritage Property Investment Trust Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	275
	10/2/2000	Champion Enterprises Inc.	U.S.	Homebuilders/real estate cos.	BB	BBB-	200
	10/12/2000	Riggs National Corp.	U.S.	Financial institutions	BB+	BBB-	467
	10/12/2000	FINOVA Group Inc.	U.S.	Financial institutions	BB	BBB-	4,230
	10/19/2000	Hercules Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	151
	11/17/2000	Armstrong World Industries Inc.	U.S.	Forest products and building materials	B-	BBB-	1,324
	11/30/2000	Penn Treaty American Corp.	U.S.	Insurance	BB+	BBB-	75
	12/8/2000	Equitable Life Assurance Society (The)	U.K.	Insurance	BB	BBB	495
	12/8/2000	DTE Burns Harbor LLC	U.S.	Infrastructure Finance	BB+	BBB-	163
	12/14/2000	Shopko Stores Inc.	U.S.	Retail/restaurants	BB+	BBB-	600
	12/20/2000	Village Roadshow Ltd.	Australia	Media and entertainment	BB+	BBB-	51
	12/22/2000	Crown Cork & Seal Co. Inc.	U.S.	Chemicals, packaging, and environmental services	BB	BBB-	1,550
2001	1/11/2001	Group (Transportadora de Gas del Sur S.A. (TGS))	Argentina	Utility	BB+	BBB-	300
	1/11/2001	Group (Pecom Energia S.A.)	Argentina	Integrated oil and gas	BB+	BBB-	1,032
	1/11/2001	Group (Transportadora de Gas del Norte S.A. (TGN))	Argentina	Utility	BB+	BBB-	169
	1/11/2001	Group (Arte Grafico Editorial Argentino S.A.)	Argentina	Media and entertainment	BB+	BBB-	250
	1/11/2001	Group (Compania de Transporte de Energia Electrica en Alt)	Argentina	Utility	BB+	BBB-	250
	1/11/2001	Group (Compania de Radiocomunicaciones Moviles S.A.)	Argentina	Telecommunications	BB+	BBB-	150
	1/11/2001	Group (Metrogas S.A.)	Argentina	Utility	BB+	BBB-	294
	1/16/2001	Edison International	U.S.	Utility	CC	BBB-	11,266
	1/16/2001	PG&E Corp.	U.S.	Utility	CC	BBB-	7,429
	1/19/2001	Le Groupe Videotron Ltee	Canada	Telecommunications	BB+	BBB	165
	2/8/2001	Hasbro Inc.	U.S.	Media and entertainment	BB+	BBB-	1,150
	2/27/2001	Foster Wheeler Corp.	U.S.	Capital goods	BB-	BBB-	567
	3/2/2001	Washington Group International, Inc.	U.S.	Capital goods	B	BBB-	1,200
	3/2/2001	Pennzoil-Quaker State Co.	U.S.	Consumer products	BB+	BBB-	750
	3/8/2001	U.S. Industries Inc.	U.S.	Forest products and building materials	BB+	BBB-	375
	3/13/2001	Caraustar Industries Inc.	U.S.	Forest products and building materials	BB+	BBB-	600
	3/15/2001	AGCO Corp.	U.S.	Capital goods	BB+	BBB-	250
	3/22/2001	Ryerson Tull, Inc.	U.S.	Metals, mining, and steel	BB+	BBB-	250
	3/26/2001	Telecom Argentina STET-France Telecom S.A.	Argentina	Telecommunications	BB+	BBB-	214
	3/26/2001	Empresa Distribuidora Y Comercializadora Norte S.A	Argentina	Utility	BB+	BBB-	370
	3/26/2001	Telefonica de Argentina S.A.	Argentina	Telecommunications	BB+	BBB-	800
	3/26/2001	YPF Sociedad Anonima	Argentina	Oil and gas exploration and production	BB+	BBB-	2,143
	3/26/2001	Aguas Argentinas SA	Argentina	Utility	BB+	BBB-	100
	4/3/2001	Comdisco Inc.	U.S.	Financial institutions	BB+	BBB	2,713
	4/3/2001	CNH Global N.V.	U.S.	Capital goods	BB	BBB-	1,750
	4/4/2001	USG Corp.	U.S.	Forest products and building materials	BB-	BBB	1,094
	4/6/2001	Chandler USA, Inc.	U.S.	Insurance	BB	BBB	24
	5/1/2001	IMC Global Inc.	U.S.	Chemicals, packaging, and environmental services	BB	BBB-	1,700
	5/2/2001	Pasminco Ltd.	Australia	Metals, mining, and steel	BB+	BBB-	800
	5/18/2001	International Multifoods Corp.	U.S.	Consumer products	BB	BBB-	650
	6/12/2001	Lucent Technologies Inc.	U.S.	High technology	BB+	BBB-	3,702
	6/25/2001	Unifi Inc.	U.S.	Consumer products	BB+	BBB+	250
	7/5/2001	Industrial Finance Corp. of Thailand	Thailand	Financial institutions	BB+	BBB-	263
	7/10/2001	Wolverine Tube Inc.	U.S.	Forest products and building materials	BB+	BBB-	350
	7/16/2001	Sotheby's Holdings Inc.	U.S.	Retail/restaurants	BB+	BBB	100
	7/26/2001	Louisiana-Pacific Corp.	U.S.	Forest products and building materials	BB+	BBB-	1,090
	8/22/2001	Gateway Inc.	U.S.	High technology	BB	BBB-	300
	8/22/2001	Pacific Dunlop Ltd.	Australia	Consumer products	BB+	BBB-	179
	9/5/2001	Marconi PLC	U.K.	High technology	BB	BBB-	1,366
	9/19/2001	Royal Caribbean Cruises Ltd.	U.S.	Media and entertainment	BB+	BBB-	2,700
	9/20/2001	AMR Corp.	U.S.	Transportation	BB	BBB-	8,781
	9/20/2001	Delta Air Lines Inc.	U.S.	Transportation	BB+	BBB-	6,043
	10/1/2001	CommScope Inc.	U.S.	High technology	BB	BBB-	150
	10/9/2001	Railtrack PLC	U.K.	Transportation	CC	A	3,652
	10/10/2001	Avista Corp.	U.S.	Utility	BB+	BBB-	754
	10/23/2001	Xerox Corp.	U.S.	High technology	BB	BBB-	10,607
	10/31/2001	Ingram Micro Inc.	U.S.	High technology	BB+	BBB-	200
	11/7/2001	Fairfax Financial Holdings Ltd.	Canada	Insurance	BB+	BBB-	1,282
	11/28/2001	Enron Corp.	U.S.	Utility	B-	BBB-	13,623
	12/3/2001	Dillard's Inc.	U.S.	Retail/restaurants	BB+	BBB-	3,200
	12/7/2001	Hughes Electronics Corp.	U.S.	Telecommunications	BB+	BBB-	975
	12/11/2001	Dana Corp.	U.S.	Automotive	BB	BBB-	3,107
	12/18/2001	Solectron Corp.	U.S.	High technology	BB+	BBB-	8,325
	12/21/2001	Banco Comercial S.A.	Uruguay	Bank	BB+	BBB-	200
	12/27/2001	Dean Holding Company	U.S.	Consumer products	BB+	BBB	700
2002	1/11/2002	Brush Engineered Materials Inc.	U.S.	Metals, mining, and steel	BB-	BBB	10
	1/16/2002	Covanta Energy Corp	U.S.	Chemicals, packaging, and environmental services	B	BBB	260
	1/18/2002	Goodyear Tire & Rubber Co. (The)	U.S.	Automotive	BB+	BBB	3,009
	1/23/2002	YPF Sociedad Anonima (Repsol-YPF S.A.)	Spain	Oil and gas exploration and production	BB+	BBB	1,325
	1/29/2002	Getronics N.V.	Netherlands	High technology	BB+	BBB-	390
	1/31/2002	Equistar Chemicals L.P. (Lyondell Chemical Co.)	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	2,700
	2/14/2002	Uruguay (Oriental Republic of)	Uruguay	Sovereign	BB+	BBB-	0
	2/14/2002	Mutual Risk Management Ltd.	Bermuda	Insurance	BB	BBB-	15
	2/14/2002	Gap Inc. (The)	U.S.	Retail/restaurants	BB+	BBB+	1,968
	2/18/2002	Westralia Airports Corp. Pty. Ltd.	Australia	Transportation	BB+	BBB-	216
	2/22/2002	AT&T Canada Inc.	Canada	Telecommunications	BB	BBB	3,337
	2/25/2002	New World Infrastructure Ltd.	Hong Kong	Homebuilders/real estate cos.	BB+	BBB-	250
	3/1/2002	Asahi Bank Ltd.	Japan	Bank	BB+	BBB-	807
	3/11/2002	Avaya Inc.	U.S.	High technology	BB+	BBB-	1,382
	3/13/2002	Navistar International Corp.	U.S.	Automotive	BB+	BBB-	850
	3/29/2002	Sierra Pacific Resources	U.S.	Utility	BB	BBB	3,627
	4/9/2002	Nortel Networks Ltd.	Canada	High technology	BB-	BBB-	3,268
	4/10/2002	Spherion Corp.	U.S.	Media and entertainment	BB	BBB-	150
	4/12/2002	Teleglobe Inc.	Canada	Telecommunications	B-	BBB+	2,474
	4/12/2002	Dollar General Corp.	U.S.	Retail/restaurants	BB+	BBB-	375
	4/18/2002	Hudson's Bay Co.	Canada	Retail/restaurants	BB+	BBB-	526
	4/25/2002	National Rail Corp. Ltd.	Australia	Transportation	BB-	BBB-	220
	5/10/2002	Solutia Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	600
	5/10/2002	WorldCom Inc.	U.S.	Telecommunications	BB	BBB	30,000
	5/13/2002	SC International Services, Inc.	U.S.	Consumer products	BB	BBB-	300
	5/21/2002	Zenith National Insurance Corp.	U.S.	Insurance	BB+	BBB-	67
	5/22/2002	Qwest Communications International Inc.	U.S.	Telecommunications	BB+	BBB-	12,938
	5/22/2002	Egypt (Arab Republic of)	Egypt	Sovereign	BB+	BBB-	0
	6/3/2002	Reno De Medici SpA	Italy	Chemicals, packaging, and environmental services	BB+	BBB-	141
	6/3/2002	Briggs & Stratton Corp.	U.S.	Consumer products	BB+	BBB-	500
	6/19/2002	Legacy Hotels Real Estate Investment Trust	Canada	Media and entertainment	BB+	BBB-	210
	6/20/2002	Taubman Realty Group L.P.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	200
	7/2/2002	Elan Corp. PLC	Ireland	Health care	BB-	BBB-	2,819
	7/4/2002	AES Gener S.A. (AES Corp. (The))	U.S.	Utility	BB	BBB-	283
	7/12/2002	Alcatel	France	High technology	BB+	BBB	5,928
	7/12/2002	Price Development Co. L.P. (General Growth Properties, Inc.)	U.S.	Homebuilders/real estate cos.	BB+	BBB-	100
	7/12/2002	American Equity Investment Life Holding Co.	U.S.	Insurance	BB+	BBB-	150
	7/16/2002	Panhandle Eastern Pipeline/Consumers Energy Co./Consumers Power Co (CMS Energy Corp.)	U.S.	Utility	BB	BBB-	3,998
	7/22/2002	Dynegy Inc.	U.S.	Utility	BB	BBB-	5,476
	7/23/2002	Williams Companies Inc. (The)	U.S.	Utility	BB+	BBB	12,985
	7/26/2002	NRG South Central Generating LLC/NRG Northeast Generating LLC/NRG Energy Inc. (Xcel Energy Inc)	U.S.	Utility	BB	BBB	4,991
	7/29/2002	Corning Inc.	U.S.	Capital goods	BB+	BBB-	3,226
	7/31/2002	Petroleum Geo-Services ASA	U.S.	Oil and gas exploration and production	BB-	BBB-	1,626
	7/31/2002	USGen New England, Inc./PG&E National Energy Group Inc. (PG&E Corp.)	U.S.	Utility	BB+	BBB	2,139
	8/1/2002	Ericsson (Telefonaktiebolaget L.M.)	Sweden	High technology	BB+	BBB-	4,708
	8/2/2002	Trenwick Group Ltd.	U.S.	Insurance	BB	BBB-	150
	8/7/2002	Edison Mission Energy Funding Corp. (Edison International)	U.S.	Utility	BB	BBB-	450
	8/7/2002	Green Property PLC	Ireland	Homebuilders/real estate cos.	BB	BBB-	235
	8/14/2002	Vivendi Universal S.A.	France	Media and entertainment	BB	BBB-	16,635
	9/3/2002	Jefferson Smurfit Group PLC	Ireland	Forest products and building materials	BB+	BBB+	600
	9/6/2002	British Energy PLC	U.K.	Utility	BB	BBB	640
	9/12/2002	Reliant Resources Inc.	U.S.	Utility	BB+	BBB-	575
	9/15/2002	Tranz Rail Holdings Ltd.	New Zealand	Transportation	BB+	BBB	74
	9/18/2002	PolyOne Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	700
	9/19/2002	HEALTHSOUTH Corp.	U.S.	Health care	BB	BBB-	5,211
	9/27/2002	Allmerica Financial Corp.	U.S.	Insurance	BB	BBB	200
	9/27/2002	Georgia-Pacific Corp.	U.S.	Forest products and building materials	BB+	BBB-	6,802
	10/2/2002	Dyckerhoff AG	Germany	Forest products and building materials	BB	BBB-	795
	10/4/2002	AMERCO	U.S.	Transportation	BB+	BBB	900
	10/9/2002	Allegheny Energy Inc.	U.S.	Utility	BB	BBB	3,455
	10/14/2002	TXU Europe Ltd.	U.K.	Utility	B+	BBB-	1,747
	10/15/2002	Cummins Inc.	U.S.	Automotive	BB+	BBB-	1,085
	10/21/2002	Mirant Corp.	U.S.	Utility	BB	BBB-	4,620
	11/4/2002	IPSCO Inc.	Canada	Metals, mining, and steel	BB+	BBB-	1,171
	11/14/2002	Corus Group PLC	U.K.	Metals, mining, and steel	BB	BBB-	2,739
	11/19/2002	Aquila Inc	U.S.	Utility	BB	BBB-	2,144
	11/19/2002	Presidential Life Corp.	U.S.	Insurance	B+	BBB-	100
	11/25/2002	Edison Mission Midwest Holdings Co., Edison Mission Energy (Edison International)	U.S.	Utility	BB-	BBB-	3,619
	11/27/2002	Massey Energy Co.	U.S.	Metals, mining, and steel	BB	BBB-	300
	11/29/2002	Bellon S.A.	France	Finance co.	BB	BBB-	420
	12/2/2002	El Paso Corp.	U.S.	Utility	BB	BBB	21,171
	12/10/2002	Delhaize America Inc.	U.S.	Retail/restaurants	BB+	BBB-	3,800
	12/11/2002	PerkinElmer Inc.	U.S.	High technology	BB+	BBB-	865
	12/17/2002	Legrand	France	Capital goods	BB	A-	400
	12/18/2002	NOVA Chemicals Corp.	Canada	Chemicals, packaging, and environmental services	BB+	BBB-	1,568
	12/19/2002	Dole Food Co. Inc.	U.S.	Consumer products	BB	BBB-	1,175
	12/19/2002	Desc S.A. de C.V.	Mexico	Diversified	BB	BBB-	135
	12/24/2002	Avon Energy Partners Holdings	U.K.	Utility	BB	BBB	1,318
	12/30/2002	Trinity Industries Inc.	U.S.	Capital goods	BB	BBB-	425
	12/30/2002	Northwestern Corp.	U.S.	Utility	BB+	BBB+	1,544
2003	1/9/2003	Lumbermens Mutual Casualty Co. (Kemper Insurance Companies)	U.S.	Insurance	BB+	BBB-	700
	1/13/2003	ABB Ltd.	Switzerland	Capital goods	BB+	BBB-	5,013
	1/23/2003	Cable & Wireless PLC	U.K.	Telecommunications	BB	BBB+	1,756
	1/27/2003	Beghin-Say	France	Consumer products	BB+	BBB+	244
	1/30/2003	Potlatch Corp.	U.S.	Forest products and building materials	BB+	BBB-	742
	2/5/2003	JLG Industries Inc.	U.S.	Capital goods	BB	BBB-	425
	2/7/2003	Agilent Technologies Inc.	U.S.	High technology	BB	BBB-	1,150
	2/19/2003	Bowater Inc.	U.S.	Forest products and building materials	BB+	BBB-	2,400
	2/19/2003	Abitibi - Consolidated Inc.	Canada	Forest products and building materials	BB+	BBB-	2,800
	2/21/2003	ThyssenKrupp AG	Germany	Capital goods	BB+	BBB	500
	2/24/2003	Ahold Koninklijke N.V.	Netherlands	Retail/restaurants	BB+	BBB	4,266
	2/24/2003	Shaw Communications Inc.	Canada	Telecommunications	BB+	BBB-	1,978
	2/25/2003	Cogeco Cable Inc.	Canada	Telecommunications	BB+	BBB-	465
	2/26/2003	Gerling-Konzern Allgemeine Versicherungs-AG (Gerling-Konzern Versicherungs-Beteiligungs-AG)	Germany	Insurance	BB+	BBB	135
	2/28/2003	Shaw Group Inc. (The)	U.S.	Capital goods	BB+	BBB-	1,040
	3/3/2003	Newmont Yandal Operations Ltd. (Newmont Mining Corp.)	Australia	Metals, mining, and steel	BB-	BBB-	300
	3/5/2003	Provident Financial Group, Inc	U.S.	Bank	BB+	BBB-	1,083
	3/7/2003	Interpublic Group of Cos., Inc	U.S.	Media and entertainment	BB+	BBB-	2,846
	3/7/2003	Millennium Chemicals Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	100
	3/10/2003	Invensys PLC	U.K.	Capital goods	BB+	BBB-	3,898
	3/18/2003	MasTec Inc.	U.S.	Capital goods	BB	BBB-	200
	3/28/2003	Sol Melia S.A.	Spain	Media and entertainment	BB+	BBB-	303
	4/1/2003	Rhodia S.A.	France	Chemicals, packaging, and environmental services	BB+	BBB-	1,149
	4/18/2003	AAR Corp.	U.S.	Aerospace and defense	BB-	BBB-	110
	5/6/2003	Starwood Hotels & Resorts Worldwide Inc.	U.S.	Media and entertainment	BB+	BBB-	2,316
	5/7/2003	SK Corp.	Korea	Oil and gas exploration and production	BB+	BBB-	1,250
	5/12/2003	Smithfield Foods Inc.	U.S.	Consumer products	BB+	BBB-	897
	5/19/2003	Northumbrian Water Services Ltd.	U.K.	Utility	BB+	A-	900
	5/20/2003	ArvinMeritor Inc.	U.S.	Automotive	BB+	BBB-	1,600
	5/23/2003	HeidelbergCement AG	Germany	Forest products and building materials	BB+	BBB-	354
	5/27/2003	Aristocrat Leisure Ltd.	Australia	Media and entertainment	BB	BBB-	130
	5/29/2003	(Tower Ltd.)	Australia	Insurance	BB+	BBB-	66
	5/29/2003	Penney (J.C.) Co. Inc.	U.S.	Retail/restaurants	BB+	BBB-	7,130
	6/16/2003	Winn-Dixie Stores Inc.	U.S.	Retail/restaurants	BB+	BBB-	300
	6/20/2003	SEMCO Energy Inc.	U.S.	Utility	BB	BBB-	680
	6/24/2003	Allegheny Technologies Inc.	U.S.	Metals, mining, and steel	BB+	BBB	459
	6/30/2003	RJ Reynolds Tobacco Holdings Inc.	U.S.	Consumer products	BB+	BBB-	1,738
	7/1/2003	British Airways PLC	U.K.	Transportation	BB+	BBB-	1,122
	7/7/2003	Payless ShoeSource Inc.	U.S.	Retail/restaurants	BB	BBB-	200
	7/10/2003	Tenet Healthcare Corp.	U.S.	Health care	BB	BBB-	4,000
	7/21/2003	Consol Energy Inc.	U.S.	Metals, mining, and steel	BB+	BBB-	250
	8/8/2003	Crompton Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	1,010
	9/4/2003	MGM MIRAGE	U.S.	Media and entertainment	BB+	BBB-	3,360
	9/10/2003	Royal Indemnity Co. (Royal & Sun Alliance Insurance Group PLC)	U.S.	Insurance	BB+	BBB-	288
	9/11/2003	Park Place Entertainment Corp.	U.S.	Media and entertainment	BB+	BBB-	3,475
	9/26/2003	Quintiles Transnational Corp.	U.S.	Health care	BB-	BBB-	450
	10/10/2003	Interpool Inc.	U.S.	Transportation	BB+	BBB-	225
	10/30/2003	Mayne Group Ltd.	Australia	Health care	BB	BBB-	547
	11/4/2003	(PMA Capital Corp.)	U.S.	Insurance	BB-	BBB-	133
	12/9/2003	Parmalat Finanziaria SpA	Italy	Consumer products	B+	BBB-	7,177
	12/10/2003	DPL Inc.	U.S.	Utility	BB	BBB	1,225
	12/11/2003	Texas-New Mexico Power Co. (TNP Enterprises Inc.)	U.S.	Utility	BB+	BBB-	800
	12/17/2003	Tupperware Corp.	U.S.	Consumer products	BB+	BBB-	100
	12/17/2003	M-real Corp.	Finland	Forest products and building materials	BB+	BBB-	244
	12/22/2003	Visteon Corp.	U.S.	Automotive	BB+	BBB	1,200
	12/29/2003	New York Water Service Corp.	U.S.	Utility	BB	BBB	10
2004	1/8/2004	Toys "R" Us Inc.	U.S.	Retail/restaurants	BB+	BBB-	1,503
	1/9/2004	Tommy Hilfiger U.S.A. Inc.	U.S.	Consumer products	BB+	BBB-	350
	2/25/2004	Coca Cola Embonor S.A.	Chile	Consumer products	BB+	BBB-	160
	3/2/2004	Valentia Telecommunications upc	Ireland	Telecommunications	BB+	BBB-	1,319
	3/3/2004	Metso Corp.	Finland	Capital goods	BB+	BBB	613
	3/5/2004	Sun Microsystems Inc.	U.S.	High technology	BB+	BBB	1,300
	3/8/2004	IKON Office Solutions Inc.	U.S.	High technology	BB	BBB-	1,500
	4/16/2004	Atlantic Mutual Insurance Co. (Atlantic Mutual Cos.)	U.S.	Insurance	BB+	BBB	100
	4/16/2004	Lubrizol Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	A+	300
	4/19/2004	Adecco S.A.	Switzerland	Media and entertainment	BB+	BBB-	1,987
	4/28/2004	Glanbia PLC	Ireland	Consumer products	BB+	BBB-	100
	5/6/2004	(UnumProvident Corp.)	U.S.	Insurance	BB+	BBB-	1,975
	6/7/2004	Pacific Energy Partners L.P.	U.S.	Oil and gas exploration and production	BB+	BBB-	250
	7/20/2004	TECO Energy Inc.	U.S.	Utility	BB	BBB-	4,300
	7/21/2004	Citizens Communications Co.	U.S.	Telecommunications	BB+	BBB	4,951
	7/23/2004	Ferro Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	355
	8/3/2004	AT&T Corp.	U.S.	Telecommunications	BB+	BBB	17,010
	8/10/2004	National Provident Life Ltd. (HHG PLC)	U.K.	Insurance	BB+	BBB	239
	8/18/2004	Leucadia National Corp.	U.S.	Finance co.	BB	BBB-	1,258
	9/10/2004	Converium Holdings (North America) Inc. (Converium Holding AG)	U.S.	Insurance	BB	BBB-	200
	10/13/2004	HCA Inc.	U.S.	Health care	BB+	BBB-	7,079
	11/2/2004	(Health Net Inc.)	U.S.	Insurance	BB+	BBB-	400
	11/30/2004	Bombardier Inc.	Canada	Aerospace and defense	BB	BBB-	4,854
	12/21/2004	Delphi Corp.	U.S.	Automotive	BB+	BBB-	2,150
2005	1/7/2005	Cap Gemini S.A.	France	High technology	BB+	BBB-	601
	1/21/2005	Intelsat Ltd.	Bermuda	Telecommunications	BB-	BBB+	1,900
	2/24/2005	Anixter International Inc.	U.S.	High technology	BB+	BBB-	219
	3/1/2005	Glatfelter (P.H.) Co.	U.S.	Forest products and building materials	BB+	BBB	150
	3/7/2005	SPX Corp.	U.S.	Capital goods	BB+	BBB-	2,515
	3/15/2005	Liberty Media Corp.	U.S.	Media and entertainment	BB+	BBB-	10,900
	3/28/2005	Sears, Roebuck and Co. (Sears Holdings Corp.)	U.S.	Retail/restaurants	BB+	BBB	2,250
	4/14/2005	Kerr-McGee Corp.	U.S.	Oil and gas exploration and production	BB+	BBB-	3,100
	4/19/2005	Doral Financial Corp.	U.S.	Bank	BB+	BBB-	1,473
	4/21/2005	EMI Group PLC	U.K.	Media and entertainment	BB+	BBB-	1,920
	4/22/2005	Maytag Corp.	U.S.	Consumer products	BB+	BBB-	960
	4/22/2005	Eastman Kodak Co.	U.S.	Media and entertainment	BB+	BBB-	2,138
	4/28/2005	Rock-Tenn Co.	U.S.	Forest products and building materials	BB	BBB-	450
	5/5/2005	General Motors Corp.	U.S.	Automotive	BB	BBB-	291,800
	5/5/2005	Basell B.V.	Netherlands	Chemicals, packaging, and environmental services	BB+	BBB-	600
	5/5/2005	Ford Motor Co.	U.S.	Automotive	BB+	BBB-	161,300
	5/9/2005	Royal Group Technologies Ltd.	Canada	Forest products and building materials	BB	BBB-	121
	5/11/2005	Domtar Inc.	Canada	Forest products and building materials	BB+	BBB-	1,957
	5/12/2005	ISS A/S	Denmark	Consumer products	BB+	BBB+	1,715
	6/10/2005	FKI PLC	U.K.	Capital goods	BB	BBB-	728
	6/10/2005	Central Vermont Public Service Corp.	U.S.	Utility	BB+	BBB-	51
	6/17/2005	Fuji Heavy Industries Ltd.	Japan	Automotive	BB+	BBB-	1,010
	7/7/2005	SunGard Data Systems Inc.	U.S.	High technology	B+	BBB+	5,500
	7/20/2005	Sensient Technologies Corp.	U.S.	Consumer products	BB+	BBB-	300
	7/29/2005	Kellwood Co.	U.S.	Consumer products	BB	BBB-	480
	7/29/2005	Allied Domecq PLC (Pernod Ricard S.A.)	U.K.	Consumer products	BB	BBB+	3,230
	8/2/2005	Lear Corp.	U.S.	Automotive	BB+	BBB-	1,705
	9/8/2005	Quebecor World Inc.	Canada	Media and entertainment	BB+	BBB-	2,607
	9/14/2005	Sears Canada Inc.	Canada	Retail/restaurants	BB+	BBB	501
	9/15/2005	Dana Corp.	U.S.	Automotive	BB+	BBB-	1,749
	9/16/2005	Carter Holt Harvey Ltd. (International Paper Company)	New Zealand	Forest products and building materials	BB	BBB	529
	9/19/2005	(Blyth Inc.)	U.S.	Consumer products	BB+	BBB-	400
	9/20/2005	Entergy New Orleans Inc. (Entergy Corp)	U.S.	Utility	CCC+	BBB	230
	9/30/2005	Neiman Marcus Group Inc. (The)	U.S.	Retail/restaurants	B+	BBB	125
	10/5/2005	Cooper Tire & Rubber Co.	U.S.	Automotive	BB+	BBB-	775
	10/6/2005	Pioneer Natural Resources Co.	U.S.	Oil and gas exploration and production	BB+	BBB-	1,400
	10/25/2005	Allgemeine Hypothekenbank Rheinboden AG (BHW Holding AG)	Germany	Bank	BB+	BBB-	3,908
	11/22/2005	Apria Healthcare Group Inc.	U.S.	Health care	BB+	BBB-	750
	11/22/2005	Sanyo Electric Co. Ltd.	Japan	Capital goods	BB	BBB-	2,026
	12/13/2005	FirstBank Puerto Rico (First BanCorp)	U.S.	Bank	BB+	BBB-	100
	12/22/2005	Hertz Corp.	U.S.	Transportation	BB-	BBB-	6,467
2006	1/26/2006	TDC A/S	Denmark	Telecommunications	BB	BBB+	4,587
	1/27/2006	Affiliated Computer Services Inc.	U.S.	High technology	BB+	BBB+	500
	2/8/2006	EPCOS AG	Germany	High technology	BB+	BBB-	151
	2/16/2006	(PXRE Group Ltd.)	U.S.	Insurance	BB+	BBB-	100
	2/23/2006	Hilton Hotels Corp.	U.S.	Media and entertainment	BB	BBB-	2,625
	2/23/2006	Ladbrokes PLC	U.K.	Media and entertainment	BB	BBB	2,242
	3/6/2006	Rank Group PLC (The)	U.K.	Media and entertainment	BB-	BBB-	462
	3/17/2006	CBRL Group Inc.	U.S.	Retail/restaurants	BB+	BBB-	367
	3/20/2006	Vodafone K.K. (Vodafone Group PLC )	Japan	Telecommunications	BB+	A+	1,072
	3/23/2006	Scholastic Corp.	U.S.	Media and entertainment	BB+	BBB-	475
	5/4/2006	American Axle & Manufacturing Holdings Inc.	U.S.	Automotive	BB	BBB-	575
	5/16/2006	Nasdaq Stock Market, Inc. (The)	U.S.	Brokerage	BB+	BBB-	1,925
	5/17/2006	Banca Popolare di Intra SCPARL	Italy	Bank	BB+	BBB-	192
	5/22/2006	VNU N.V.	Netherlands	Media and entertainment	B+	BBB-	3,808
	6/1/2006	Millipore Corporation	U.S.	Health care	BB+	BBB	100
	6/5/2006	SuperValu Inc.	U.S.	Consumer products	BB-	BBB	6,028
	6/20/2006	Pilkington PLC	U.K.	Forest products and building materials	BB+	BBB	442
	6/22/2006	CITIC Pacific Ltd.	Hong Kong	Diversified	BB+	BBB-	450
	6/23/2006	Nexans S.A.	France	Capital goods	BB+	BBB-	748
	6/26/2006	Sappi Ltd.	South Africa	Forest products and building materials	BB+	BBB-	2,136
	6/26/2006	Valassis Communications Inc.	U.S.	Media and entertainment	BB+	BBB-	410
	6/28/2006	Wendy's International Inc.	U.S.	Retail/restaurants	BB+	BBB-	525
	6/29/2006	Univision Communications Inc.	U.S.	Media and entertainment	BB-	BBB-	1,400
	6/30/2006	Deluxe Corp.	U.S.	Media and entertainment	BB+	BBB-	950
	7/5/2006	CA Inc.	U.S.	High technology	BB	BBB-	1,750
	7/17/2006	ALLTEL Georgia Communications Corp. (Windstream Corp.)	U.S.	Telecommunications	BB+	A-	200
	7/17/2006	Alltel Communications Holdings of the Midwest Inc. (Windstream Corp.)	U.S.	High technology	BB+	A-	100
	7/18/2006	Degussa AG	Germany	Chemicals, packaging, and environmental services	BB	BBB	1,562
	7/24/2006	Skylark Co. Ltd.	Japan	Retail/restaurants	BB	BBB-	429
	8/1/2006	Southwestern Energy Co.	U.S.	Oil and gas exploration and production	BB+	BBB-	568
	8/2/2006	(Scottish Re Group Ltd.)	Cayman Islands	Insurance	BB+	BBB-	976
	8/8/2006	ARAMARK Corp.	U.S.	Consumer products	BB+	BBB-	975
	8/21/2006	Compania Sud Americana de Vapores	Chile	Transportation	BB+	BBB-	202
	8/21/2006	Ashland Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	550
	9/18/2006	Freescale Semiconductor Inc.	U.S.	High technology	BB+	BBB-	1,250
	9/22/2006	Tribune Co.	U.S.	Media and entertainment	BB+	BBB-	2,789
	9/26/2006	Reynolds & Reynolds Co. (The)	U.S.	High technology	B+	BBB	2,485
	10/2/2006	Harrah's Entertainment Inc.	U.S.	Media and entertainment	BB+	BBB-	10,800
	10/24/2006	Road King Infrastructure Ltd.	Hong Kong	Transportation	BB+	BBB-	340
	10/25/2006	RadioShack Corp.	U.S.	Retail/restaurants	BB	BBB-	750
	11/14/2006	Norske Skogindustrier ASA	Norway	Forest products and building materials	BB+	BBB-	1,000
	11/16/2006	Four Seasons Hotels Inc.	Canada	Media and entertainment	BB+	BBB-	250
	11/16/2006	Clear Channel Communications Inc.	U.S.	Media and entertainment	BB+	BBB-	6,650
	11/17/2006	Gap Inc. (The)	U.S.	Retail/restaurants	BB+	BBB-	513
	12/6/2006	Societe Fonciere Lyonnaise S.A.	France	Homebuilders/real estate cos.	BB+	BBB-	125
	12/18/2006	Realogy Corp.	U.S.	Media and entertainment	BB+	BBB	2,850
	12/21/2006	Sabre Holdings Corp.	U.S.	Transportation	BB	BBB	800
2007	1/5/2007	Kinder Morgan Inc.	U.S.	Oil and gas exploration and production	BB-	BBB	6,777
	1/17/2007	Health Management Associates Inc.	U.S.	Health care	B+	BBB	4,555
	1/23/2007	Briggs & Stratton Corp.	U.S.	Consumer products	BB+	BBB-	375
	2/28/2007	Phelps Dodge Corp.	U.S.	Metals, mining, and steel	BB	BBB	1,450
	3/2/2007	TXU Corp.	U.S.	Oil and gas exploration and production	BB	BBB-	11,299
	3/12/2007	Dollar General Corp.	U.S.	Retail/restaurants	BB+	BBB-	200
	3/19/2007	ServiceMaster Co. (The)	U.S.	Consumer products	BB+	BBB-	850
	4/2/2007	First Data Corp.	U.S.	High technology	BB+	A	4,000
	4/23/2007	Telephone & Data Systems Inc.	U.S.	Telecommunications	BB+	BBB-	1,800
	4/26/2007	Harman International Industries Inc.	U.S.	Automotive	BB-	BBB+	150
	4/26/2007	McClatchy Co. (The)	U.S.	Media and entertainment	BB+	BBB	2,700
	5/14/2007	Mylan Laboratories Inc.	U.S.	Health care	BB+	BBB-	1,550
	5/16/2007	Bausch & Lomb Inc.	U.S.	Health care	BB+	BBB	660
	5/21/2007	ALLTEL Corp.	U.S.	Telecommunications	BB	A-	3,740
	6/1/2007	Commonwealth Edison Co. (Exelon Corp.)	U.S.	Utility	BB	BBB-	6,139
	6/18/2007	Omnicare Inc.	U.S.	Health care	BB+	BBB-	2,688
	6/19/2007	Expedia Inc.	U.S.	Media and entertainment	BB+	BBB-	500
	7/2/2007	Manor Care Inc.	U.S.	Health care	B+	BBB-	950
	7/5/2007	Alliance Boots PLC	U.K.	Retail/restaurants	BB-	BBB	1,010
	7/10/2007	Tata Steel Ltd. (Tata Sons Ltd.)	India	Metals, mining, and steel	BB	BBB	9,200
	7/31/2007	Sobeys Inc. (Empire Co. Ltd.)	Canada	Retail/restaurants	BB+	BBB-	258
	8/3/2007	Boston Scientific Corp.	U.S.	Health care	BB+	BBB-	3,050
	8/29/2007	Olin Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	200
	9/10/2007	Jones Apparel Group Inc.	U.S.	Consumer products	BB+	BBB-	750
	9/24/2007	BCE Inc.	Canada	Telecommunications	BB-	A-	14,042
	9/26/2007	Meinl European Land Ltd.	Channel Islands	Homebuilders/real estate cos.	BB+	BBB-	848
	10/1/2007	Belo Corp.	U.S.	Media and entertainment	BB+	BBB-	1,050
	10/9/2007	Archstone-Smith Operating Trust (Tishman Speyer Archstone-Smith Multifamily Guarantor L.P.)	U.S.	Homebuilders/real estate cos.	BB-	BBB+	4,956
	10/9/2007	TMB Bank Public Co. Ltd.	Thailand	Bank	BB+	BBB-	200
	10/17/2007	Nuveen Investments, Inc.	U.S.	Bank	B+	BBB	3,650
	11/1/2007	Residential Capital, LLC (General Motors Corp.)	U.S.	Finance co.	BB+	BBB-	16,632
	11/2/2007	Pulte Homes Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	3,537
	11/2/2007	D.R. Horton Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	3,800
	11/2/2007	Lennar Corp.	U.S.	Homebuilders/real estate cos.	BB+	BBB	2,173
	11/21/2007	BAA Ltd.	U.K.	Transportation	BB-	BBB+	10,635
	12/10/2007	Indymac Bancorp	U.S.	S&L	BB+	BBB-	675
	12/13/2007	YRC Worldwide Inc.	U.S.	Transportation	BB+	BBB-	1,025
	12/14/2007	Centro NP LLC (Centro Properties Group)	U.S.	Homebuilders/real estate cos.	BB+	BBB	1,425
	12/19/2007	Kingsway Financial Services Inc.	Canada	Insurance	BB+	BBB-	449
	12/19/2007	ACA Financial Guaranty Corp. (ACA Capital Holdings Inc.)	U.S.	Insurance	CCC	A	100
	12/24/2007	EMAP PLC	U.K.	Media and entertainment	B	BBB-	495
2008	2/6/2008	Norbord Inc.	Canada	Forest products and building materials	BB	BBB-	637
	2/15/2008	Centex Corp.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	3,375
	3/5/2008	Universal American Corp.	U.S.	Insurance	BB+	BBB-	500
	3/11/2008	Thomson	France	High technology	BB	BBB-	769
	3/18/2008	General Growth Properties, Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	4,311
	3/20/2008	Gecina	France	Homebuilders/real estate cos.	BB+	BBB-	1,691
	4/3/2008	Triad Guaranty Inc.	U.S.	Insurance	BB	A-	35
	4/3/2008	Royal Caribbean Cruises Ltd.	U.S.	Media and entertainment	BB+	BBB-	4,036
	4/4/2008	Jabil Circuit Inc.	U.S.	High technology	BB+	BBB-	550
	4/8/2008	Broadridge Financial Solutions Inc.	U.S.	Brokerage	BB	BBB-	250
	4/15/2008	Office Depot Inc.	U.S.	Retail/restaurants	BB+	BBB-	400
	4/18/2008	PNM Resources Inc	U.S.	Utility	BB+	BBB-	1,522
	5/1/2008	Sprint Nextel Corp.	U.S.	Telecommunications	BB	BBB-	19,585
	5/1/2008	Ryland Group Inc. (The)	U.S.	Homebuilders/real estate cos.	BB+	BBB-	825
	5/2/2008	Countrywide Financial Corp.	U.S.	Bank	BB+	BBB+	26,360
	6/3/2008	Liz Claiborne Inc.	U.S.	Consumer products	BB+	BBB	1,294
	6/23/2008	SourceGas LLC	U.S.	Utility	BB+	BBB-	325
	7/1/2008	Pioneer Corp.	Japan	Capital goods	BB+	BBB-	664
	7/8/2008	Brunswick Corp.	U.S.	Media and entertainment	BB+	BBB-	725
	7/25/2008	Downey Financial Corp.	U.S.	S&L	BB+	BBB-	200
	7/29/2008	Louisiana-Pacific Corp.	U.S.	Forest products and building materials	BB+	BBB-	200
	8/6/2008	ITV PLC	U.K.	Media and entertainment	BB+	BBB-	2,619
	8/8/2008	LandAmerica Financial Group, Inc.	U.S.	Insurance	BB+	BBB-	125
	8/22/2008	Chartered Semiconductor Manufacturing Ltd.	Singapore	High technology	BB+	BBB-	972
	8/26/2008	Radian Group Inc.	U.S.	Insurance	BB+	BBB	970
	9/4/2008	Tyson Foods Inc.	U.S.	Consumer products	BB	BBB-	3,354
	9/15/2008	Washington Mutual, Inc.	U.S.	S&L	BB-	BBB-	29,803
	9/15/2008	Lehman Brothers Holdings Inc.	U.S.	Brokerage	SD	A	79,455
	10/6/2008	CIR-Compagnie Industriali Riunite SpA	Italy	Diversified	BB+	BBB-	1,495
	10/7/2008	Wrigley (Wm.) Jr. Company	U.S.	Consumer products	BB+	A+	1,000
	10/7/2008	Glitnir banki hf.	Iceland	Bank	CCC	BBB	2,527
	10/9/2008	Wendel	France	Financial institutions	BB+	BBB-	3,399
	10/9/2008	Controladora Comercial Mexicana, S. A. B. de C. V.	Mexico	Retail/restaurants	CC	BBB-	465
	10/13/2008	GRUMA, S. A. B. de C. V.	Mexico	Consumer products	BB	BBB-	300
	10/17/2008	Primus Guaranty Ltd.	Bermuda	Bank	BB	BBB+	100
	10/23/2008	New York Times Co. (The)	U.S.	Media and entertainment	BB-	BBB-	724
	10/24/2008	HeidelbergCement AG	Germany	Forest products and building materials	BB+	BBB-	4,822
	10/27/2008	Republic of Romania	Romania	Sovereign	BB+	BBB-	4,406
	10/29/2008	Banca Comerciala Romana (Erste Group Bank AG)	Romania	Bank	BB+	BBB-	705
	10/31/2008	Phoenix Companies, Inc. (The)	U.S.	Insurance	BB+	BBB-	475
	11/7/2008	Convergys Corp.	U.S.	Telecommunications	BB+	BBB-	250
	11/7/2008	Aeroporti di Roma SpA	Italy	Transportation	BB+	BBB-	1,745
	11/11/2008	Stora Enso Oyj	Finland	Forest products and building materials	BB+	BBB-	3,093
	11/25/2008	CMA CGM S.A.	France	Transportation	BB+	BBB-	939
	11/25/2008	MOL Hungarian Oil and Gas PLC	Hungary	Oil and gas exploration and production	BB+	BBB-	1,738
	11/28/2008	Country Garden Holdings Co. Ltd.	China	Homebuilders/real estate cos.	BB+	BBB-	600
	12/2/2008	National Central Cooling Co. PJSC	United Arab Emirates	Utility	BB	BBB-	663
	12/4/2008	Wan Hai Lines Ltd.	Taiwan	Transportation	BB+	BBB-	325
	12/5/2008	Motorola Inc.	U.S.	High technology	BB+	BBB	3,918
	12/16/2008	Nine Dragons Paper (Holdings) Ltd.	China	Forest products and building materials	BB	BBB-	300
	12/18/2008	Banca di Credito Cooperativo dell'Alta Padovana SCaRL	Italy	Bank	BB	BBB-	215
	12/19/2008	Limited Brands	U.S.	Retail/restaurants	BB+	BBB-	2,150
	12/22/2008	Starwood Hotels & Resorts Worldwide Inc.	U.S.	Media and entertainment	BB+	BBB-	2,250
	12/23/2008	Reckson Operating Partnership, L.P. (SL Green Realty Corp)	U.S.	Homebuilders/real estate cos.	BB+	BBB-	1,063
	12/24/2008	AutoNation Inc.	U.S.	Automotive	BB+	BBB-	1,200
2009	1/13/2009	Gazprombank (OAO Gazprom )	Russia	Bank	BB+	BBB-	6,239
	1/14/2009	American Greetings Corp.	U.S.	Media and entertainment	BB+	BBB-	300
	1/16/2009	Puget Energy Inc.	U.S.	Utility	BB+	BBB-	2,709
	1/16/2009	Sealed Air Corp.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	1,525
	1/21/2009	Cemex S.A.B. de C.V.	Mexico	Forest products and building materials	BB+	BBB-	4,455
	1/27/2009	Continental AG	Germany	Automotive	BB	BBB-	525
	1/30/2009	Colonial BancGroup Inc.	U.S.	Bank	B	BBB-	1,180
	2/9/2009	American General Finance Corp. (American International Group Inc.)	U.S.	Finance co.	BB+	BBB	15,956
	2/11/2009	PHH Corp.	U.S.	Finance co.	BB+	BBB-	677
	2/13/2009	Fortis SA/NV (Fortis Group)	Belgium	Bank	BB	BBB-	23,237
	2/18/2009	MBIA Inc.	U.S.	Insurance	BB+	A-	9,402
	2/20/2009	Allied Capital Corp.	U.S.	Finance co.	BB+	BBB-	850
	2/23/2009	Janus Capital Group Inc.	U.S.	Bank	BB+	BBB-	2,238
	2/24/2009	Republic of Latvia	Latvia	Sovereign	BB+	BBB-	1,705
	2/24/2009	Security Benefit Life Insurance Co.	U.S.	Insurance	BB	BBB+	150
	3/2/2009	iStar Financial Inc.	U.S.	Finance co.	BB	BBB-	8,220
	3/2/2009	Capmark Financial Group Inc.	U.S.	Finance co.	B+	BBB-	8,050
	3/2/2009	Gannett Co., Inc.	U.S.	Media and entertainment	BB	BBB-	1,750
	3/3/2009	American Capital Ltd.	U.S.	Finance co.	BB-	BBB-	800
	3/6/2009	British Airways PLC	U.K.	Transportation	BB+	BBB-	729
	3/6/2009	First Industrial Realty Trust Inc.	U.S.	Homebuilders/real estate cos.	BB	BBB-	1,840
	3/9/2009	ETA Group	United Arab Emirates	Diversified	BB+	BBB-	900
	3/11/2009	Mohawk Industries Inc.	U.S.	Consumer products	BB+	BBB-	1,800
	3/12/2009	National Semiconductor Corp.	U.S.	High technology	BB+	BBB-	1,000
	3/13/2009	GKN Holdings PLC	U.K.	Capital goods	BB+	BBB-	932
	3/13/2009	Mortgage Guaranty Insurance Corp.	U.S.	Insurance	BB	A-	825
	3/18/2009	Victor Co. of Japan Ltd. (JVC Corp.)	Japan	Capital goods	BB	BBB-	202
	3/19/2009	West Fraser Timber Co. Ltd.	Canada	Forest products and building materials	BB+	BBB-	418
	3/20/2009	Teck Cominco Ltd.	Canada	Metals, mining, and steel	BB+	BBB-	1,200
	3/30/2009	Colonial Properties Trust	U.S.	Homebuilders/real estate cos.	BB+	BBB-	1,453
	3/31/2009	Gruppo Editoriale L'Espresso SpA	Italy	Media and entertainment	BB+	BBB-	395
	3/31/2009	Fiat SpA	Italy	Automotive	BB+	BBB-	7,628
	4/1/2009	UPM-Kymmene Corp.	Finland	Forest products and building materials	BB+	BBB-	2,723
	4/2/2009	Developers Diversified Realty Corp.	U.S.	Homebuilders/real estate cos.	BB	BBB-	2,805
	4/8/2009	PMI Group, Inc. (The)	U.S.	Insurance	CCC	BBB-	841
	4/16/2009	Macy's Inc.	U.S.	Retail/restaurants	BB	BBB-	10,176
	4/16/2009	Penney (J.C.) Co. Inc.	U.S.	Retail/restaurants	BB	BBB-	6,208
	4/21/2009	Popular Inc.	U.S.	Bank	BB+	BBB-	2,423
	4/23/2009	Daily Mail & General Trust PLC	U.K.	Media and entertainment	BB+	BBB-	964
	4/23/2009	Hrvatska Elektroprivreda d.d.	Croatia	Utility	BB+	BBB-	210
	5/5/2009	Sotheby's	U.S.	Retail/restaurants	BB-	BBB-	350
	5/13/2009	Fairfax Media Ltd.	Australia	Media and entertainment	BB+	BBB-	2,542
	5/15/2009	Drax Power Ltd.	U.K.	Utility	BB+	BBB-	909
	6/2/2009	CapitalSource Inc.	U.S.	Finance co.	BB	BBB-	250
	6/12/2009	CIT Group, Inc.	U.S.	Finance co.	BB-	BBB-	38,191
	6/15/2009	Takefuji Corp.	Japan	Finance co.	BB+	BBB-	2,435
	6/15/2009	Aiful Corp.	Japan	Finance co.	BB	BBB-	3,128
	6/16/2009	Wienerberger AG	Austria	Forest products and building materials	BB+	BBB-	1,300
	6/16/2009	Ethan Allen Interiors Inc.	U.S.	Consumer products	BB	BBB-	200
	6/17/2009	Citizens Republic Bancorp, Inc.	U.S.	Bank	BB-	BBB-	750
	6/17/2009	Whitney Holding Corp.	U.S.	Bank	BB+	BBB	150
	6/17/2009	Synovus Financial Corp.	U.S.	Bank	BB-	BBB+	750
	6/17/2009	Huntington Bancshares Inc.	U.S.	Bank	BB+	BBB	1,565
	6/19/2009	Renault S.A.	France	Automotive	BB	BBB-	12,728
	6/24/2009	Ambac Financial Group, Inc.	U.S.	Insurance	BB	BBB	2,200
	6/25/2009	BW Group Limited	Bermuda	Transportation	BB+	BBB-	500
	6/30/2009	Landsvirkjun	Iceland	Utility	BB	BBB-	1,384
	6/30/2009	Vodokanal St. Petersburg (City of St. Petersburg)	Russia	Utility	BB+	BBB-	84
	7/7/2009	Acquedotto Pugliese SpA	Italy	Utility	BB+	BBB-	267
	7/7/2009	JSC NC KazMunayGas	Kazakhstan	Oil and gas exploration and production	BB+	BBB-	3,850
	7/9/2009	Brussels Airport Holding S.A./N.V.	Belgium	Transportation	BB+	BBB	2
	8/6/2009	Peugeot S.A.	France	Automotive	BB+	BBB-	12,762
	8/13/2009	MARAC Finance Ltd.	New Zealand	Finance co.	BB+	BBB-	68
	8/13/2009	South Canterbury Finance Ltd.	New Zealand	Finance co.	BB+	BBB-	204
	8/25/2009	Interconexion Electrica S.A. E.S.P. (ISA)	Colombia	Utility	BB+	BBB-	554
	9/4/2009	AES Panama, S. A.	Panama	Utility	BB+	BBB-	300
	9/23/2009	BE Aerospace Inc.	U.S.	Aerospace and defense	BB+	BBB-	1,125
	11/17/2009	ThyssenKrupp AG	Germany	Capital goods	BB+	BBB-	6,842
	11/24/2009	Radian Asset Assurance Inc. (Radian Group Inc.)	U.S.	Insurance	BB	BBB-	150
	11/25/2009	Associated Banc Corp.	U.S.	Bank	BB+	BBB	401
	11/26/2009	Gulf Finance House G.S.C.	Bahrain	Bank	BB+	BBB-	200
	12/2/2009	DP World Ltd. (Dubai World Corp.)	United Arab Emirates	Transportation	BB+	BBB-	3,250
	12/2/2009	Dubai Holding Commercial Operations Group LLC	United Arab Emirates	Financial institutions	BB+	BBB+	2,824
	12/2/2009	Jebel Ali Free Zone (FZE) (Dubai World Corp.)	United Arab Emirates	Homebuilders/real estate cos.	B+	BBB-	2,042
	12/22/2009	RusHydro (OJSC)	Russia	Utility	BB+	BBB-	164
2010	2/1/2010	Wilmington Trust Corp.	U.S.	Bank	BB+	BBB-	809
	2/19/2010	Public Power Corp. S.A.	Greece	Utility	BB+	BBB-	544
	4/1/2010	Gulf Investment Corporation G.S.C.	Kuwait	Bank	BB-	BBB-	1,044
	4/7/2010	Phillips-Van Heusen Corp.	U.S.	Consumer products	BB+	BBB-	400
	4/27/2010	Hellenic Republic	Greece	Sovereign	BB+	BBB+	332,890
	4/27/2010	EFG Eurobank Ergasias S.A.	Greece	Bank	BB	BBB	14,177
	4/27/2010	Alpha Bank A.E.	Greece	Bank	BB	BBB	29,217
	4/27/2010	National Bank of Greece S.A.	Greece	Bank	BB+	BBB+	1,323
	4/27/2010	Piraeus Bank S.A.	Greece	Bank	BB	BBB	5,872
	6/25/2010	Universal Health Services Inc.	U.S.	Health care	BB	BBB-	3,150
	7/2/2010	QEP Resources Inc.	U.S.	Utility	BB+	BBB+	1,300
	7/15/2010	Nufarm Ltd.	Australia	Chemicals, packaging, and environmental services	BB	BBB-	222
	7/30/2010	Aldar Properties PJSC	United Arab Emirates	Homebuilders/real estate cos.	BB-	A-	2,271
	9/13/2010	Tomkins Finance PLC (Pinafore Holdings B.V.)	U.K.	Capital goods	BB-	BBB	614
	10/7/2010	Banca Carim - Cassa di Risparmio di Rimini SpA	Italy	Bank	BB	BBB-	70
	10/21/2010	Marshall & Ilsley Corporation	U.S.	Bank	BB+	BBB-	4,930
	11/23/2010	Regions Financial Corp.	U.S.	Bank	BB+	BBB-	8,210
	11/26/2010	Anglo Irish Bank Corp. Ltd.	Ireland	Bank	B	BBB	7,463
	12/2/2010	Pactiv Corp. (Reynolds Group Holdings Ltd.)	U.S.	Chemicals, packaging, and environmental services	B+	BBB	1,026
	12/6/2010	SSAB AB	Sweden	Metals, mining, and steel	BB+	BBB-	2,015
2011	1/4/2011	Israel Electric Corp. Ltd.	Israel	Utility	BB+	BBB-	3,196
	1/11/2011	Promise Co. Ltd. (Sumitomo Mitsui Financial Group Inc.)	Japan	Finance co.	BB	BBB-	2,374
	2/2/2011	Allied Irish Banks PLC	Ireland	Bank	BB	BBB	38,978
	2/2/2011	Bank of Ireland	Ireland	Bank	BB+	BBB+	28,012
	2/8/2011	Hashemite Kingdom of Jordan	Jordan	Sovereign	BB+	BBB-	2,458
	2/10/2011	Arab Bank PLC (Arab Bank Group)	Jordan	Bank	BB+	BBB-	36
	3/4/2011	Comboios de Portugal, E.P.E	Portugal	Transportation	BB	BBB	3,325
	3/4/2011	PARPUBLICA - Participacoes Publicas (SGPS), S.A.	Portugal	Financial institutions	BB+	BBB	5,728
	3/4/2011	Rede Ferroviaria Nacional REFER, E.P.E. (Republic of Portugal )	Portugal	Transportation	BB	BBB	3,771
	3/8/2011	Hellenic Telecommunications Organization S.A.	Greece	Telecommunications	BB	BBB-	4,749
	3/10/2011	Socialist People's Libyan Arab Jamahiriya	Libyan Arab Jamahiriya	Sovereign	BB	BBB+	0
	3/17/2011	Lafarge S.A.	France	Forest products and building materials	BB+	BBB-	15,826
	3/18/2011	Vulcan Materials Co.	U.S.	Forest products and building materials	BB	BBB-	1,971
	4/1/2011	CenturyLink, Inc.	U.S.	Telecommunications	BB	BBB-	21,644
	4/1/2011	BES Investimento do Brasil S.A. - Banco de Investimento (Banco Espirito Santo, S.A.)	Brazil	Bank	BB+	BBB-	500
	4/5/2011	Irish Life & Permanent PLC	Ireland	Mortgage Institution	BB+	BBB-	8,413
	4/25/2011	NGPL PipeCo. LLC	U.S.	Utility	BB+	BBB-	3,000
	5/10/2011	Kawasaki Kisen Kaisha Ltd.	Japan	Transportation	BB+	BBB-	1,120
	5/16/2011	Donnelley (R.R.) & Sons Company	U.S.	Media and entertainment	BB+	BBB-	4,350
	5/30/2011	Tokyo Electric Power Co. Inc.	Japan	Utility	B+	BBB	64,994
	6/8/2011	ACOM Co. Ltd. (Mitsubishi UFJ Financial Group, Inc.)	Japan	Finance co.	BB+	BBB-	2,497
	6/27/2011	Toll Brothers Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	1,600
	6/27/2011	MDC Holdings Inc.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	1,250
	7/1/2011	SEACOR Holdings Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	450
	7/18/2011	CITIC Pacific Ltd. (CITIC Group)	Hong Kong	Diversified	BB+	BBB-	500
	7/26/2011	Sunoco Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	2,300
	7/27/2011	Polkomtel S.A.	Poland	Telecommunications	BB+	BBB+	363
	8/4/2011	Yellow Media Inc. (Yellow Pages Income Fund)	Canada	Media and entertainment	BB+	BBB-	3,368
	9/27/2011	Buzzi Unicem SpA	Italy	Forest products and building materials	BB+	BBB-	909
	9/30/2011	Controladora Mabe, S.A. de C.V.	Mexico	Consumer products	BB+	BBB-	550
	10/18/2011	Cassa di Risparmio di Cento SpA	Italy	Bank	BB+	BBB-	118
	10/28/2011	Zenith National Insurance Corp. (Fairfax Financial Holdings Ltd.)	U.S.	Insurance	BB+	BBB-	67
	10/31/2011	MF Global Holdings Ltd.	United States	Brokerage	D	BBB-	1,200
	11/23/2011	Commercial Metals Co.	U.S.	Metals, mining, and steel	BB+	BBB-	1,100
	11/29/2011	Romania	Romania	Sovereign	BB+	BBB-	5,580
	11/29/2011	Franshion Properties (China) Ltd.	Hong Kong	Homebuilders/real estate cos.	BB+	BBB-	500
	12/2/2011	Franz Haniel & Cie GmbH	Germany	Financial institutions	BB+	BBB-	2,017
	12/6/2011	Banco Bilbao Vizcaya Argentaria Puerto Rico (Banco Bilbao Vizcaya Argentaria, S.A.)	U.S.	Bank	BB+	BBB	520
	12/7/2011	Dexia Crediop SpA (Dexia S.A.)	Italy	Bank	BB+	BBB+	1,350
	12/15/2011	Banco Financiero y de Ahorros S.A. (Caja de Ahorros y Monte de Piedad de Madrid)	Spain	Bank	BB+	BBB-	24,768
	12/16/2011	Caixa Geral de Depositos S.A.	Portugal	Bank	BB+	BBB-	9,480
	12/16/2011	Banco Comercial Portugues, S.A.	Portugal	Bank	BB	BBB-	14,031
	12/16/2011	Banco BPI S.A.	Portugal	Bank	BB+	BBB-	8,170
	12/16/2011	Banco Espirito Santo, S.A.	Portugal	Bank	BB	BBB-	15,687
	12/21/2011	Capital Power Income L.P. (Atlantic Power Corp.)	Canada	Utility	BB-	BBB	609
	12/21/2011	Republic of Hungary	Hungary	Sovereign	BB+	BBB-	51,177
2012	1/13/2012	Republic of Portugal	Portugal	Sovereign	BB	BBB-	118,816
	1/13/2012	Republic of Cyprus	Cyprus	Sovereign	BB+	BBB	14,044
	1/20/2012	Portugal Telecom SGPS S.A.	Portugal	Telecommunications	BB+	BBB-	7,396
	1/30/2012	Rockies Express Pipeline LLC	U.S.	Utility	BB	BBB-	3,000
	2/1/2012	EDP - Energias de Portugal, S.A.	Portugal	Utility	BB+	BBB	18,736
	2/15/2012	Eksportfinans ASA	Norway	Bank	BB+	BBB+	14,446
	2/16/2012	F&C Asset Management PLC	U.K.	Bank	BB+	BBB-	431
	2/27/2012	REN-Redes Energeticas Nacionais, SGPS, S.A.	Portugal	Utility	BB+	BBB-	1,266
	2/28/2012	AmerenEnergy Generating Co. (Ameren Corp.)	U.S.	Utility	BB	BBB-	825
	3/6/2012	Edison SpA	Italy	Utility	BB+	BBB-	2,376
	4/5/2012	Capstone Infrastructure Corp	Canada	Utility	BB+	BBB-	388
	4/23/2012	GFI Group Inc.	U.S.	Brokerage	BB+	BBB-	250
	4/27/2012	Nokia Corp.	Finland	High technology	BB+	BBB-	3,813
	4/30/2012	Banca Civica S.A.	Spain	Bank	BB+	BBB-	1,723
	4/30/2012	Banco de Sabadell S.A.	Spain	Bank	BB+	BBB-	5,349
	5/23/2012	Republic of Tunisia	Tunisia	Sovereign	BB	BBB-	3,734
	5/25/2012	Bankinter S.A.	Spain	Bank	BB+	BBB-	5,247
	5/25/2012	Banco Popular Espanol, S.A.	Spain	Bank	BB+	BBB-	2,885
	5/28/2012	Italcementi SpA (Italmobiliare SpA)	Italy	Forest products and building materials	BB+	BBB-	1,565
	5/29/2012	Arab Tunisian Bank (Arab Bank Group)	Tunisia	Bank	BB	BBB-	31
	6/20/2012	Choice Hotels International Inc.	U.S.	Media and entertainment	BB+	BBB	650
	6/25/2012	Groupama S.A.	France	Insurance	BB	BBB-	2,828
	6/26/2012	Cimpor Cimentos de Portugal, S.G.P.S., S.A.	Portugal	Forest products and building materials	BB	BBB-	603
	7/6/2012	NuStar Energy L.P.	U.S.	Utility	BB+	BBB-	1,650
	7/17/2012	Barbados	Barbados	Sovereign	BB+	BBB-	1,432
	8/2/2012	ArcelorMittal	Luxembourg	Metals, mining, and steel	BB+	BBB-	23,824
	8/3/2012	Caja de Ahorros y Pensiones de Barcelona	Spain	Bank	BB+	BBB-	5,100
	8/3/2012	Banca Popolare dell'Emilia Romagna S.C.	Italy	Bank	BB+	BBB	1,922
	8/3/2012	Banca Popolare di Milano SCRL	Italy	Bank	BB+	BBB-	4,502
	8/3/2012	Banca Carige SpA	Italy	Bank	BB+	BBB-	2,259
	8/3/2012	Banca Popolare di Vicenza ScpA	Italy	Bank	BB+	BBB-	5,005
	8/6/2012	Best Buy Co. Inc.	U.S.	Retail/restaurants	BB+	BBB-	1,500
	8/9/2012	Unipol Gruppo Finanziario SpA	Italy	Insurance	BB+	BBB-	1,674
	8/24/2012	Usinas Siderurgicas de Minas Gerais S.A. (Usiminas)	Brazil	Metals, mining, and steel	BB+	BBB-	400
	8/31/2012	Sharp Corp.	Japan	Capital goods	BB+	BBB	4,955
	10/19/2012	Co-operative Group Ltd.	U.K.	Retail/restaurants	BB+	BBB-	1,292
	11/8/2012	DPL Inc. (AES Corp. (The))	U.S.	Utility	BB	BBB-	1,915
	11/15/2012	Gold Fields Ltd.	South Africa	Metals, mining, and steel	BB+	BBB-	1,000
	11/23/2012	Ibercaja Banco S.A. (Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA))	Spain	Bank	BB+	BBB-	718
	12/5/2012	Banca Monte dei Paschi di Siena SpA	Italy	Bank	BB+	BBB-	18,129
	12/14/2012	Republic of Croatia	Croatia	Sovereign	BB+	BBB-	11,773
	12/17/2012	Hrvatska banka za obnovu i razvitak (Republic of Croatia)	Croatia	Bank	BB+	BBB-	526
	12/20/2012	Veneto Banca S.C.P.A.	Italy	Bank	BB+	BBB-	2,438
2013	1/18/2013	Finmeccanica SpA	Italy	Aerospace and defense	BB+	BBB-	6,127
	2/13/2013	Sagicor Life Inc.	Barbados	Insurance	BB+	BBB-	150
	3/22/2013	Banco Popolare Societa Cooperativa SCRL	Italy	Bank	BB+	BBB-	18,667
	3/28/2013	Barry Callebaut AG	Switzerland	Consumer products	BB+	BBB-	772
	4/12/2013	RONA Inc.	Canada	Retail/restaurants	BB+	BBB-	564
	5/28/2013	China Metallurgical Group Corporation	China	Capital goods	BB+	BBB-	500
	6/10/2013	CommonWealth REIT	U.S.	Homebuilders/real estate cos.	BB+	BBB-	2,760
	6/17/2013	Heinz (H.J.) Co.	U.S.	Consumer products	BB-	BBB+	16,373
	6/21/2013	SNS REAAL N.V.	Netherlands	Bank	BB+	BBB-	6,564
	6/25/2013	NLMK OJSC	Russia	Metals, mining, and steel	BB+	BBB-	2,600
	7/8/2013	Softbank Corp.	Japan	High technology	BB+	BBB	3,287
	7/17/2013	AngloGold Ashanti Ltd.	South Africa	Metals, mining, and steel	BB+	BBB-	2,750
	7/24/2013	Iccrea Holding SpA	Italy	Bank	BB+	BBB-	2,628
	7/24/2013	FGA Capital SpA	Italy	Bank	BB+	BBB-	1,978
	7/29/2013	BMC Software Inc.	U.S.	High technology	B+	BBB+	5,744
	7/31/2013	ADT Corporation (The)	U.S.	High technology	BB-	BBB-	3,200
	8/6/2013	Al Baraka Banking Group B.S.C.	Bahrain	Bank	BB+	BBB-	400
	9/11/2013	Dell Inc.	U.S.	High technology	BB-	BBB	13,550
	9/30/2013	Yanzhou Coal Mining Company Limited	China	Metals, mining, and steel	BB+	BBB-	1,000
	11/12/2013	D.E MASTER BLENDERS 1753 N.V	Netherlands	Consumer products	B+	BBB	4,011
	11/14/2013	AES Panama, S. A.	Panama	Utility	BB+	BBB-	300
	11/14/2013	Telecom Italia SpA	Italy	Telecommunications	BB+	BBB-	48,302
	11/25/2013	IDBI Bank Ltd.	India	Bank	BB+	BBB-	1,778
	11/27/2013	First Horizon National Corp.	U.S.	Bank	BB+	BBB-	2,100
	12/5/2013	Qantas Airways Ltd.	Australia	Transportation	BB+	BBB-	1,651
	12/9/2013	IPALCO Enterprises Inc. (AES Corp. (The))	U.S.	Utility	BB+	BBB-	1,601
	12/10/2013	Volcan Compania Minera S.A.A.	Peru	Metals, mining, and steel	BB+	BBB-	600
	12/19/2013	Bahrain Telecommunications Co.	Bahrain	Telecommunications	BB+	BBB-	650
	12/20/2013	Harsco Corp.	U.S.	Capital goods	BB+	BBB-	700
2014	2/3/2014	ONEOK Inc.	U.S.	Utility	BB+	BBB	7,700
	2/4/2014	Government Development Bank for Puerto Rico	U.S.	Bank	BB	BBB-	5,435
	2/20/2014	Mallinckrodt plc	Ireland	Health care	BB-	BBB-	2,200
	3/31/2014	Avago Technologies Finance Pte. Ltd. (Avago Technologies Holdings Pte. Ltd.)	Singapore	High technology	BB+	BBB-	4,600
	4/4/2014	Telephone and Data Systems Inc.	U.S.	Telecommunications	BB+	BBB-	1,521
	4/14/2014	Banco ABC Brasil S.A. (Arab Banking Corp. B.S.C.)	Brazil	Bank	BB+	BBB-	113
	4/30/2014	Navient Inc. (Navient Corporation)	U.S.	Finance co.	BB	BBB-	18,846
	5/15/2014	AerCap Holdings N.V.	Netherlands	Transportation	BB+	BBB-	16,800
	5/20/2014	Banco Votorantim S.A. (Votorantim Participacoes S.A.)	Brazil	Bank	BB+	BBB-	1,350
	5/30/2014	PPL Energy Supply LLC (PPL Corp.)	U.S.	Utility	BB+	BBB	2,550
	6/16/2014	Williams Companies Inc. (The)	U.S.	Utility	BB+	BBB	16,821
	6/18/2014	FirstRand Ltd.	South Africa	Bank	BB+	BBB-	643
	7/18/2014	Oi S.A.	Brazil	Telecommunications	BB+	BBB-	18,323
	8/5/2014	Remy Cointreau S.A.	France	Consumer products	BB+	BBB-	375
	9/3/2014	Energen Corp.	U.S.	Utility	BB	BBB-	752
	10/3/2014	Companhia Siderurgica Nacional (CSN)	Brazil	Metals, mining, and steel	BB+	BBB-	3,050
	10/7/2014	Cliffs Natural Resources Inc.	U.S.	Metals, mining, and steel	BB-	BBB-	2,900
	10/20/2014	URS Corporation	U.S.	Capital goods	BB	BBB-	2,000
	11/3/2014	Avon Products Inc.	U.S.	Consumer products	BB+	BBB-	2,350
	11/3/2014	Indian Overseas Bank	India	Bank	BB+	BBB-	1,000
	11/6/2014	Genworth Financial Inc.	U.S.	Insurance	BB+	BBB-	7,169
	11/20/2014	AREVA	France	Utility	BB+	BBB-	7,629
	12/12/2014	Republic of Bulgaria	Bulgaria	Sovereign	BB+	BBB-	333,036
	12/16/2014	American Realty Capital Properties Inc.	U.S.	Homebuilders/real estate cos.	BB	BBB-	6,300
	12/17/2014	Odebrecht Oleo e Gas S.A. (Odebrecht S.A.)	Brazil	Oil and gas exploration and production	BB+	BBB-	550
2015	1/14/2015	Tesco PLC	U.K.	Retail/restaurants	BB+	BBB-	17,195
	1/26/2015	Russian Federation	Russia	Sovereign	BB+	BBB-	175,896
	1/28/2015	Safeway Inc.	U.S.	Retail/restaurants	B	BBB	2,330
	1/29/2015	Vnesheconombank (Russian Federation)	Russia	Bank	BB+	BBB-	13,633
	1/30/2015	International Game Technology	U.S.	Media and entertainment	BB+	BBB-	1,300
	1/30/2015	CAP S.A.	Chile	Metals, mining, and steel	BB+	BBB-	200
	1/30/2015	GTECH S.p.A. (Georgia Worldwide PLC)	Italy	Media and entertainment	BB+	BBB-	2,830
	2/2/2015	SME Bank (Russian Federation)	Russia	Bank	BB+	BBB-	144
	2/4/2015	ZAO UniCredit Bank (UniCredit SpA)	Russia	Bank	BB+	BBB-	72
	2/4/2015	Raiffeisenbank ZAO (Raiffeisen Banking Group Austria)	Russia	Bank	BB+	BBB-	144
	2/4/2015	Gazprom OAO	Russia	Integrated oil and gas	BB+	BBB-	63,911
	2/4/2015	Gazprombank	Russia	Bank	BB+	BBB-	14,093
	2/4/2015	Oil Company Rosneft OJSC	Russia	Oil and gas exploration and production	BB+	BBB-	9,400
	2/4/2015	Mobile TeleSystems (OJSC) (Sistema (JSFC))	Russia	Telecommunications	BB+	BBB-	3,754
	2/4/2015	Federal Grid Co. of the Unified Energy System	Russia	Utility	BB+	BBB-	504
	2/4/2015	OAO AK Transneft	Russia	Utility	BB+	BBB-	2,100
	2/4/2015	VTB Bank JSC (Russian Federation)	Russia	Bank	BB+	BBB-	19,874
	2/4/2015	Russian Railways JSC	Russia	Transportation	BB+	BBB-	13,302
	2/4/2015	LLC Rusfinance Bank (Societe Generale)	Russia	Bank	BB+	BBB-	345
	2/4/2015	OAO NOVATEK	Russia	Oil and gas exploration and production	BB+	BBB-	5,903
	2/4/2015	MegaFon OJSC	Russia	Telecommunications	BB+	BBB-	144
	2/6/2015	W.R. Grace & Co.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	2,119
	2/16/2015	KazMunayGas NC JSC	Kazakhstan	Oil and gas exploration and production	BB+	BBB-	9,450
	2/23/2015	DCP Midstream LLC	U.S.	Utility	BB	BBB-	5,675
	2/27/2015	Mack-Cali Realty Corp.	U.S.	Homebuilders/real estate cos.	BB+	BBB-	1,274
	3/19/2015	ESKOM Holdings SOC Ltd.	South Africa	Utility	BB+	BBB-	5,285
	3/19/2015	Transocean Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	6,250
	3/24/2015	Allegheny Technologies Inc.	U.S.	Metals, mining, and steel	BB+	BBB-	1,500
	4/15/2015	Petroleum Company of Trinidad and Tobago Limited	Trinidad and Tobago	Integrated oil and gas	BB+	BBB-	1,725
	4/17/2015	Golden Eagle Retail Group Limited	Cayman Islands	Retail/restaurants	BB+	BBB-	400
	5/15/2015	TRW Automotive Inc. (ZF Friedrichshafen AG)	U.S.	Automotive	BB	BBB-	1,400
	6/17/2015	HSBC Bank Brasil S.A. (HSBC Holdings PLC)	Brazil	Bank	BB+	BBB-	500
	6/22/2015	Vallourec	France	Oil and gas exploration and production	BB+	BBB-	1,759
	6/26/2015	Bilfinger SE	Germany	Capital goods	BB+	BBB-	560
	7/1/2015	Graham Holdings Co.	U.S.	Media and entertainment	BB+	BBB	400
	7/16/2015	Family Dollar Stores, Inc. (Dollar Tree, Inc.)	U.S.	Retail/restaurants	BB	BBB-	300
	7/21/2015	Hill-Rom Holdings Inc.	U.S.	Health care	BB+	BBB	2,050
	8/13/2015	Edgewell Personal Care	U.S.	Consumer products	BB+	BBB-	1,100
	9/9/2015	Federative Republic of Brazil	Brazil	Sovereign	BB+	BBB-	489,116
	9/10/2015	Petroleo Brasileiro S.A. - Petrobras	Brazil	Oil and gas exploration and production	BB	BBB-	50,081
	9/10/2015	Banco Santander (Brasil) S.A. (Banco Santander S.A.)	Brazil	Bank	BB+	BBB-	4,584
	9/10/2015	Samarco Mineracao S.A. (Valepar S.A.)	Brazil	Metals, mining, and steel	BB+	BBB-	2,200
	9/10/2015	Neoenergia S.A.	Brazil	Utility	BB+	BBB-	106
	9/10/2015	Banco Bradesco S.A.	Brazil	Bank	BB+	BBB-	1,300
	9/10/2015	Banco do Brasil S.A.	Brazil	Bank	BB+	BBB-	11,448
	9/10/2015	Banco do Nordeste do Brasil S.A. (BNB)	Brazil	Bank	BB+	BBB-	600
	9/10/2015	Eletrobras - Centrais Eletricas Brasileiras S.A.	Brazil	Utility	BB+	BBB-	3,050
	9/10/2015	Banco Nacional de Desenvolvimento Economico e Social	Brazil	Bank	BB+	BBB-	8,503
	9/11/2015	Compania Minera Milpo S.A.A. (Votorantim Participacoes S.A.)	Peru	Metals, mining, and steel	BB+	BBB-	350
	9/14/2015	Banco Safra S.A.	Brazil	Bank	BB+	BBB-	103
	9/21/2015	Kazakhstan Temir Zholy	Kazakhstan	Transportation	BB+	BBB-	2,444
	9/30/2015	Teck Resources Ltd.	Canada	Metals, mining, and steel	BB	BBB-	7,200
	11/3/2015	Weatherford International Ltd (Weatherford International plc)	Bermuda	Oil and gas exploration and production	BB+	BBB-	6,800
	12/10/2015	Yum! Brands Inc.	U.S.	Retail/restaurants	BB	BBB	3,050
	12/22/2015	Toshiba Corp.	Japan	Capital goods	BB+	BBB-	825
2016	1/7/2016	Noble Group Ltd.	Bermuda	Metals, mining, and steel	BB+	BBB-	1,656
	1/26/2016	Cooper Companies, Inc. (The)	U.S.	Health care	BB+	BBB-	1,000
	1/29/2016	Republic of Azerbaijan	Azerbaijan	Sovereign	BB+	BBB-	0
	2/2/2016	Southwestern Energy Co.	U.S.	Oil and gas exploration and production	BB+	BBB-	4,550
	2/2/2016	Continental Resources Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	6,100
	2/2/2016	Enable Midstream Partners, LP	U.S.	Utility	BB+	BBB-	1,900
	2/9/2016	Texas Capital Bancshares, Inc	U.S.	Bank	BB+	BBB-	425
	2/12/2016	Freeport-McMoRan Inc.	U.S.	Metals, mining, and steel	BB	BBB-	25,812
	2/17/2016	Odebrecht Engenharia e Construcao S.A. (Odebrecht S.A.)	Brazil	Capital goods	BB+	BBB-	4,773
	2/17/2016	Votorantim S.A. (Votorantim Participacoes S.A.)	Brazil	Forest products and building materials	BB+	BBB-	4,142
	2/17/2016	Kingdom of Bahrain	Bahrain	Sovereign	BB	BBB-	9,205
	2/18/2016	Kinross Gold Corp.	Canada	Metals, mining, and steel	BB+	BBB-	1,500
	2/18/2016	BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros	Brazil	Brokerage	BB+	BBB-	612
	2/18/2016	Anglo American PLC	U.K.	Metals, mining, and steel	BB	BBB-	14,897
	3/11/2016	Superior Energy Services Inc.	U.S.	Oil and gas exploration and production	BB	BBB-	1,200
	3/17/2016	Newfield Exploration Co.	U.S.	Oil and gas exploration and production	BB+	BBB-	2,250
	3/21/2016	Casino Guichard - Perrachon & Cie S.A.	France	Retail/restaurants	BB+	BBB-	11,998
	4/8/2016	Empresa Electrica Guacolda S.A.	Chile	Utility	BB+	BBB-	500
	4/21/2016	Joy Global Inc.	U.S.	Capital goods	BB+	BBB-	650
	4/29/2016	Greenland Holding Group Company Limited	China	Homebuilders/real estate cos.	BB	BBB-	2,700
	5/12/2016	Fossil Group, Inc.	U.S.	Consumer products	BB+	BBB-	231
	5/17/2016	Icahn Enterprises L.P.	U.S.	Financial institutions	BB+	BBB-	15,500
	5/19/2016	Gap Inc. (The)	U.S.	Retail/restaurants	BB+	BBB-	1,250
	5/23/2016	Teollisuuden Voima Oyj	Finland	Utility	BB+	BBB-	1,825
	5/30/2016	Bank of India	India	Bank	BB+	BBB-	2,075
	5/30/2016	Syndicate Bank	India	Bank	BB+	BBB-	1,400
	6/29/2016	Klabin S.A.	Brazil	Forest products and building materials	BB+	BBB-	500
	7/5/2016	Rexam PLC (Ball Corporation)	U.K.	Chemicals, packaging, and environmental services	BB+	BBB-	836
	7/15/2016	Rowan Cos. Inc.	U.S.	Oil and gas exploration and production	BB	BBB-	2,600
	7/26/2016	Noble Corporation	Cayman Islands	Oil and gas exploration and production	BB+	BBB	4,250
	8/1/2016	FirstEnergy Solutions Corp. (FirstEnergy Corp.)	U.S.	Utility	BB-	BBB-	1,100
	8/12/2016	Union Bank of India	India	Bank	BB+	BBB-	1,050
	9/7/2016	EMC Corp. (Dell Technologies Inc)	U.S.	High technology	BB+	A	27,125
	9/13/2016	Brinker International	U.S.	Retail/restaurants	BB+	BBB-	900
	9/19/2016	Methanex Corp.	Canada	Chemicals, packaging, and environmental services	BB+	BBB-	1,200
	9/21/2016	Alumina Ltd.	Australia	Metals, mining, and steel	BB	BBB-	394
	9/30/2016	MTN Group Ltd.	South Africa	Telecommunications	BB+	BBB-	750
	10/4/2016	Edison SpA (Electricite de France S.A.)	Italy	Utility	BB+	BBB-	673
	10/17/2016	CF Industries Inc.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	7,100
	10/21/2016	K+S Aktiengesellschaft	Germany	Chemicals, packaging, and environmental services	BB+	BBB-	1,639
	11/1/2016	Diamond Offshore Drilling Inc.	U.S.	Oil and gas exploration and production	BB+	BBB	2,400
	11/17/2016	CDK Global Inc.	U.S.	High technology	BB+	BBB-	1,600
	11/30/2016	Lexmark International Inc.	U.S.	High technology	BB-	BBB-	800
	12/8/2016	Ensco plc	U.K.	Oil and gas exploration and production	BB	BBB-	6,950
	12/19/2016	Sobeys Inc. (Empire Co. Ltd.)	Canada	Retail/restaurants	BB+	BBB-	1,162
	12/20/2016	The Commonwealth of The Bahamas	Bahamas	Sovereign	BB+	BBB-	900
2017	1/5/2017	Och-Ziff Capital Management Group LLC	U.S.	Bank	BB+	BBB-	400
	2/1/2017	Symantec Corp.	U.S.	High technology	BB+	BBB-	7,300
	2/1/2017	Under Armour, Inc.	U.S.	Consumer products	BB+	BBB-	600
	3/8/2017	Fifth Street Finance Corp.	U.S.	Bank	BB	BBB-	375
	3/27/2017	Dun & Bradstreet Corp. (The)	U.S.	Media and entertainment	BB+	BBB-	750
	4/3/2017	Republic of South Africa	South Africa	Sovereign	BB+	BBB-	18,493
	4/6/2017	Transnet SOC Ltd.	South Africa	Utility	BB+	BBB-	1,616
	4/6/2017	Rand Water	South Africa	Utility	BB+	BBB-	37
	4/27/2017	Home Capital Group Inc.	Canada	Financial institutions	B+	BBB-	587
	5/12/2017	Sultanate of Oman	Oman	Sovereign	BB+	BBB-	8,234
	5/15/2017	Oman Electricity Transmission Co.	Oman	Utility	BB+	BBB-	2,000
	5/15/2017	BankMuscat S.A.O.G.	Oman	Bank	BB+	BBB-	1,000
	5/17/2017	Yuexiu Property Company Limited (Guangzhou Yuexiu Holdings Limited)	Hong Kong	Homebuilders/real estate cos.	BB+	BBB-	350
	6/12/2017	Intrum Justitia AB (publ)	Sweden	Finance co.	BB+	BBB-	4,590
	7/24/2017	Ericsson (Telefonaktiebolaget L.M.)	Sweden	High technology	BB+	BBB-	2,166
	7/27/2017	Seagate Technology plc	Ireland	High technology	BB+	BBB-	4,950
	8/8/2017	Staples Inc.	U.S.	Retail/restaurants	B+	BBB-	5,000
	9/29/2017	Fuller (H.B) Co.	U.S.	Chemicals, packaging, and environmental services	BB+	BBB-	400
	10/3/2017	Brink's Company (The)	U.S.	Transportation	BB+	BBB-	500
	10/23/2017	Nabors Industries Ltd	Bermuda	Oil and gas exploration and production	BB	BBB-	5,025
	10/27/2017	Mattel Inc.	U.S.	Media and entertainment	BB	BBB-	1,810
	11/13/2017	Ezdan Holding Group Q.S.C.	Qatar	Homebuilders/real estate cos.	BB	BBB-	1,500
	12/1/2017	Dillard's Inc.	U.S.	Retail/restaurants	BB+	BBB-	628
	12/1/2017	Clipper Acquisitions Corp.	U.S.	Bank	BB+	BBB-	1,026
	12/4/2017	Hartford Life Inc. (Hartford Financial Services Group Inc. (The))	U.S.	Insurance	BB	BBB	975
	12/12/2017	Banco de Bogota S.A. y Subsidiarias	Colombia	Bank	BB+	BBB-	600
	12/12/2017	Bancolombia, S. A. y Companias Subordinadas	Colombia	Bank	BB+	BBB-	500
	12/22/2017	Daily Mail & General Trust PLC	U.K.	Media and entertainment	BB+	BBB-	845
2018	1/12/2018	Globo Comunicacao e Participacoes S.A. (GLOBO)	Brazil	Media and entertainment	BB+	BBB-	825
	2/8/2018	Teva Pharmaceutical Industries Ltd.	Israel	Health care	BB	BBB-	40,500
	3/16/2018	BRF S.A.	Brazil	Consumer products	BB+	BBB-	4,014
	3/21/2018	Signet Jewelers Ltd.	U.S.	Retail/restaurants	BB+	BBB-	400
	3/28/2018	PT Pelabuhan Indonesia III (Persero) (Republic of Indonesia)	Indonesia	Utility	BB+	BBB-	500
	4/23/2018	Apollo Investment Corporation	U.S.	Finance co.	BB+	BBB-	485
	4/27/2018	Operadora de Sites Mexicanos, S.A. de C.V.	Mexico	Telecommunications	BB+	BBB-	519
	5/1/2018	Owens & Minor Inc.	U.S.	Health care	BB	BBB-	5,530
	5/4/2018	Pitney Bowes Inc.	U.S.	High technology	BB+	BBB-	3,675
	5/8/2018	Turkcell Iletisim Hizmetleri A.S.	Turkey	Telecommunications	BB+	BBB-	1,000
	5/8/2018	Turk Telekom (Ojer Telekomunikasyon A.S.)	Turkey	Telecommunications	BB+	BBB-	1,500
	5/9/2018	TDC A/S (DKT Holdings ApS)	Denmark	Telecommunications	B+	BBB-	3,601
	5/30/2018	IQVIA Holdings Inc.	U.S.	Consumer products	BB+	BBB-	9,451
	6/1/2018	Wyndham Destinations, Inc.	U.S.	Media and entertainment	BB-	BBB-	3,225
	7/9/2018	EnLink Midstream Partners L.P.	U.S.	Utility	BB+	BBB-	3,550
	7/13/2018	Koc Holding A.S.	Turkey	Financial institutions	BB+	BBB-	1,500
	8/7/2018	Solar Capital Ltd.	U.S.	Finance co.	BB+	BBB-	225
	9/5/2018	Hercules Capital, Inc.	U.S.	Finance co.	BB+	BBB-	578
	9/27/2018	BlackRock Capital Investment Corp	U.S.	Finance co.	BB+	BBB-	150
	10/19/2018	Distribuidora Internacional de Alimentacion S.A.	Spain	Retail/restaurants	BB-	BBB-	1,047
	10/24/2018	Bed Bath & Beyond Inc.	U.S.	Retail/restaurants	BB+	BBB-	1,500
	10/26/2018	New York Community Bancorp, Inc	U.S.	Financial institutions	BB+	BBB-	240
	11/19/2018	PennantPark Investment Corporation	U.S.	Finance co.	BB+	BBB-	318
	12/17/2018	Xerox Corp.	U.S.	High technology	BB+	BBB-	5,275
	12/20/2018	Ohio Valley Electric Corp.	U.S.	Utility	BB+	BBB-	695
	12/20/2018	Oceaneering International Inc.	U.S.	Oil and gas exploration and production	BB+	BBB-	1,100
2019	1/7/2019	PG&E Corp.	U.S.	Utility	B	BBB-	17,525
	2/22/2019	Washington Prime Group Inc.	U.S.	Homebuilders/real estate cos.	BB	BBB-	1,893
	3/4/2019	Magellan Health Services, Inc.	U.S.	Insurance	BB+	BBB-	400
	3/15/2019	Macquarie Infrastructure Corporation	U.S.	Utility	BB+	BBB-	3,854
	4/2/2019	Senior Housing Properties Trust	U.S.	Homebuilders/real estate cos.	BB+	BBB-	2,250
	4/14/2019	Red Star Macalline Group Corporation Limited (Shanghai Red Star Macalline Investment Corporation Ltd.)	China	Homebuilders/real estate cos.	BB+	BBB-	300
	5/1/2019	Charles River Laboratories International Inc.	U.S.	Health care	BB+	BBB-	1,250
	6/4/2019	TransAlta Corp.	Canada	Utilities	BB+	BBB-	2,191
	6/13/2019	Novomatic AG	Austria	Media and entertainment	BB+	BBB-	792
	7/15/2019	Murphy Oil Corp.	U.S.	Oil and gas	BB+	BBB-	2,800
	8/15/2019	Tupperware Brands Corporation	U.S.	Consumer products	BB+	BBB-	600
	8/19/2019	SNC-Lavalin Group Inc.	Canada	Capital goods	BB+	BBB-	507
	9/23/2019	Stericycle Inc.	U.S.	Chemicals, packaging, and environmental services	BB	BBB-	2,665
	10/4/2019	Buckeye Partners L.P.	U.S.	Utility	BB	BBB-	5,950
	10/28/2019	MEDNAX, Inc.	U.S.	Health care	BB	BBB-	1,750
	11/1/2019	Newell Brands Inc.	U.S.	Consumer products	BB+	BBB-	9,758
	11/26/2019	Peru LNG S.R.L.	Peru	Utility	BB+	BBB-	940
	11/26/2019	DPL Inc. (AES Corp. (The))	United States	Utility	BB	BBB-	2,070
	12/11/2019	WestJet Airlines Ltd.	Canada	Transportation	B+	BBB-	400
2020	1/13/2020	Atlantia SpA	Italy	Utility	BB-	BBB-	16,297
	1/31/2020	Spirit AeroSystems Inc.	U.S.	Aerospace and defense	BB	BBB-	1,900
Data as of Jan. 31, 2020. Source: S&P Global Ratings.

This report does not constitute a rating action.

Credit Markets Research:	Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com
	Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com

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Sector
Credit Markets Research Default Transition & Recovery
Tags
Americas Latin America APAC EMEA
Credit Markets Research:
Nicole Serino, Sudeep K Kesh

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