For some investors, maybe most investors, once a week is as much time or interest as they have for investment-research. But I shop the bond-market daily, because that’s my way of keeping up on prices. And even when it becomes obvious that I’m not likely to find anything worth digging into further, I’ll run some scans just to keep in practice. So this is the question I posed to myself:

“Could anything rated as investment-grade be found in today’s market that would offer a real-rate of return after taxes and inflation?”

Assumptions:
(1) The ordinary-income from coupon-payments will be taxed at 25%.
(2) The capital-gains from buying at a discount to par will be taxed at 15%.
(3) The capital-losses from buying at a premium to par will be discounted by 15%. (The loss results in a credit that can be used to reduce the tax that would have to be paid elsewhere in the portfolio on capital-gains.)
(4) The inflation-rate over the holding-period will average 5%. (This is higher than the BLS number, but much closer to, if not an under-estimate of, what householders are actually experiencing.)
(5) Pro-rata bonds were excluded.
(6) Bonds requiring a minimum-purchase of 100 or more were excluded.

As you can see from the left-most column (which is a ‘most-yield-in-least-time’ ranking), very few issuers are offering a real-rate of return. One of them is Genworth, which is now under review for downgrade. Another is SLM, afflicted by news reports of rising student load default-rates. A third is Telefonica Europe, whose 10-bond minimum, long-datedness, and unsettled market environment urge caution. In short, if a bond still rated investment-grade is offering a real-rate of return, you can assume that it isn’t really investment-grade and/or it is only available in institutional sizes.

Constructing such a list isn't a fruitless, because it points toward issuers that might be worthwhile to track while waiting for their prices to fall to more reasonable levels. Also, such a list highlights the interplay between price and coupon over long holding-periods, namely, that 'buying-at-a-premium-to-par' isn't necessarily A Bad Thing. It all depends on what that premium is buying you in terms of your tax-and-inflation-adjusted yield. It's your achieved purchasing-power that matters, not merely the raw price you paid. For sure, I'm as anxious as the next guy or gal to buy as cheaply as possible, and I hate paying premiums. But I also know that the only thing that matters in the game of exchanging present-dollars for futures-dollars is what those future-dollars will buy when stated in present-dollars. Thus, until one runs the math, it cannot be assumed that buying-at-a-premium-to-par is "exchanging elephants for rabbits". It all depends on how the numbers work out in terms of whether purchasing-power is enhanced, preserved, or lost, and modeling those scenarios is simplicity itself in a spreadsheet. Just write the formulas and then 'drop and drag'.

Charlie
------------------------------------------------

Best	Mdy	SP	Cpn	Due	       Adj_YTM	Issue	
-0.69%	Baa3	BBB	6.515	05/22/18	-0.69%	Genworth Finl Inc
-0.55%	Baa3	BB+	6.125	06/01/18	-0.55%	Arcelormittal Sa
-0.09%	Baa3	BB+	10.100	06/01/19	-0.09%	Arcelormittal Sa
	Baa2	BBB	8.500	07/15/19	-1.13%	Jefferies Group Inc New
	Baa2	BBB	5.877	07/15/19	-0.99%	Telefonica Emisiones S A U
	Ba1	BBB-	8.000	03/25/20	-1.36%	Slm Corp	
	Baa2	-	5.134	04/27/20	-1.03%	Telefonica Emisiones S A U
	Baa3	BBB	7.700	06/15/20	-0.10%	Genworth Finl Inc
	Baa3	BB+	5.500	08/05/20	-0.53%	Arcelormittal
	Ba3	BBB-	8.250	12/15/20	-1.25%	Intl Lease Finance Corp
-0.09%	Baa3	BBB	7.200	02/15/21	-0.09%	Genworth Financial Inc
	Baa2	-	5.462	02/16/21	-0.90%	Telefonica Emisiones Sau
	Baa2	BB+	5.500	03/15/21	-0.25%	Best Buy Co Inc
	Baa2	BBB	6.875	04/15/21	-0.93%	Jeffries Group Inc
	Baa3	BB	7.625	08/03/21	-0.90%	Qwest Cap Fdg Inc
	Baa3	BB+	9.215	09/15/21	-1.46%	Ford Mtr Co Del
0.15%	Baa3	BBB	7.625	09/24/21	0.15%	Genworth Financial Inc
	Baa3	BB+	8.875	01/15/22	-1.47%	Ford Mtr Co Del
	Ba3	BBB-	8.625	01/15/22	-1.10%	Intl Lease Fin Corp
	Ba1	BBB-	7.250	01/25/22	-1.08%	Slm Corp	
	Baa3	BB+	4.750	02/01/22	-1.07%	Nustar Logistics L P
	Baa3	BB+	6.500	02/25/22	-0.04%	Arcelormittal S A
	Ba3	BBB-	5.875	08/15/22	-1.09%	Intl Lease Financing Corp
	Baa1	BBB	8.625	12/01/23	-1.42%	Pemex Proj Fdg Master Tr
	Ba1	BBB-	6.200	06/15/24	-0.21%	Slm Corporation Ednotes
	Ba1	BBB-	8.500	01/15/25	-1.41%	Weyerhaeuser Co
	Ba1	BBB-	5.625	01/25/25	-0.49%	Slm Corp	
	Ba1	BBB-	7.950	03/15/25	-0.87%	Weyerhaeuser Co
	Baa1	BBB+	7.200	06/01/25	-1.36%	Ingersoll-Rand Co
	Ba1	BBB-	5.550	06/15/25	-0.65%	Slm Corporation Ednotes
	Ba1	BBB-	5.350	06/15/25	-0.64%	Slm Corporation Ednotes
	Baa3	BBB	7.500	07/15/25	-1.33%	Swiss Bank Corp
	Baa3	BBB-	7.250	09/15/25	-1.32%	Us West Communications Inc
	Baa3	BBB+	7.250	10/15/25	-1.05%	Nationsbank Corp
	Baa3	BB+	7.125	11/15/25	-0.91%	Ford Mtr Co Del
	Baa3	BB	7.200	12/01/25	-0.81%	Century Tel Enterprises Inc
	Baa1	-	7.000	02/13/26	-0.98%	Sunamerica Inc Mtn Be
	Ba1	BBB-	7.700	02/15/26	-0.67%	Macmillan Bloedel Ltd
	Baa3	BBB-	8.300	04/15/26	-0.39%	Fairfax Finl Hldgs Ltd
	Ba1	BBB-	6.000	06/15/26	-0.10%	Slm Corporation Ednotes
	Baa3	BB+	7.500	08/01/26	-0.82%	Ford Mtr Co Del
	Baa3	BBB	7.750	09/01/26	-1.31%	Swiss Bk Corp N Y Brh
	Baa3	BBB+	6.220	09/15/26	-1.24%	Merrill Lynch & Co Inc
	Baa3	BBB-	7.500	10/15/26	-1.28%	Union Pac Res Group Inc
	Ba1	BBB-	6.000	12/15/26	-0.02%	Slm Corporation Ednotes
	Ba1	BBB-	6.050	12/15/26	0.05%	Slm Corporation Ednotes
	Baa3	BBB-	7.500	01/15/27	-1.19%	Arrow Electrs Inc
	Baa1	BBB+	5.950	01/15/27	-1.11%	Goldman Sachs Group Inc
	Baa3	BBB-	5.900	02/01/27	-1.10%	Alcoa Inc	
	Baa3	BBB-	7.375	03/01/27	-1.04%	Southwest Airls Co
	Ba1	BBB-	6.000	03/15/27	-0.33%	Slm Corporation Ednotes
	Baa3	BBB	7.650	03/15/27	-0.84%	Westvaco Corp
	Baa3	BBB-	8.050	04/15/27	-1.25%	Food Lion Inc
	Baa2	BBB	6.450	06/08/27	-0.56%	Jefferies Group Inc New
	Baa3	BBB-	7.650	06/15/27	-1.09%	Hartford Life Inc
	Baa3	BBB	7.800	06/15/27	-1.18%	Toro Co	
	Baa3	BBB	6.790	07/15/27	-1.29%	Macys Retail Hldgs Inc
	-	BBB+	7.200	08/01/27	-0.71%	Harcourt Gen Inc
	Baa1	BBB	9.500	09/15/27	-0.75%	Pemex Proj Fdg Master Tr
	Baa3	BBB	7.450	09/15/27	-0.94%	Safeway Inc
	Ba1	BBB-	6.950	10/01/27	-0.78%	Weyerhaeuser Co
	Baa3	BBB-	6.750	01/15/28	-0.79%	Aluminum Co Amer
	Baa3	BB	6.875	01/15/28	-0.31%	Century Tel Enterprises Inc
	Baa3	BBB+	6.875	01/15/28	-0.83%	Fleet Finl Group Inc New
	Baa3	BB+	6.625	02/15/28	-0.79%	Ford Mtr Co Del
	Baa3	BBB	7.000	02/15/28	-1.33%	Macys Retail Hldgs Inc
	Baa3	BBB+	6.800	03/15/28	-0.79%	Nationsbank Corp
	Baa2	BBB-	7.250	03/15/28	-0.74%	Provident Cos Inc
	Baa3	BB+	6.750	04/01/28	-0.33%	Aliant Communications Inc
	Baa3	BBB-	7.400	05/01/28	-1.33%	Canadian Occidental Pete Ltd
	WR	BBB-	7.000	06/01/28	-0.79%	Global Marine Inc
	Ba1	BBB-	5.000	06/15/28	-0.62%	Slm Corp Ednotes Book Entry
	Baa3	BBB+	6.700	07/15/28	-0.74%	Fleet Finl Group Inc New
	Baa3	BB	6.875	07/15/28	-0.37%	U S West Capital Funding Inc
	Baa1	BBB-	6.875	08/15/28	-1.22%	United Utils Plc
	Baa3	BBB	6.700	09/15/28	-1.20%	Macys Retail Hldg Inc
	Baa3	BB+	6.625	10/01/28	-1.08%	Ford Mtr Co Del
	Ba1	BBB-	4.700	12/15/28	-0.53%	Slm Corp Ednotes Book Entry
	Ba1	BBB-	5.000	12/15/28	-0.64%	Slm Corp Ednotes Book Entry
	Ba1	BBB-	6.100	12/15/28	-0.24%	Slm Corp Ednotes Book Entry
	Baa2	BBB-	6.750	12/15/28	-0.83%	Unum Corp
	Baa3	BB+	6.375	02/01/29	-0.90%	Ford Mtr Co Del
	Ba1	BBB-	5.750	03/15/29	-0.14%	Slm Corp Ednotes Book Entry
	Ba1	BBB-	6.000	03/15/29	-0.27%	Slm Corporation Ednotes
	Ba1	BBB-	5.600	03/15/29	0.07%	Slm Corporation
	Ba1	BBB-	5.650	03/15/29	-0.01%	Slm Corporation Ednotes
	Ba1	BBB-	5.700	03/15/29	0.03%	Slm Corporation Ednotes
0.17%	Ba1	BBB-	5.750	03/15/29	0.17%	Slm Corporation Ednotes
	Ba1	BBB-	5.700	03/15/29	-0.04%	Slm Corporation Ednotes
0.17%	Ba1	BBB-	5.700	03/15/29	0.17%	Slm Corporation Ednotes
	Baa3	BBB-	7.950	04/15/29	-0.75%	Union Pac Res Group Inc
	Ba1	BBB-	5.500	06/15/29	0.12%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	06/15/29	0.11%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	06/15/29	-0.01%	Slm Corporation Ednotes
	Ba1	BBB-	5.600	06/15/29	0.06%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	06/15/29	-0.05%	Slm Corporation
	Ba1	BBB-	5.750	06/15/29	-0.05%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	06/15/29	-0.06%	Slm Corp	
	Ba1	BBB-	6.000	06/15/29	-0.10%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	06/15/29	0.03%	Slm Corporation Ednotes
	Ba1	BBB-	6.250	06/15/29	0.01%	Slm Corp	
	Ba1	BBB-	6.250	06/15/29	0.01%	Slm Corp	
	Ba1	BBB-	6.250	06/15/29	-0.01%	Slm Corporation Ednotes
	Ba2	BBB-	7.750	08/01/29	-0.03%	Masco Corp
	Ba1	BBB-	6.250	09/15/29	0.16%	Slm Corporation Ednotes
	Ba1	BBB-	6.250	09/15/29	-0.03%	Slm Corporation Ednotes
	Ba1	BBB-	6.250	09/15/29	0.12%	Slm Corporation Ednotes
	Ba1	BBB-	6.150	09/15/29	0.01%	Slm Corporation Ednotes
	Ba1	BBB-	6.150	09/15/29	0.11%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	09/15/29	-0.09%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	09/15/29	0.14%	Slm Corporation Ednotes
	Ba1	BBB-	5.900	09/15/29	0.00%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	09/15/29	-0.08%	Slm Corp Ednotes Book Entry
	Ba1	BBB-	6.000	09/15/29	0.02%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	09/15/29	0.02%	Slm Corporation Ednotes
	Ba1	BBB-	5.850	09/15/29	-0.14%	Slm Corporation Ednotes
0.22%	Ba1	BBB-	5.850	09/15/29	0.22%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	09/15/29	0.03%	Slm Corporation Ednotes
	A3	BBB+	7.450	10/15/29	-1.25%	Electronic Data Sys Corp
	Baa3	BBB	7.950	10/26/29	-0.20%	Abbey Natl Plc
	WR	A-	7.850	11/15/29	-1.38%	New Jersey Bell Tel Co
	Ba1	BBB-	5.750	12/15/29	0.15%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	12/15/29	0.10%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	12/15/29	0.12%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	12/15/29	0.01%	Slm Corp Ednotes
	Ba1	BBB-	5.700	12/15/29	0.16%	Slm Corp Ednotes
	Ba1	BBB-	5.600	12/15/29	0.04%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	12/15/29	0.05%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	12/15/29	0.04%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	12/15/29	0.04%	Slm Corporation Ednotes
	Baa3	BBB	8.200	01/15/30	-1.24%	Westvaco Corp
	Baa3	BB+	9.300	03/01/30	-0.78%	Ford Holdings Inc
	Baa3	BBB	7.875	03/01/30	-1.08%	Macys Retail Hldg Inc
	Ba1	BBB-	5.750	03/15/30	0.08%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	03/15/30	0.16%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	03/15/30	-0.13%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	03/15/30	-0.08%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	06/15/30	-0.31%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	06/15/30	-0.20%	Slm Corporation Ednotes
	Ba1	BBB-	5.700	06/15/30	0.17%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	06/15/30	-0.10%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	06/15/30	-0.14%	Slm Corporation Ednotes
	Ba1	BBB-	5.500	06/15/30	0.05%	Slm Corporation Ednotes
	Baa2	BBB	8.750	06/15/30	-1.22%	Valero Energy Corp New
	Baa2	BBB-	8.500	07/01/30	-0.62%	American General Corp
	Ba1	BBB-	5.300	09/15/30	-0.06%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	09/15/30	0.15%	Slm Corporation Ednotes
0.38%	Baa2	BBB	8.250	09/15/30	0.38%	Telefonica Europe B V
	A3	BBB+	8.600	12/15/30	-0.33%	Axa Sa	
	Ba1	BBB-	5.500	12/15/30	-0.08%	Slm Corporation Ednotes
	Baa3	BBB	7.250	02/01/31	-0.33%	Safeway Inc
	A3	A-	5.500	02/15/31	-1.28%	Goldman Sachs Group
	Baa3	BB	7.750	02/15/31	0.19%	Qwest Cap Fdg Inc
	Baa3	BBB-	7.350	02/15/31	-1.27%	Southern Nat Gas Co
	Baa3	BBB	7.950	02/15/31	-1.28%	Westvaco Corp
	Baa3	NR	7.375	03/01/31	-1.26%	Hartford Life Inc
	Baa3	BBB-	7.500	04/15/31	-1.11%	Transocean Inc
	Ba1	BBB-	6.000	06/15/31	-0.14%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	06/15/31	-0.10%	Slm Corporation Ednotes
	Baa3	BBB-	7.750	06/15/31	-1.12%	Williams Cos Inc Del
	Baa3	BB+	7.450	07/16/31	-1.15%	Ford Mtr Co Del
	Baa2	BBB	8.400	08/15/31	-1.03%	Motorola Solutions Inc
	Ba1	BBB-	6.350	09/15/31	-0.14%	Slm Corporation Ednotes
	Ba1	BBB-	6.400	09/15/31	0.03%	Slm Corporation Ednotes
	Ba1	BBB-	6.500	09/15/31	-0.07%	Slm Corporation Ednotes
	Ba1	BBB-	6.450	09/15/31	0.03%	Slm Corporation Ednotes
	Ba1	BBB-	6.350	09/15/31	0.08%	Slm Corporation Ednotes
	Ba1	BBB-	6.300	09/15/31	0.06%	Slm Corporation Ednotes
	Baa2	BBB	7.375	11/01/31	-1.30%	Alberta Energy Ltd
	A3	A-	5.750	11/15/31	-1.29%	Goldman Sachs Grp Inc
	Ba1	BBB-	6.100	12/15/31	0.04%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	12/15/31	-0.06%	Slm Corporation Ednotes
	Ba1	BBB-	6.150	12/15/31	0.04%	Slm Corporation Ednotes
	Ba1	BBB-	6.200	12/15/31	0.04%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	12/15/31	-0.19%	Slm Corporation Ednotes
	Ba1	BBB-	5.850	12/15/31	-0.22%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	12/15/31	0.07%	Slm Corporation Ednotes
	Baa3	BB+	8.900	01/15/32	-0.62%	Ford Mtr Co Del
	Baa3	BBB	6.900	01/15/32	-1.32%	Macys Retail Hldg Inc
	Baa2	BBB	6.750	02/15/32	-1.27%	Duke Cap Corp
	Baa3	BB+	9.950	02/15/32	-0.79%	Ford Mtr Co Del
	A3	A-	5.500	03/15/32	-1.23%	Goldman Sachs Grp Inc Mtn Be
	A3	A-	5.500	03/15/32	-1.27%	Goldman Sachs Group
	Baa2	BBB	7.750	03/15/32	-1.39%	Kinder Morgan Energy Partners
	Ba1	BBB-	5.800	03/15/32	0.05%	Slm Corporation Ednotes
	Ba1	BBB-	5.650	03/15/32	-0.30%	Slm Corporation Ednotes
	Ba1	BBB-	5.700	03/15/32	0.09%	Slm Corporation Ednotes
	Ba1	BBB-	5.800	03/15/32	-0.14%	Slm Corporation Ednotes
	Ba1	BBB-	5.800	03/15/32	-0.10%	Slm Corporation Ednotes
	Ba1	BBB-	5.850	03/15/32	0.08%	Slm Corporation Ednotes
	Ba1	BBB-	7.375	03/15/32	-0.89%	Weyerhaeuser Co
	Baa3	BBB-	8.750	03/15/32	-1.12%	Williams Cos Inc Del
	Baa1	A-	7.250	04/01/32	-1.11%	Morgan Stanley
	Baa2	BBB	7.500	04/15/32	-1.26%	Valero Energy Corp New
	Baa2	A-	7.000	05/01/32	-1.30%	Oncor Elec Delivery Co
	A3	A-	7.625	05/17/32	-1.08%	Hsbc Holdings
	Baa3	BBB+	6.625	06/15/32	-1.05%	Citigroup Inc
	A3	A-	5.850	06/15/32	-1.30%	Goldman Sachs Grp Inc Mtn Be
	Ba1	BBB-	5.850	06/15/32	-0.26%	Slm Corporation Ednotes
	Ba1	BBB-	5.750	06/15/32	-0.02%	Slm Corporation Ednotes
	Baa2	BBB-	7.375	06/15/32	-0.50%	Unum Group
	Ba2	BBB-	6.500	08/15/32	-0.43%	Masco Corp
	Baa2	A-	7.200	09/15/32	-1.12%	Inco Ltd	
	Baa1	-	5.804	10/25/32	0.25%	Lombardy Region
	Baa2	BBB	6.125	11/01/32	-1.09%	Hillshire Brands Co
	Baa3	BBB	6.800	11/15/32	-0.82%	Meadwestvaco Corp
	A3	A-	7.350	11/27/32	-1.09%	Hsbc Hldgs Plc
	Baa1	A	7.350	11/27/32	-0.99%	Household Fin Corp
	Baa2	BBB	8.300	01/15/33	-0.94%	Cigna Corporation
	Baa2	A-	7.250	01/15/33	-1.36%	Oncor Elec Delivery Co
	A3	A-	6.125	02/15/33	-1.30%	Goldman Sachs Group Inc
	Baa3	BBB+	5.875	02/22/33	-1.07%	Citigroup Inc
	Baa3	BB+	6.350	03/15/33	-0.54%	Comed Fing Iii
	Baa1	BBB+	6.550	03/15/33	-1.28%	News Amer Inc
	A3	A-	5.500	06/15/33	-1.28%	Goldman Sachs Grp Inc
	-	BBB+	5.700	06/15/33	-0.87%	Select Nts Tr
	-	BBB+	5.780	06/15/33	-1.20%	Select Nts Tr
	A3	A-	5.500	07/01/33	-1.17%	Science Applications
	Ba1	BBB-	5.625	08/01/33	-0.56%	Slm Corp	
	Baa1	BBB+	6.750	09/15/33	-0.54%	Energy East Corp
	Baa3	BBB+	6.000	10/31/33	-1.08%	Citigroup Inc
	Baa2	BBB	6.375	11/15/33	0.14%	Telecom Italia Cap
	Baa2	BBB-	6.700	12/15/33	-0.39%	United States Cellular Corp
	Ba1	BBB-	6.875	12/15/33	-1.08%	Weyerhaeuser Co
	Baa2	A-	8.250	01/17/34	-1.08%	Vale Overseas Ltd
	Baa2	BBB	6.750	02/15/34	-0.85%	Assurant Inc
	A3	A-	5.500	03/15/34	-1.21%	Goldman Sachs Grp Inc
	A3	A-	7.350	05/01/34	-1.34%	Arch Cap Group Ltd
	Baa3	BBB-	6.700	05/01/34	-0.62%	Cnf Transn Inc
	A3	A-	7.000	06/01/34	-0.47%	Assured Gty Us Hldgs Inc
	Baa3	BBB	6.500	06/15/34	0.01%	Genworth Finl Inc
	Baa1	BBB+	7.000	07/15/34	-0.57%	Endurance Specialty Hldgs Ltd
	Baa3	BBB	6.700	07/15/34	-1.28%	Macys Retail Hldg Inc
	Baa1	BBB+	8.450	08/01/34	-1.33%	News Amer Hldgs Inc
	Baa2	BBB	6.500	08/15/34	-1.35%	Encana Corp
	Baa2	BBB	7.350	08/15/34	-1.13%	Markel Corp
	Baa2	BBB	6.000	09/30/34	-0.06%	Telecom Italia Cap
	A3	A-	5.500	02/15/35	-1.20%	Goldman Sachs Grp Inc Mtn Be
	A3	A-	5.500	06/15/35	-1.18%	Goldman Sachs Grp Inc
	Baa2	BBB-	5.800	07/01/35	-1.14%	Empire Dist Elec Co
	Baa2	BBB	7.500	07/27/35	-1.05%	Southern Copper Corp
	Baa2	BBB	6.000	08/15/35	-1.26%	Darden Restaurants Inc
	Baa3	BBB	7.400	09/15/35	-1.11%	Browning Ferris Inds
	Baa2	BBB	6.125	10/01/35	-1.00%	Teck Resources Ltd
	Baa1	BBB+	6.450	10/15/35	-1.33%	Placer Dome Inc
	Baa3	BBB-	7.250	10/15/35	-0.13%	Us West Communications Inc
	Baa2	BBB	6.250	01/15/36	-0.47%	Jefferies Group Inc New
	Baa2	A-	6.150	04/07/36	-1.30%	Lincoln Natl Corp Ind
	Baa1	BBB+	6.450	05/01/36	-0.62%	Goldman Sachs Group Inc
	A3	A-	6.500	05/02/36	-1.31%	Hsbc Hldgs Plc
	A3	A-	5.750	05/15/36	-1.22%	Goldman Sachs Grp Inc Mtn Be
	Baa3	BB	7.995	06/01/36	-0.05%	Embarq Corp
	Baa2	BBB	7.045	06/20/36	0.11%	Telefonica Emisiones S A U
	Baa1	BBB+	6.750	07/15/36	-0.52%	Energy East Corp
	Baa2	BBB	7.200	07/18/36	0.18%	Telecom Italia Cap
	Baa2	BBB	6.500	08/01/36	-0.91%	Weatherford Intl Ltd
	Baa3	BBB+	6.125	08/25/36	-1.10%	Citigroup Inc
	Baa3	BBB	5.950	10/15/36	-1.21%	Hartford Finl Svcs Group Inc
	Baa1	BBB+	8.150	10/17/36	-1.14%	News Amer Hldgs Inc
	Baa3	BBB	6.850	11/15/36	-0.58%	Reliance Steel & Aluminum Co
	A3	A-	6.200	11/17/36	-1.26%	Western Un Co
	Baa2	A-	6.875	11/21/36	-1.13%	Vale Overseas Ltd
	Ba1	BBB-	7.000	12/01/36	-0.60%	Owens Corning New
	Baa3	BBB+	6.110	01/29/37	-0.97%	Merrill Lynch & Co Inc
	Baa3	BBB-	5.950	02/01/37	-0.74%	Alcoa Inc	
	Baa2	BBB+	6.250	02/15/37	-1.32%	Berkley W R Corp
	A3	A-	5.750	02/15/37	-1.12%	Goldman Sachs Group
	Ba1	BBB-	6.000	03/15/37	-0.06%	Slm Corp Ednotes Book Entry
	Ba1	BBB-	6.000	03/15/37	-0.04%	Slm Corporation Ednotes
	Ba1	BBB-	6.000	03/15/37	-0.35%	Slm Corporation Ednotes
	Ba1	BBB	6.250	05/01/37	-0.54%	Martin Marietta Matls Inc
	A3	A-	5.500	05/15/37	-1.15%	Goldman Sachs Grp Inc Mtn Be
	Baa3	BBB-	6.850	06/15/37	-1.09%	Colorado Intst Gas Co
	Baa3	BBB-	7.250	06/15/37	-1.28%	Reynolds American Inc
	Baa2	BBB	6.625	06/15/37	-1.35%	Valero Energy Corp New
	Baa2	BBB	6.800	06/15/37	-0.69%	Weatherford Intl Inc
	Ba3	BBB-	6.450	06/26/37	-0.48%	Regions Bk Birmingham Ala
	Baa3	BBB-	7.750	07/15/37	-0.27%	Fairfax Finl Hldgs Ltd
	Baa3	BBB+	6.500	09/15/37	-0.97%	Bank Of America Corporation
	A3	A-	6.500	09/15/37	-1.32%	Hsbc Hldgs Plc
	Baa1	BBB+	6.750	10/01/37	-0.64%	Goldman Sachs Group Inc
	Baa2	A-	6.300	10/09/37	-1.32%	Lincoln Natl Corp Ind
	Baa2	BBB	6.850	10/15/37	-1.36%	Oneok Partners Lp
	A3	A-	5.500	11/15/37	-1.16%	Goldman Sachs Grp Inc Mtn Be
	Baa2	BBB	6.625	11/15/37	-1.33%	Motorola Solutions Inc
	Baa3	-	6.650	12/15/37	-0.97%	Champion Intl Corp
	WR	A-	5.950	01/15/38	-1.21%	Ameritech Cap Funding Corp
	Baa3	BBB+	6.050	02/15/38	-1.10%	Bank Amer Corp Sub Intnts Be
	A3	A-	5.750	02/15/38	-1.13%	Goldman Sachs Grp Inc Mtn Be
	Baa2	BBB-	8.250	03/01/38	-1.35%	Fifth Third Bank
	Baa2	BBB	7.500	03/15/38	-1.38%	El Paso Elec Co
	Baa3	BBB-	6.800	03/15/38	-1.25%	Transocean Inc
	Baa2	BBB	7.000	03/15/38	-0.72%	Weatherford Intl Ltd
	Baa2	BBB	7.500	04/15/38	-1.32%	Enbridge Energy Partners L P
	Baa2	BBB	7.550	04/15/38	-1.40%	Enterprise Prods Oper Llc
	WR	BBB	7.550	04/15/38	-1.13%	Teppco Partners L P
	Baa3	BBB+	7.750	05/14/38	-0.99%	Merrill Lynch & Co Inc
	A3	A-	6.800	06/01/38	-1.32%	Hsbc Hldgs Plc
	Baa1	BBB+	6.750	06/01/38	-1.26%	Veolia Environnement
	Baa2	BBB	7.721	06/04/38	0.30%	Telecom Italia Cap
	Baa3	BBB	8.700	06/15/38	-1.13%	Intl Paper Co
	Baa3	BBB-	7.500	07/01/38	-0.88%	Energy Transfer Prtnrs L P
	Baa2	A-	7.500	09/01/38	-1.39%	Oncor Elec Delivery Co Llc
	Baa1	BBB	10.200	02/06/39	-1.43%	Altria Group Inc
	Baa1	BBB+	7.850	03/01/39	-1.35%	News Amer Inc
	Baa2	BBB	9.875	03/01/39	-0.75%	Weatherford Intl Ltd
	A3	A-	5.500	03/15/39	-1.21%	Goldman Sachs Group
	Baa2	BBB	10.500	03/15/39	-0.87%	Valero Energy Corp New
	A3	A-	5.750	05/15/39	-1.12%	Goldman Sachs Grp Inc Mtn Be
	Baa3	BBB-	7.950	06/15/39	-1.42%	Anadarko Pete Corp
	Baa3	BBB-	6.800	08/15/39	-0.74%	Firstenergy Solutions Corp
	Baa3	BBB-	6.625	08/15/39	-0.66%	Ralcorp Hldgs Inc New
	Baa3	BB	7.600	09/15/39	0.13%	Century Link
	Baa1	BBB	6.250	10/01/39	-1.28%	Exelon Generation Co Llc
	Baa2	A-	8.450	10/15/39	-0.68%	Protective Life Corp
	Baa2	A-	6.875	11/10/39	-1.15%	Vale Overseas Ltd
	Baa1	BBB+	8.000	11/30/39	-0.89%	Transatlantic Holdings
	Baa2	BBB+	8.875	01/26/40	-0.36%	Validus Holdings Ltd
	Baa2	BBB	6.850	02/15/40	-0.94%	Sunoco Logistics Partners
	Baa3	BBB-	6.500	03/15/40	-0.68%	Transalta Corp
	Baa3	BBB	6.625	03/30/40	-1.33%	Hartford Finl Svcs Group Inc
	Baa2	BBB-	6.500	04/15/40	-0.56%	Anglogold Ashanti Hldgs Fin Pl
	Baa2	BBB	6.750	04/16/40	-1.07%	Southern Copper Corp
	Baa2	BBB-	8.125	05/01/40	-1.01%	Lorillard Tob Co
	A3	A-	5.750	06/15/40	-1.19%	Goldman Sachs Grp Inc
	Baa2	A-	7.000	06/15/40	-1.39%	Lincoln Natl Corp Ind
	Baa1	BBB+	6.200	08/01/40	-1.29%	Noble Holding Intl Ltd
	A3	A-	5.500	08/15/40	-1.22%	Goldman Sachs Grp Inc
	Baa2	BBB	6.000	08/15/40	-1.10%	Teck Resources Limited
	Baa3	BBB+	5.600	09/15/40	-1.30%	Hospira Inc
	Baa2	BBB	6.750	09/15/40	-0.90%	Weatherford Intl Ltd Bermuda
	Baa3	BBB-	6.250	10/01/40	-0.54%	Cliffs Natural Resources Inc
	Baa3	BBB-	5.700	10/01/40	-0.49%	Delhaize Group Sa
	A3	A-	5.950	12/01/40	-1.20%	Saic Inc	
	A3	A-	5.500	12/15/40	-1.22%	Goldman Sachs Grp Inc Mtn Be
	A3	A-	6.250	02/01/41	-1.34%	Goldman Sachs Grp Inc
	Baa2	BBB	6.375	03/01/41	-1.30%	Directtv/Hldg/Fin Inc
	A3	A-	6.000	03/15/41	-1.09%	Goldman Sachs Grp Inc
	A3	A-	6.000	03/15/41	-1.09%	Goldman Sachs Grp Inc
	A3	A-	6.000	03/15/41	-1.09%	Goldman Sachs Group
	Baa2	BBB-	6.500	03/15/41	-1.21%	Health Care Reit Inc
	Baa2	BBB	5.950	03/15/41	-1.27%	Juniper Networks Inc
	A3	A-	5.750	05/15/41	-1.18%	Goldman Sachs Group Inc
	A3	A-	5.700	05/15/41	-1.17%	Goldman Sachs Group
	A3	A-	5.750	06/15/41	-1.17%	Goldman Sachs Grp Inc
	A3	A-	5.850	06/15/41	-1.17%	Goldman Sachs Grp Inc
	A3	A-	5.750	07/15/41	-1.16%	Goldman Sachs Grp Inc
	Baa2	BBB	6.250	07/15/41	-1.03%	Teck Resources Ltd
	Baa2	BBB-	7.000	08/04/41	-1.02%	Lorillard Tobacco Co
	A3	A-	5.750	08/15/41	-1.14%	Goldman Sachs Grp Inc
	Baa3	-	6.875	09/01/41	-0.36%	Kinross Gold Corp
	A3	A-	6.000	09/15/41	-1.11%	Goldman Sachs Grp Inc
	A3	A-	5.750	09/15/41	-1.13%	Goldman Sachs Grp Inc
	A3	BBB+	6.000	09/15/41	-1.04%	Hewlett Packard Co
	Baa1	BBB	5.750	10/01/41	-1.33%	Exelon Generation Co Llc
	Baa3	BBB	6.100	10/01/41	-1.27%	Hartford Finl Svcs Group Inc
	Baa3	BBB-	7.350	12/15/41	-1.29%	Transocean Inc
	Baa3	BBB-	6.500	02/01/42	-1.22%	Energy Transfer Partners Lp
	Baa2	BBB	5.200	03/01/42	-1.10%	Teck Resources Ltd
	Baa3	BB	7.650	03/15/42	0.08%	Centurylink Inc
	Baa3	BBB	6.625	04/15/42	-1.39%	Hartford Finl Svcs Group Inc Del
	-	BBB	5.950	04/15/42	-1.10%	Weatherfor Intl Ltd
	Baa1	A-	6.375	07/24/42	-1.02%	Morgan Stanley
	Baa2	BBB-	5.750	08/15/42	-1.18%	Unum Group
	Baa3	BBB-	6.250	09/01/42	-0.93%	Domtar Corp
	Baa2	A-	5.625	09/11/42	-1.17%	Vale S A	
	Baa2	BBB	5.400	02/01/43	-1.01%	Teck Resources Ltd
	Baa3	BB+	7.750	06/15/43	-0.46%	Ford Mtr Co Del
	WR	A-	5.850	11/15/45	-1.20%	Bellsouth Telecom
	Baa1	BBB+	6.950	12/01/45	-1.38%	Johnson Ctls Inc
	Baa1	BBB+	7.750	12/01/45	-1.32%	News Amer Hldgs Inc
	Baa3	BB+	7.400	11/01/46	-0.83%	Ford Mtr Co Del
	Baa3	BB+	9.980	02/15/47	-0.33%	Ford Mtr Co Del
	Baa3	BBB	7.550	03/01/47	-0.68%	Mead Corp
	A3	AA	5.400	12/15/47	-1.35%	Belvoir Ld Llc
	WR	A-	7.000	12/01/95	-1.55%	Bellsouth Telecom
	Baa1	BBB+	7.900	12/01/95	-1.43%	News Amer Hldgs Inc
	Baa3	BBB-	7.730	09/15/96	-1.37%	Anadarko Pete Corp
	Baa3	BBB	7.750	10/01/96	-1.32%	Union Carbide Corp
	Baa3	BBB-	7.250	11/15/96	-1.47%	Anadarko Pete Corp
	Baa3	BB+	7.700	05/15/97	-1.24%	Ford Mtr Co Del
	WR	A-	7.120	07/15/97	-1.58%	Bellsouth Cap Fdg Corp
	Baa1	A-	5.600	07/31/97	-1.50%	Sunamerica Inc
	Baa2	BBB	5.220	10/01/97	-1.58%	Motorola Solutions Inc
	Baa2	A-	6.875	02/15/98	-1.46%	Citigroup Inc
	Baa1	A	5.650	03/01/98	-1.68%	Cummins Inc