Refunding Risk and Needs For U.S. Investment-Grade Issuers 2010-2014

GLOBAL CORPORATE FINANCE
JANUARY 2010
SPECIAL COMMENT Refunding Risk and Needs for U.S. Investment-

Grade Corporate Bond Issuers, 2010-2014
Table of Contents: Summary Observations
SUMMARY OBSERVATIONS 1
REFUNDING NEEDS REMAIN HIGH, This report is based on a compilation of the maturities of 2,000 rated investment-grade
BUT REFUNDING RISK MODERATES 2 bonds, presented on pages 12-71 of this report. This unique bottoms-up study of refunding
Refunding Needs: Modest in Near
Term, but Increasing 2
requirements allows us to make the following observations:
Refunding Risk Eases but Has Not » Around $550 billion of rated investment-grade corporate bonds are maturing over the
Disappeared 3
Baa3-Rated Debt Poses the Highest
next five years, compared to $250 billion of rated U.S. corporate speculative-grade
Refunding Risk 4 bonds.
Spreads Contract from Historical FIGURE 1
Highs 5
Investment Grade Bond Maturities 2010-2014
Liquidity Remains Key for Investment-
Grade Issuers 7 Year Count of Bond Rating
Ratings in Transition and $140
$122 $129 500
Refunding Risks 7 $112 450
$120
$109
Instrumnet Count
Stability Could be Coming 8 400
In Billions of USD
Telecom/Tech/Media Sector $100 350

$76 300
Dominates Upcoming Maturities 9 $80
CONCLUSION 10 250
$60 200
APPENDIX I 11
$40 150
MOODY’S RELATED RESEARCH 71
100
$20
50
$0 0
Analyst Contacts:
2010 2011 2012 2013 2014
NEW YORK 1.212.553.1653 » Maturities – by dollars - are essentially evenly weighted throughout the next five years,
Kevin Cassidy 212.553.1676 with the exception of 2010, which is about a third less than the other years.
Vice President-Senior Credit Officer » Refunding needs over the next three years have increased to $310 billion—a marginal
Kevin.Cassidy@moodys.com increase from the $300 billion a year ago.
Adam McLaren 212.553.2753
Associate analyst
» More than $400 billion of Moody’s rated investment-grade bonds were issued in 2009
Adam.McLaren@moodys.com ($354 billion excluding infrastructure finance)—a 29% increase over the roughly $315
Tiina Siilaberg 212.553.4068 billion issued in 2008 ($250 billion excluding infrastructure finance), and a sign of the
Analyst overall improvement in credit markets.
Tiina.Siilaberg@moodys.com
Steve Oman 212.553.1673
» While investment-grade issuers have used most of the proceeds from debt issuances to
Senior Vice President repay long and short term debt (62%), they have put their borrowing to other uses as
Steve.Oman@moodys.com well, including M&A transactions (19%), keeping cash on the balance sheet to bolster
liquidity and for general corporate purposes (16%), and funding dividends and share
» contacts continued on the last page
repurchases (3%).
» Near-term market refunding risk has eased since last year, with market liquidity improving and
the economy starting to recover. Longer-term refunding risk remains a concern amid a tentative
economic recovery, continued high unemployment, and interest rates that are likely to increase.
» Company-specific refunding risk remains generally low due to the strong credit profile of
investment-grade companies, though ratings have trended downwards during 2008-2009.
» As we saw in last year’s report, most maturing investment-grade bonds are highly rated, with more
than half of all bonds maturing in 2010-2014 rated single-A or higher. But a continued
downward rating trend would increase refinancing risk.
» Spreads have contracted from their highs following Lehman Brothers’ bankruptcy in September
2008, indicating a thawing of the credit markets and increased risk tolerance.
» About 76% of investment-grade issuers with bonds maturing over the next five years have stable
outlooks, while 16% have negative outlooks, 5% have positive outlooks and 3% are under review.
About this report

This special comment is our second annual report that analyzes the refunding needs and risks
faced by issuers and investors in the U.S. investment-grade bond market. This year’s study
expands our debt maturity outlook into a five-year period (last year’s report studied a three-year
period). The debt securities included in this study are rated by Moody’s Corporate Finance
Group, denominated in U.S. dollars, and issued by companies that are domiciled in the U.S. The
data are sourced as of November 12, 2009.
The Appendix presents all investment-grade corporate-bond maturities in 2010–2014 in

chronological order.
As part of our efforts to promote transparency about our rating practices and key determinants of
corporate finance analysis, this report also includes a list of our default research, our rating
methodologies, and other special comments relevant to the topic of refinancing needs and risks.
As always, we encourage clients to contact lead analysts directly with any specific refunding
concerns, or about any of Moody’s Corporate Finance analytic tools, debt ratings, or
publications.
Refunding Needs Remain High, But Refunding Risk Moderates
Refunding Needs: Modest in Near Term, but Increasing

During the mid-2000s, the investment-grade bond market grew rapidly, thanks to several factors:
abundant market liquidity, a tolerance for high leverage, a flurry of M&A activity, and companies’
propensity to issue debt to fund shareholder returns.
Much of this debt will be maturing over the next five years – about $550 billion in investment-grade
corporate bonds are set to mature in 2010-2014. Our study of 372 U.S. investment-grade non-
financial corporate bond issuers determined that $76 billion of their investment-grade bonds will
2 JANUARY 2010 SPECIAL COMMENT: REFUNDING RISK AND NEEDS FOR U.S. INVESTMENT-GRADE CORPORATE BOND ISSUERS, 2010-2014
mature in 2010, $112 billion in 2011, $122 billion in 2012, $129 billion in 2013, and $109 billion in
2014.
The current level of 2010 maturities has changed little from the $83 billion listed in last year’s report.
But more than $400 billion of rated investment-grade bonds were issued in 2009 ($354 billion
excluding infrastructure finance). While investment-grade issuers have used most of the proceeds from
debt issuances to repay long and short term debt (62%), they have put their borrowing to other uses as
well, including M&A transactions (19%), keeping cash on the balance sheet to bolster liquidity and
for general corporate purposes (16%), and funding dividends and share repurchases (3%).
Over the next four years, refinancing needs are set to increase by 70%, from $76 billion in 2010 to
$129 billion in 2013. Since refunding risk may potentially increase in the longer term—due to
uncertainty about the sustainability of burgeoning economic recovery, high unemployment, and likely
higher interest rates—the rise in refinancing needs could be cause for some concern.
FIGURE 2
Rated Investment Grade Bond Issuance (annual build)*
2006 2007 2008 2009
$400
$350
$300
In Billions of USD
$250
$200
$150
$100
$50
$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
*Source: Moody's Investors Service
* Excludes Infrastructure Finance
Refunding Risk Eases but Has Not Disappeared

Overall refunding risk has two key components: market refunding risk and company-specific
refunding risk. We believe market refunding risk has improved significantly over the last year, though
it remains elevated due to lingering effects from the recent financial crisis and uncertain economic
conditions today. Company-specific refunding risk remains relatively low, since investment-grade
issuers carry strong credit profiles. However, company-specific risk has been rising modestly with
credit ratings trending downward the last two years.
FIGURE 3
Investment Grade Bond Maturities 2010-2014
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3
$35
$30
In Billions of USD
$25
$20
$15
$10
$5
$0
2010 2011 2012 2013 2014
*Source: Moody’s Investors Service
Despite the lingering effects of the U.S. recession, most investment-grade bond ratings are still
relatively strong: more than half of the bonds maturing over the next five years are rated single-A or
higher. But if ratings continue to migrate downwards, the market faces a degree of refinancing risk,
with almost $180 billion of the $550 billion maturing over the next five years carrying low
investment-grade ratings of Baa2 ($92 billion) or Baa3 ($86 billion). Even so, two-thirds of Baa3-rated
bonds mature in 2012 or later, which provides some near-term relief.
For bonds rated in the Baa category—comprising almost half of all investment grade maturities in
2010-2014—distribution is fairly evenly split among Baa1, Baa2 and Baa3 ratings. Among the single-
A rated bonds, A2 bonds comprise about 58% of the total $245 billion, with A1 bonds 23% and A3
bonds 19%. In the Aa category, Aa2 rated bonds account for roughly 58% of the $40 billion total,
with Aa3 at 33% and Aa1 at 9%. Maturities for Aaa-rated bonds are not significant over the next five
years.
A large percentage of the $76 billion in investment-grade bonds maturing in 2010 are highly rated:
about one-third are rated A2, and less than 20% are rated Baa3—the lowest category still considered
investment-grade. Still, this is a greater amount than last year, when our study showed Baa3-rated
bonds accounting for 10% of 2009 maturities and 16% of 2010 maturities. The increase in Baa3
bonds as a percentage of total maturities illustrates the downward rating migration trend over the past
two years.
Baa3-Rated Debt Poses the Highest Refunding Risk

On the whole, company-specific refunding risk remains low for investment-grade bonds. But Baa3-
rated bonds account for $86 billion (16%) of the $550 billion maturing over the next five years. 1
1
This $86 billion includes $14 billion maturing in 2010, $15 billion in 2011, $21 billion in 2012, $18 billion in 2013, and $18 billion in 2014.
These 10 issuers hold the largest amounts of Baa3-rated bonds due to mature in 2010-2014:
ISSUER NAME OUTLOOK USD (BILLIONS)

Dow Chemical Company (The) Negative $5.9
Alcoa Inc. RUR $3.5
Enterprise Products Operating, LLC Stable $3.4
CBS Corporation Stable $2.4
Textron Financial Corporation Negative $2.3
Allied Waste North America, Inc. Stable $2.0
Express Scripts, Inc. Stable $2.0
Whirlpool Corporation Negative $2.0
CSX Corporation Stable $1.8
NiSource Finance Corporation Stable $1.7
These 10 issuers hold the largest amounts of Baa3-rated bonds maturing in 2010:
ISSUER NAME OUTLOOK USD (BILLIONS)

Textron Financial Corporation Negative $1.3
NiSource Finance Corporation Stable $0.7
Waste Management, Inc. Stable $0.6
Motorola, Inc. Negative $0.5
Alcoa Inc. RUR $0.5
Enterprise Products Operating, LLC Stable $0.5
Cox Enterprises, Inc. Stable $0.5
CenturyTel, Inc Stable $0.5
Pepco Holdings, Inc. Stable $0.5
CBS Corporation Stable $0.4
*rating and maturities as of 11/12/09; outlooks as of 1/15/2010
Spreads Contract from Historical Highs

The cost of funding exploded in late 2008, and remained high well into 2009—even for the strongest
investment-grade credits—before narrowing meaningfully in the second half of 2009. Yields on
investment-grade bonds became attractive to investors during the depths of the financial crisis in late
2008 and early 2009. As investor appetite increased and market access returned, our analysis shows
that rated investment-grade bond issuance rebounded to around $400 billion ($354 billion excluding
infrastructure finance)—up from about $315 billion in 2008 ($250 billion excluding infrastructure
finance).
Spreads between the seven-year Treasury and median yields for all investment-grade rating categories
declined by more than 50% between their December 2008 highs and November 2009, with no
meaningful difference between rating categories. But with the exception of Aaa-rated bonds, spreads
between the seven-year Treasury and median yields for all investment-grade rating categories still
topped their historical averages through November 2009.
The average of Aaa spreads during January 1991-November 2009 was about 81 bps, with the November
2009 median spread reaching 44 bps. At the other end of the investment-grade spectrum, the 308-bp
spread for Baa3 bonds at November 2009 remains well above the historical average of 203 bps.
FIGURE 4
U.S. Intermediate-Term Investment Grade Credit Spreads
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3
900
800
700
Basis Points
600
500
400
300
200
100
0
Ju -08
c 8
Se -07
ov 7
Ja -07
ar 8
O p-08
Fe -07
Ju -09
9
M -09
O p-09
Se -08
ov 8
Ja -08
Fe -08
Se -09
ov 9
Ju -07
De -0 7
Au l-08
Fe 09
M -07
O 07
Au l-09
ay 8
ay 9
Ap r-07
Ju 07
Au l-07
Ap -08
ay 7
Ju 08
Ap -09
Ju 09
N t -0
M b -0
N t -0
N t -0
De -0
-0
M r-0
M r-0
M r-0
p-
n-
n-
n-
n-
g
c
n
g
b
b
n
ar
a
c
Ja
During the second half of 2008, the spread between the three-month Libor rate and three-month T-
bill (the TED spread) widened significantly, revealing the market’s concern about elevated
counterparty risk. The spread peaked at 458 bps in October 2008, shortly after Lehman Brothers filed
for bankruptcy. At that time, credit markets ceased to operate in a rational manner and lending was
drastically curtailed. By May 2009, however, the TED spread had dramatically declined, falling into
line with more normalized levels, signaling the market’s improved credit-risk profile.
FIGURE 5
TED Spread: Difference Between the 3 Month Libor Rate and 3 Month Treasury Bill Rate,
(Basis Points, NSA) for United States
500
450
400
350
Basis Points
300
250
200
150
100
50
0
08 Jan 2007
12 Feb 2007
19 Mar 2007
20 Apr 2007
24 May 2007
28 Jun 2007
02 Aug 2007
06 Sep 2007
11 Oct 2007
15 Nov 2007
20 Dec 2007
28 Jan 2008
03 Mar 2008
07 Apr 2008
09 May 2008
13 Jun 2008
18 Jul 2008
21 Aug 2008
25 Sep 2008
30 Oct 2008
05 Dec 2008
01 Dec 2006
13 Jan 2009
18 Feb 2009
24 Mar 2009
29 Apr 2009
04 Jun 2009
09 Jul 2009
12 Aug 2009
17 Sep 2009
22 Oct 2009
27 Nov 2009
*Source: Moody’s Economy.com
Liquidity Remains Key for Investment-Grade Issuers

With the economic recovery still in its infancy, investment-grade issuers must continue to maintain
strong liquidity profiles.
On the whole, investment-grade issuers have maintained good liquidity throughout the credit crisis
and recession. In 2008, companies strived to preserve liquidity by cutting capital expenditures,
reducing dividends, and reducing or halting share repurchases. But as we noted in our recent
investment-grade liquidity study, 2 investment-grade issuers’ liquidity profiles could come under
pressure from a continued contraction in bank lending, which would make the refinancing of bank
credit facilities more difficult. Tighter bank lending could constrain a company’s growth prospects as
the economy begins to recover.
Although the U.S. economy is beginning to recover, we believe that the fragility of the economic
recovery could lead to the need to renegotiate covenants for a few investment grade issuers. Our recent
liquidity study 3 found that 9% of investment-grade issuers show either tight or restrictive covenants
(2% tight, 7% restrictive), defined as having less than 20% headroom under required covenant levels.
But unlike the trend we saw for speculative-grade issuers in early 2009, most investment-grade
companies were able to amend their credit facilities. We think this trend will continue.
FIGURE 6
Covenant Cushion per Rating Category
Adequate / No Covenant Restrictive Tight
100%
98%
96%
94%
Cushion %
92%
90%
88%
86%
84%
82%
Aaa Aa A Baa
Ratings in Transition and Refunding Risks

Rating outlooks—positive, stable, negative, under review, or developing—are intended as company-
specific directional indicators for the near- to intermediate term. Most outlooks are stable (76%,
compared to 73% in last year’s report), while 16% now have negative outlooks, 5% have positive
outlooks and 3% are under review. 4 If the nascent economic recovery continues, we believe the trend
towards outlook stabilization will accelerate. The composition of outlooks for the bonds maturing in
2010 is not significantly different from the five year trend.
2
See our Special Comment, “Challenges on the Horizon for Investment-Grade Liquidity,” November 2009.
3
See our Special Comment, “Liquidity Challenges Remain For Non-Financial Companies in the Americas,” July 2009.
4
By contrast, more than one-third of speculative-grade maturities over the 2010-2014 period have negative outlooks.
FIGURE 7
Outlook by Issuer Families with Investment Grade Bonds Maturing 2010 to 2014
Negative
16%
Positive
5%
Rating(s) Under
Review
3%
Stable
76%
Source: Moody’s Investors Service
Of the $76 billion of bonds maturing in 2010, $21 billion (27%) have negative outlooks or are under
review. This ratio drops to about 21% in 2011 and continues declining gradually to 19% in 2013,
before rising to 25% in 2014. Fewer than 10% of maturities over the next five years have positive
outlooks.
A quarter of the $86 billion of Baa3-rated bonds maturing over the next five years and in 2010 have a
negative outlook.
FIGURE 8
Investment Grade Bond Ratings by Outlook 2010 to 2014
Negative Positive Rating(s) Under Review Stable
$120
$100
In Billions of USD
$80
$60
$40
$20
$0
2010 2011 2012 2013 2014
Stability Could be Coming

As the economy began to recover in mid-2009, the number of rating downgrades began to decline
accordingly. The number of monthly downgrades dropped from a high of 106 in December 2008 to a
low of 14 in October 2009, increasing slightly to 21 in November.
FIGURE 9
Rating Downgrades by Family Per Month
Non-Financial Corporate Debt Issuers in the Americas
120 106
100 99
100
84
79 75
# of Downgrades 80 72
60
60
40 44 48 48
37 39
40 30 34 34 31
21 25 25 21
14
20
0
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
As downgrades have dwindled, the upgrade/downgrade ratio has improved during 2009, with
upgrades finally outnumbering downgrades in October 2009—a turnaround that illustrated the
improvement in overall credit quality.
FIGURE 10
Upgrade/Downgrade Ratio
160%
140%
120%
100%
80%
60%
40%
20%
0%
Jun-08
Nov-08
Jun-09
Nov-09
Oct-08
May-08
Dec-08
Oct-09
May-09
Aug-08
Mar-08
Aug-09
Mar-09
Feb-08
Apr-08
Jul-08
Feb-09
Apr-09
Jul-09
Jan-08
Sep-08
Jan-09
Sep-09
Telecom/Tech/Media Sector Dominates Upcoming Maturities

As in last year’s study—the Telecom/Technology/Media sector continues to have the highest
percentage of investment-grade bonds maturing over the next five years, with $137 billion maturing,
or 25% of the total $550 billion. (The sector also has the highest percentage in speculative-grade
maturities for this period.) The Energy/Natural Resources/Chemical sector represents $99 billion, or
18%, of investment-grade maturities, followed by Utilities, with $84 billion, or 14%. The
Telecom/Technology/Media sector dominated new issuance in 2009, accounting for nearly 20% of
the more than $400 billion (including infrastructure finance) in investment-grade bonds issued in
2009.
FIGURE 11
Maturing Investment Grade Bonds by Industry 2010 to 2014*
Auto/Transportation/Defense, $36,
Building
7%
Products/Manufacturing/Homebuil
ding, $43, 8%
Utilities, $84, 15%
Consumer Products, $23, 4%
Telecom/Tech./Media, $137, 25% Diversified

Industrials/Services/Paper, $11, 2%
Energy/Natural
Retail/Apparel, $35, 6% Resources/Chemicals, $99, 18%
Food/Entertainment/Lodging, $37,
Healthcare/Healthcare Eqiupment, 7%
$43, 8%
* Source: Moody’s Investors Service, In billions of USD
Conclusion
Issuers of investment-grade bonds that mature in 2010-2014 appear poised today to meet their
obligations with little sign of peril. Besides the obvious advantage of being highly rated and posing
lower risks for investors, investment-grade bond maturities appear to be entering a more benign
economic period as well. The U.S. economy is beginning to recover from its worst recession in over 70
years, and credit markets in general are relatively open to highly rated debt. But without a clear sign
that the economy will stay healthy, unemployment will fall, or interest rates remain moderate, we see
some refunding risk over the course of our five-year study period.
While rating actions and outlooks for investment-grade bonds have had a positive bias over the last six
months, there would be increasing refunding risk if negative rating actions were to accelerate again.
Nearly one-third of the $550 billion in investment-grade bonds set to mature over the next five years
hold ratings of Baa2 and Baa3, the low end of investment grade rating scale. So if economic conditions
falter, we could see rating pressure return over the next five years.
Appendix I
U.S. Investment Grade Corporate Bond Issuers, 2010 - 2014

(Based on data and ratings as of November 12, 2009. All amounts are in US dollar millions)
BOND MATURITY
ISSUER NAME DEBT DESCRIPTION RATING DATE INDUSTRY
Textron Financial Corporation US$ 225.0 Regular Bond/Debenture Baa3 1/5/2010 Auto/Transportation/Defense
Snap-on Incorporated US$ 150.0 Regular Bond/Debenture Baa1 1/12/2010 Building Products/Manufacturing/Homebuilding
Air Products and Chemicals, Inc. US$ 50.0 Regular Bond/Debenture A2 1/13/2010 Energy/Natural Resources/Chemicals
Caterpillar Financial Services
Corporation US$ 0.734 Regular Bond/Debenture A2 1/15/2010 Building Products/Manufacturing/Homebuilding
US$ 568.985 Regular
Clorox Company (The) Bond/Debenture Baa2 1/15/2010 Consumer Products
Comair, Inc. US$ 0.03508 Equipment Trust Aa2 1/15/2010 Auto/Transportation/Defense
Comcast Corporation US$ 600.0 Regular Bond/Debenture Baa1 1/15/2010 Telecom/Tech./Media
US$ 1224.56 Regular
Cox Communications, Inc. Bond/Debenture Baa3 1/15/2010 Telecom/Tech./Media
Enogex LLC US$ 289.2 Regular Bond/Debenture Baa3 1/15/2010 Energy/Natural Resources/Chemicals
John Deere Capital Corporation US$ 250.0 Regular Bond/Debenture A2 1/15/2010 Building Products/Manufacturing/Homebuilding
Monongahela Power Company US$ 110.0 Regular Bond/Debenture Baa3 1/15/2010 Utilities
National Rural Utilities Coop.
Finance Corp. US$ 7.2 Regular Bond/Debenture A1 1/15/2010 Utilities
Northrop Grumman Space &
Mission Systems Corp US$ 88.702 Regular Bond/Debenture Baa1 1/15/2010 Auto/Transportation/Defense
Progress Energy, Inc. US$ 100.0 Regular Bond/Debenture Baa2 1/15/2010 Utilities
Quaker Oats Company US$ 25.0 Regular Bond/Debenture Aa2 1/15/2010 Food/Entertainment/Lodging
Southern California Edison

Company US$ 16.0 Regular Bond/Debenture A3 1/15/2010 Utilities
Verizon New York Inc. US$ 250.0 Regular Bond/Debenture Baa3 1/15/2010 Telecom/Tech./Media
Wal-Mart Stores, Inc. US$ 1000.0 Regular Bond/Debenture Aa2 1/15/2010 Retail/Apparel
Cargill, Incorporated US$ 75.0 Regular Bond/Debenture A2 1/22/2010 Energy/Natural Resources/Chemicals
General Mills, Inc. US$ 500.0 Regular Bond/Debenture Baa1 1/22/2010 Food/Entertainment/Lodging
Black Hills Power, Inc. US$ 30.0 First Mortgage Bonds A3 2/1/2010 Utilities
KeySpan Gas East Corporation US$ 400.0 Regular Bond/Debenture A3 2/1/2010 Energy/Natural Resources/Chemicals
Kroger Co. (The) US$ 500.0 Regular Bond/Debenture Baa2 2/1/2010 Retail/Apparel
Union Pacific Railroad Company US$ 4.15 Equipment Trust Aa3 2/1/2010 Auto/Transportation/Defense
AT&T Inc. US$ 1500.0 Regular Bond/Debenture A2 2/5/2010 Telecom/Tech./Media
US$ 59.683 Conv./Exch.
American Tower Corporation Bond/Debenture Baa3 2/15/2010 Telecom/Tech./Media
BellSouth Capital Funding
Corporation US$ 1000.0 Regular Bond/Debenture A2 2/15/2010 Telecom/Tech./Media
CSX Transportation, Inc. US$ 5.0 Equipment Trust A2 2/15/2010 Auto/Transportation/Defense
Dow Chemical Company (The) US$ 11.337 Regular Bond/Debenture Baa3 2/15/2010 Energy/Natural Resources/Chemicals
International Business Machines
NSTAR US$ 500.0 Regular Bond/Debenture A2 2/15/2010 Utilities
Timken Company (The) US$ 250.0 Regular Bond/Debenture Baa3 2/15/2010 Building Products/Manufacturing/Homebuilding
Verizon North Inc. US$ 6.0 Regular Bond/Debenture A3 2/15/2010 Telecom/Tech./Media
Verizon North Inc. US$ 200.0 Regular Bond/Debenture A3 2/15/2010 Telecom/Tech./Media
Southern Union Company US$ 100.0 Regular Bond/Debenture Baa3 2/16/2010 Energy/Natural Resources/Chemicals
Puget Sound Energy, Inc. (Old) US$ 5.0 Regular Bond/Debenture Baa1 2/22/2010 Utilities
Duke Energy Carolinas, LLC US$ 300.0 Regular Bond/Debenture A3 3/1/2010 Utilities
Honeywell International Inc. US$ 1000.0 Regular Bond/Debenture A2 3/1/2010 Auto/Transportation/Defense
Peoples Gas Light and Coke
Company US$ 50.0 First Mortgage Bonds A2 3/1/2010 Energy/Natural Resources/Chemicals
Sempra Energy US$ 500.0 Regular Bond/Debenture Baa1 3/1/2010 Utilities

Wisconsin Power and Light
Procter & Gamble Company (The) US$ 750.0 Regular Bond/Debenture Aa3 3/9/2010 Consumer Products
Public Service Electric and Gas
Company US$ 300.0 First Mortgage Bonds A2 3/12/2010 Utilities
American Electric Power
Company, Inc. US$ 490.0 Regular Bond/Debenture Baa2 3/15/2010 Utilities
Metropolitan Edison Company US$ 100.0 Regular Bond/Debenture A3 3/15/2010 Utilities
News America Incorporated US$ 150.0 Regular Bond/Debenture Baa1 3/15/2010 Telecom/Tech./Media
Occidental Petroleum Corporation US$ 227.0 Regular Bond/Debenture A2 3/15/2010 Energy/Natural Resources/Chemicals
Portland General Electric
Company US$ 15.0 Regular Bond/Debenture Baa1 3/15/2010 Utilities
Stanley Works (The) US$ 200.0 Regular Bond/Debenture A3 3/15/2010 Building Products/Manufacturing/Homebuilding
Walt Disney Company (The) US$ 88.0 Regular Bond/Debenture A2 3/15/2010 Telecom/Tech./Media
Georgia Power Company US$ 250.0 Regular Bond/Debenture A2 3/17/2010 Utilities
BNSF Railway Company US$ 1.72217 Equipment Trust Aa2 3/23/2010 Auto/Transportation/Defense
Federal Express Corporation US$ 10.94414 Pass-Through Baa1 3/23/2010 Diversified Industrials/Services/Paper
Consolidated Rail Corporation US$ 0.52121 Equipment Trust A2 3/25/2010 Auto/Transportation/Defense
Hospira, Inc. US$ 375.0 Regular Bond/Debenture Baa3 3/30/2010 Healthcare/Healthcare Eqiupment
Brown-Forman Corporation US$ 150.0 Regular Bond/Debenture A2 4/1/2010 Food/Entertainment/Lodging
Duke Energy Carolinas, LLC US$ 200.0 First Mortgage Bonds A1 4/1/2010 Utilities
Empire District Electric Company

(The) US$ 50.0 First Mortgage Bonds Baa1 4/1/2010 Utilities
International Paper Company US$ 50.271 Regular Bond/Debenture Baa3 4/1/2010 Diversified Industrials/Services/Paper
Norfolk Southern Railway
Company US$ 6.3 Equipment Trust Aa3 4/1/2010 Auto/Transportation/Defense
Panhandle Eastern Pipe Line
Company, LP US$ 40.5 Regular Bond/Debenture Baa3 4/1/2010 Energy/Natural Resources/Chemicals
PepsiCo Capital Resources, Inc. US$ 75.0 Regular Bond/Debenture Aa2 4/1/2010 Food/Entertainment/Lodging
Ryder System, Inc. US$ 175.0 Regular Bond/Debenture Baa1 4/1/2010 Auto/Transportation/Defense
US$ 2000.0 Regular
AT&T Inc. Bond/Debenture A2 4/2/2010 Telecom/Tech./Media
Ohio Power Company US$ 400.0 Regular Bond/Debenture Baa1 4/5/2010 Utilities
Washington Gas Light Company US$ 4.0 Regular Bond/Debenture A2 4/6/2010 Energy/Natural Resources/Chemicals
Carpenter Technology Corporation US$ 10.0 Regular Bond/Debenture Baa3 4/15/2010 Energy/Natural Resources/Chemicals
E.I. du Pont de Nemours and
Company US$ 900.0 Regular Bond/Debenture A2 4/30/2010 Energy/Natural Resources/Chemicals
Martin Marietta Materials, Inc. US$ 225.0 Regular Bond/Debenture Baa3 4/30/2010 Building Products/Manufacturing/Homebuilding
Consolidated Edison Company of
New York, Inc. US$ 35.0 Regular Bond/Debenture A3 5/1/2010 Utilities
Consolidated Edison Company of US$ 196.705 Regular
New York, Inc. Bond/Debenture A3 5/1/2010 Utilities
Continental Airlines, Inc. US$ 117.852 Enhanced Equipment Baa2 5/1/2010 Auto/Transportation/Defense
Trust
Con-way Incorporated US$ 200.0 Regular Bond/Debenture Baa3 5/1/2010 Auto/Transportation/Defense

US$ 105.123 Regular
Newell Rubbermaid, Inc. Bond/Debenture Baa3 5/1/2010 Consumer Products
US$ 23.8455 Regular
NYNEX Corporation Bond/Debenture A3 5/1/2010 Telecom/Tech./Media
TECO Energy, Inc. US$ 100.0 Regular Bond/Debenture Baa3 5/1/2010 Utilities
Union Tank Car Company US$ 100.0 Regular Bond/Debenture A1 5/1/2010 Auto/Transportation/Defense
United Technologies Corporation US$ 600.0 Regular Bond/Debenture A2 5/1/2010 Auto/Transportation/Defense
Whirlpool Corporation US$ 325.0 Regular Bond/Debenture Baa3 5/1/2010 Consumer Products
Mattel, Inc. US$ 40.0 Regular Bond/Debenture Baa2 5/10/2010 Consumer Products
McDonald's Corporation US$ 10.0 Regular Bond/Debenture A3 5/13/2010 Food/Entertainment/Lodging
Oracle Corporation US$ 1000.0 Regular Bond/Debenture A2 5/14/2010 Telecom/Tech./Media
Consumers Energy Company US$ 250.0 First Mortgage Bonds A3 5/15/2010 Utilities
US$ 305.682 Regular
Deere & Company Bond/Debenture A2 5/15/2010 Auto/Transportation/Defense
Dow Capital B.V. US$ 90.95 Regular Bond/Debenture Baa3 5/15/2010 Energy/Natural Resources/Chemicals
Norfolk Southern Corporation US$ 300.0 Regular Bond/Debenture Baa1 5/15/2010 Auto/Transportation/Defense
NSTAR Electric Company US$ 125.0 Regular Bond/Debenture A1 5/15/2010 Utilities
Pepco Holdings, Inc. US$ 200.0 Regular Bond/Debenture Baa3 5/15/2010 Utilities
R.R. Donnelley & Sons Company US$ 325.319 Regular Baa3 5/15/2010 Telecom/Tech./Media
Bond/Debenture
PACCAR Financial Corporation US$ 225.0 Regular Bond/Debenture A1 5/17/2010 Building Products/Manufacturing/Homebuilding
SBC Communications Capital
US$ 1264.002 Regular
ConocoPhillips Company Bond/Debenture A1 5/25/2010 Energy/Natural Resources/Chemicals
Praxair, Inc. US$ 500.0 Regular Bond/Debenture A2 5/26/2010 Energy/Natural Resources/Chemicals
Appalachian Power Company US$ 150.0 Regular Bond/Debenture Baa2 6/1/2010 Utilities
Colgate-Palmolive Company US$ 61.8 Regular Bond/Debenture Aa3 6/1/2010 Consumer Products
CVS/Caremark Corp. US$ 1750.0 Regular Bond/Debenture Baa2 6/1/2010 Retail/Apparel
Entergy Arkansas, Inc. US$ 100.0 First Mortgage Bonds A3 6/1/2010 Utilities
Entergy Louisiana, LLC US$ 55.0 First Mortgage Bonds A3 6/1/2010 Utilities
Enterprise Products Operating, LLC US$ 500.0 Regular Bond/Debenture Baa3 6/1/2010 Energy/Natural Resources/Chemicals
Lowe's Companies, Inc. US$ 500.0 Regular Bond/Debenture A1 6/1/2010 Retail/Apparel
Progress Energy Florida, Inc. US$ 300.0 First Mortgage Bonds A1 6/1/2010 Utilities
Union Pacific Corporation US$ 300.0 Regular Bond/Debenture Baa2 6/1/2010 Auto/Transportation/Defense
Verizon Northwest Inc. US$ 6.0 Regular Bond/Debenture A3 6/1/2010 Telecom/Tech./Media
Verizon Northwest Inc. US$ 169.0 Regular Bond/Debenture A3 6/1/2010 Telecom/Tech./Media
Pacific Gas & Electric Company US$ 500.0 Regular Bond/Debenture A3 6/10/2010 Utilities
Parker-Hannifin Corporation US$ 40.0 Regular Bond/Debenture A2 6/11/2010 Building Products/Manufacturing/Homebuilding
Burlington Resources, Inc. US$ 150.0 Regular Bond/Debenture A2 6/15/2010 Energy/Natural Resources/Chemicals

Diamond Shamrock Inc. US$ 25.0 Regular Bond/Debenture Baa2 6/15/2010 Energy/Natural Resources/Chemicals
Dominion Resources Inc. US$ 77.542 Regular Bond/Debenture Baa2 6/15/2010 Utilities
Exelon Corporation US$ 400.0 Regular Bond/Debenture Baa1 6/15/2010 Utilities
Hewlett-Packard Company US$ 1000.0 Regular Bond/Debenture A2 6/15/2010 Telecom/Tech./Media
National Semiconductor Corp. US$ 250.0 Regular Bond/Debenture Baa1 6/15/2010 Telecom/Tech./Media
NVR Inc. US$ 133.37 Regular Bond/Debenture Baa3 6/15/2010 Building Products/Manufacturing/Homebuilding
ONEOK Partners, L.P. US$ 250.0 Regular Bond/Debenture Baa2 6/15/2010 Energy/Natural Resources/Chemicals
Orange and Rockland Utilities, Inc. US$ 55.0 Regular Bond/Debenture Baa1 6/15/2010 Utilities
Orange and Rockland Utilities, Inc. US$ 55.0 Regular Bond/Debenture Baa1 6/15/2010 Utilities
Pemex Project Funding Master US$ 1396.495 Regular
Trust Bond/Debenture Baa1 6/15/2010 Energy/Natural Resources/Chemicals
TECO Energy, Inc. US$ 2.786 Regular Bond/Debenture Baa3 6/15/2010 Utilities
Xerox Corporation US$ 700.0 Regular Bond/Debenture Baa2 6/15/2010 Telecom/Tech./Media
Altria Group Inc. US$ 775.0 Regular Bond/Debenture Baa1 6/22/2010 Consumer Products
Atchison, Topeka and Santa Fe
Railway Company US$ 2.594 Equipment Trust Aa2 6/24/2010 Auto/Transportation/Defense
Comair, Inc. US$ 4.7484 Equipment Trust Aa2 6/28/2010 Auto/Transportation/Defense
Gulf Power Company US$ 140.0 Regular Bond/Debenture A2 6/28/2010 Utilities
Texaco Capital Inc. US$ 29.575 Regular Bond/Debenture Aa1 6/30/2010 Energy/Natural Resources/Chemicals
Entergy New Orleans, Inc. US$ 30.0 First Mortgage Bonds Baa3 7/1/2010 Utilities
US$ 123.99043 Enhanced Equipment
American Airlines, Inc. Trust Baa3 7/9/2010 Auto/Transportation/Defense
Avista Corp. US$ 5.0 Regular Bond/Debenture Baa1 7/12/2010 Utilities

R.J. Reynolds Tobacco Holdings,
Inc. US$ 0.5 Regular Bond/Debenture Baa3 7/15/2010 Consumer Products
Reynolds American Inc. US$ 299.95 Regular Bond/Debenture Baa3 7/15/2010 Consumer Products
Windsor Petroleum Transport
Corporation US$ 1.2 Regular Bond/Debenture Aa1 7/15/2010 Energy/Natural Resources/Chemicals
US$ 414.639 Regular
CBS Corporation Bond/Debenture Baa3 7/30/2010 Telecom/Tech./Media
Kimberly-Clark Corporation US$ 450.0 Regular Bond/Debenture A2 7/30/2010 Consumer Products
Acuity Brands, Inc. US$ 200.0 Regular Bond/Debenture Baa3 8/1/2010 Building Products/Manufacturing/Homebuilding
US$ 511.473 Regular
Alcoa Inc. Bond/Debenture Baa3 8/1/2010 Energy/Natural Resources/Chemicals
El Paso Natural Gas Company US$ 53.712 Regular Bond/Debenture Baa3 8/1/2010 Energy/Natural Resources/Chemicals
Entergy Gulf States Louisiana, LLC US$ 100.0 First Mortgage Bonds Baa1 8/1/2010 Utilities
Northern States Power Company
(Minnesota) US$ 175.0 First Mortgage Bonds A1 8/1/2010 Utilities
US$ 127.682 Regular
Textron Inc. Bond/Debenture Baa3 8/1/2010 Auto/Transportation/Defense
Waste Management, Inc. US$ 600.0 Regular Bond/Debenture Baa3 8/1/2010 Diversified Industrials/Services/Paper
XTO Energy, Inc. US$ 250.0 Regular Bond/Debenture Baa2 8/1/2010 Energy/Natural Resources/Chemicals
Pennsylvania Electric Company US$ 35.0 Regular Bond/Debenture A3 8/2/2010 Utilities

Kraft Foods Inc. US$ 250.0 Regular Bond/Debenture Baa2 8/11/2010 Food/Entertainment/Lodging
BAE Systems Holdings Inc. US$ 500.0 Regular Bond/Debenture Baa2 8/15/2010 Auto/Transportation/Defense
Commonwealth Edison Company US$ 212.0 First Mortgage Bonds Baa1 8/15/2010 Utilities
Darden Restaurants, Inc. US$ 150.0 Regular Bond/Debenture Baa3 8/15/2010 Food/Entertainment/Lodging
Emerson Electric Company US$ 500.0 Regular Bond/Debenture A2 8/15/2010 Building Products/Manufacturing/Homebuilding
General Dynamics Corporation US$ 700.0 Regular Bond/Debenture A2 8/15/2010 Auto/Transportation/Defense
Home Depot, Inc. (The) US$ 1000.0 Regular Bond/Debenture Baa1 8/15/2010 Retail/Apparel
Target Corporation US$ 550.0 Regular Bond/Debenture A2 8/15/2010 Retail/Apparel
DCP Midstream, LLC US$ 800.0 Regular Bond/Debenture Baa2 8/16/2010 Energy/Natural Resources/Chemicals
Safeway Inc. US$ 500.0 Regular Bond/Debenture Baa2 8/16/2010 Retail/Apparel
Southern Company (The) US$ 600.0 Regular Bond/Debenture A3 8/20/2010 Utilities
Atlantic City Electric Company US$ 1.0 First Mortgage Bonds A3 8/30/2010 Utilities
Consolidated Edison Company of US$ 262.442 Regular
New York, Inc. Bond/Debenture A3 9/1/2010 Utilities
Washington Natural Gas Company US$ 7.0 First Mortgage Bonds Baa1 9/13/2010 Energy/Natural Resources/Chemicals
Coca-Cola Enterprises Inc. US$ 250.0 Regular Bond/Debenture A3 9/15/2010 Food/Entertainment/Lodging
US$ 247.964 Regular
ConAgra Foods, Inc. Bond/Debenture Baa2 9/15/2010 Food/Entertainment/Lodging
Cox Enterprises, Inc. US$ 500.0 Regular Bond/Debenture Baa3 9/15/2010 Telecom/Tech./Media
Medtronic, Inc. US$ 400.0 Regular Bond/Debenture A1 9/15/2010 Healthcare/Healthcare Eqiupment
Public Service Company of
Oklahoma US$ 150.0 Regular Bond/Debenture Baa1 9/15/2010 Utilities
Central Hudson Gas & Electric
Corporation US$ 24.0 Regular Bond/Debenture A3 9/23/2010 Utilities
Cooper Industries LLC US$ 2.25 Regular Bond/Debenture A3 9/24/2010 Building Products/Manufacturing/Homebuilding
Piedmont Natural Gas Company,
Inc. US$ 60.0 Regular Bond/Debenture A3 9/29/2010 Energy/Natural Resources/Chemicals
Arrow Electronics, Inc. US$ 68.545 Regular Bond/Debenture Baa3 10/1/2010 Telecom/Tech./Media
Cytec Industries Inc. US$ 15.41 Regular Bond/Debenture Baa3 10/1/2010 Energy/Natural Resources/Chemicals
Detroit Edison Company (The) US$ 500.0 First Mortgage Bonds A2 10/1/2010 Utilities
V.F. Corporation US$ 198.5 Regular Bond/Debenture A3 10/1/2010 Retail/Apparel

Continental Airlines, Inc. Trust Baa2 10/2/2010 Auto/Transportation/Defense
CenturyTel, Inc US$ 482.47 Regular Bond/Debenture Baa3 10/15/2010 Telecom/Tech./Media
Consolidated Natural Gas
Company US$ 200.0 Regular Bond/Debenture Baa2 10/15/2010 Energy/Natural Resources/Chemicals
US$ 749.235 Regular
Halliburton Company Bond/Debenture A2 10/15/2010 Energy/Natural Resources/Chemicals
South Jersey Gas Company US$ 10.0 First Mortgage Bonds A2 10/21/2010 Energy/Natural Resources/Chemicals
Avista Corp. US$ 25.0 Regular Bond/Debenture Baa1 10/26/2010 Utilities
AmerenEnergy Generating
Colonial Pipeline Company US$ 200.0 Regular Bond/Debenture A2 11/1/2010 Energy/Natural Resources/Chemicals
Cox Communications, Inc. US$ 800.0 Regular Bond/Debenture Baa3 11/1/2010 Telecom/Tech./Media
Kinder Morgan Energy Partners,
L.P. US$ 250.0 Regular Bond/Debenture Baa2 11/1/2010 Energy/Natural Resources/Chemicals
US$ 226.363 Regular
Quest Diagnostics Incorporated Bond/Debenture Baa3 11/1/2010 Healthcare/Healthcare Eqiupment
Sonoco Products Company US$ 100.0 Regular Bond/Debenture Baa2 11/1/2010 Diversified Industrials/Services/Paper
US$ 242.456 Regular
Allied Waste North America, Inc. Bond/Debenture Baa3 11/15/2010 Diversified Industrials/Services/Paper
Archer-Daniels-Midland Company US$ 196.21 Regular Bond/Debenture A2 11/15/2010 Food/Entertainment/Lodging
AutoZone, Inc. US$ 199.3 Regular Bond/Debenture Baa2 11/15/2010 Retail/Apparel
KeySpan Corporation US$ 700.0 Regular Bond/Debenture Baa1 11/15/2010 Energy/Natural Resources/Chemicals
Laclede Gas Company US$ 25.0 First Mortgage Bonds A2 11/15/2010 Energy/Natural Resources/Chemicals
Liebert Corporation Bond/Debenture A3 11/15/2010 Building Products/Manufacturing/Homebuilding
Mettler-Toledo International Inc. US$ 75.0 Regular Bond/Debenture Baa2 11/15/2010 Building Products/Manufacturing/Homebuilding
Motorola, Inc. US$ 527.0 Regular Bond/Debenture Baa3 11/15/2010 Telecom/Tech./Media
NiSource Finance Corporation US$ 681.81 Regular Bond/Debenture Baa3 11/15/2010 Energy/Natural Resources/Chemicals
National Fuel Gas Company US$ 200.0 Regular Bond/Debenture Baa1 11/22/2010 Energy/Natural Resources/Chemicals
Northwest Natural Gas Company US$ 10.0 Regular Bond/Debenture A1 11/22/2010 Energy/Natural Resources/Chemicals
Alabama Power Company US$ 100.0 Regular Bond/Debenture A2 12/1/2010 Utilities
Columbus Southern Power
Florida Gas Transmission
Company, LLC US$ 325.0 Regular Bond/Debenture Baa2 12/1/2010 Energy/Natural Resources/Chemicals
Texas Eastern Transmission L.P. US$ 300.0 Regular Bond/Debenture Baa1 12/1/2010 Energy/Natural Resources/Chemicals
Verizon Global Funding Corp. Bond/Debenture A3 12/1/2010 Telecom/Tech./Media
US$ 358.636 Regular
Xcel Energy Inc. Bond/Debenture Baa1 12/1/2010 Utilities
Burlington Northern Santa Fe
Corporation US$ 300.0 Regular Bond/Debenture Baa1 12/15/2010 Auto/Transportation/Defense
Caterpillar Financial Services US$ 125.416 Regular
Corporation Bond/Debenture A2 12/15/2010 Building Products/Manufacturing/Homebuilding
Energen Corporation US$ 150.0 Regular Bond/Debenture Baa3 12/15/2010 Energy/Natural Resources/Chemicals
Harley-Davidson Funding Corp. US$ 200.0 Regular Bond/Debenture A2 12/15/2010 Auto/Transportation/Defense
Land O' Lakes, Inc. US$ 149.6 Regular Bond/Debenture Baa3 12/15/2010 Food/Entertainment/Lodging
TTX Company US$ 100.0 Regular Bond/Debenture Baa1 12/15/2010 Auto/Transportation/Defense
United Parcel Service, Inc. US$ 7.926 Regular Bond/Debenture Aa3 12/15/2010 Diversified Industrials/Services/Paper
Virginia Electric and Power
Vulcan Materials Company (Old) US$ 325.0 Regular Bond/Debenture Baa2 12/15/2010 Building Products/Manufacturing/Homebuilding
Prefco IX Limited Partnership US$ 35.588 Regular Bond/Debenture A2 1/1/2011 Telecom/Tech./Media
Sea-Land Services. Incorporated Bond/Debenture Baa3 1/2/2011 Auto/Transportation/Defense
AGL Capital Corporation US$ 300.0 Regular Bond/Debenture Baa1 1/14/2011 Energy/Natural Resources/Chemicals
Avon Products, Inc. US$ 500.0 Regular Bond/Debenture A2 1/15/2011 Consumer Products
ERAC USA Finance Company US$ 792.01 Regular Bond/Debenture Baa2 1/15/2011 Building Products/Manufacturing/Homebuilding
Fortune Brands, Inc. US$ 750.0 Regular Bond/Debenture Baa3 1/15/2011 Consumer Products
US$ 746.035 Regular
Johnson Controls, Inc. Bond/Debenture Baa2 1/15/2011 Auto/Transportation/Defense
National Rural Utilities Coop. US$ 219.322 Regular A2 1/15/2011 Utilities
Finance Corp. Bond/Debenture
US$ 2249.53 Regular

Oracle Corporation Bond/Debenture A2 1/15/2011 Telecom/Tech./Media
Peoples Energy Corporation US$ 325.0 Regular Bond/Debenture Baa1 1/15/2011 Energy/Natural Resources/Chemicals
US$ 452.855 Regular
Raytheon Company Bond/Debenture Baa1 1/15/2011 Auto/Transportation/Defense
Southern California Gas Company US$ 250.0 First Mortgage Bonds Aa3 1/15/2011 Energy/Natural Resources/Chemicals
Tennessee Valley Authority US$ 1000.0 Regular Bond/Debenture Aaa 1/18/2011 Utilities
Comcast Cable Communications,
Inc. US$ 1000.0 Regular Bond/Debenture Baa1 1/30/2011 Telecom/Tech./Media
Amgen Inc. Bond/Debenture A3 2/1/2011 Healthcare/Healthcare Eqiupment
Clorox Company (The) US$ 300.0 Regular Bond/Debenture Baa2 2/1/2011 Consumer Products
Ecolab, Inc. US$ 150.0 Regular Bond/Debenture A2 2/1/2011 Consumer Products
Kansas City Power & Light Greater
MO Oper US$ 137.31 Regular Bond/Debenture Baa3 2/1/2011 Utilities
Northern Illinois Gas Company US$ 75.0 First Mortgage Bonds Aa3 2/1/2011 Energy/Natural Resources/Chemicals
Premcor Refining Group Inc. (The) US$ 210.0 Regular Bond/Debenture Baa2 2/1/2011 Energy/Natural Resources/Chemicals
South Carolina Electric & Gas
Union Camp Corporation US$ 8.529 Regular Bond/Debenture Baa3 2/1/2011 Diversified Industrials/Services/Paper
US$ 164.777 Regular
Textron Financial Corporation Bond/Debenture Baa3 2/3/2011 Auto/Transportation/Defense
Cabot Corporation US$ 15.0 Regular Bond/Debenture Baa1 2/11/2011 Energy/Natural Resources/Chemicals
CSX Corporation US$ 7.5 Regular Bond/Debenture Baa3 2/14/2011 Auto/Transportation/Defense
US$ 279.772 Regular
Campbell Soup Company US$ 700.0 Regular Bond/Debenture A2 2/15/2011 Food/Entertainment/Lodging
US$ 219.659 Regular
Cardinal Health, Inc. Bond/Debenture Baa3 2/15/2011 Healthcare/Healthcare Eqiupment

CenterPoint Energy Resources
Corp. US$ 550.0 Regular Bond/Debenture Baa3 2/15/2011 Energy/Natural Resources/Chemicals
US$ 328.083 Regular
ConocoPhillips Company Bond/Debenture A1 2/15/2011 Energy/Natural Resources/Chemicals
Dover Corporation US$ 400.0 Regular Bond/Debenture A2 2/15/2011 Building Products/Manufacturing/Homebuilding
FedEx Corporation US$ 5.5 Regular Bond/Debenture Baa2 2/15/2011 Diversified Industrials/Services/Paper
Norfolk Southern Corporation US$ 300.0 Regular Bond/Debenture Baa1 2/15/2011 Auto/Transportation/Defense
Northrop Grumman Systems
Public Service Co. of North
Carolina, Inc. US$ 150.0 Regular Bond/Debenture A3 2/15/2011 Energy/Natural Resources/Chemicals
Smith International, Inc. US$ 220.0 Regular Bond/Debenture Baa1 2/15/2011 Energy/Natural Resources/Chemicals
Southwest Gas Corporation US$ 200.0 Regular Bond/Debenture Baa3 2/15/2011 Energy/Natural Resources/Chemicals
Union Oil Company of California US$ 3.045 Regular Bond/Debenture Aa1 2/15/2011 Energy/Natural Resources/Chemicals
Verizon Communications, Inc. US$ 500.0 Regular Bond/Debenture A3 2/15/2011 Telecom/Tech./Media
US$ 2000.0 Regular
Wal-Mart Stores, Inc. Bond/Debenture Aa2 2/15/2011 Retail/Apparel
Boston Gas Company US$ 10.0 Regular Bond/Debenture Baa1 2/22/2011 Energy/Natural Resources/Chemicals
US$ 3000.0 Regular
Cisco Systems, Inc. Bond/Debenture A1 2/22/2011 Telecom/Tech./Media
Kohl's Corporation US$ 300.0 Regular Bond/Debenture Baa1 3/1/2011 Retail/Apparel
MidAmerican Funding, LLC US$ 200.0 Regular Bond/Debenture A3 3/1/2011 Utilities

New Cingular Wireless Services, US$ 2999.88 Regular
Inc Bond/Debenture A2 3/1/2011 Telecom/Tech./Media
Questar Market Resources, Inc. US$ 150.0 Regular Bond/Debenture Baa3 3/1/2011 Energy/Natural Resources/Chemicals
Idaho Power Company US$ 3.4 First Mortgage Bonds A3 3/2/2011 Utilities
Idaho Power Company US$ 120.0 First Mortgage Bonds A3 3/2/2011 Utilities
Abbott Laboratories US$ 500.0 Regular Bond/Debenture A1 3/15/2011 Healthcare/Healthcare Eqiupment
Allegheny Energy Supply US$ 150.517 Regular
Company, LLC Bond/Debenture Baa3 3/15/2011 Utilities
American Transmission Company
LLC US$ 300.0 Regular Bond/Debenture A1 3/15/2011 Utilities
Chevron Phillips Chemical
Company LLC US$ 498.1 Regular Bond/Debenture Baa1 3/15/2011 Energy/Natural Resources/Chemicals
Chugach Electric Association, Inc. US$ 150.0 Regular Bond/Debenture A3 3/15/2011 Utilities
Coca-Cola Company (The) US$ 500.0 Regular Bond/Debenture Aa3 3/15/2011 Food/Entertainment/Lodging
Hawaiian Electric Industries, Inc. US$ 50.0 Regular Bond/Debenture Baa2 3/15/2011 Utilities
Herman Miller, Inc. US$ 100.0 Regular Bond/Debenture Baa3 3/15/2011 Consumer Products
Interstate Power and Light
National Oilwell Varco, Inc. US$ 150.0 Regular Bond/Debenture A3 3/15/2011 Energy/Natural Resources/Chemicals
Pfizer Inc. US$ 1250.0 Regular Bond/Debenture A1 3/15/2011 Healthcare/Healthcare Eqiupment
Waste Management Holdings, Inc. US$ 150.0 Regular Bond/Debenture Baa3 3/15/2011 Diversified Industrials/Services/Paper
US$ 1497.58 Regular
Wyeth Bond/Debenture A1 3/15/2011 Healthcare/Healthcare Eqiupment
Kellogg Company Bond/Debenture A3 4/1/2011 Food/Entertainment/Lodging
US$ 478.395 Regular
Kroger Co. (The) Bond/Debenture Baa2 4/1/2011 Retail/Apparel
Martin Marietta Materials, Inc. US$ 249.65 Regular Bond/Debenture Baa3 4/1/2011 Building Products/Manufacturing/Homebuilding
Rochester Gas & Electric
Corporation US$ 44.0 First Mortgage Bonds A3 4/1/2011 Utilities
Rochester Gas & Electric
Staples, Inc. US$ 500.0 Regular Bond/Debenture Baa2 4/1/2011 Retail/Apparel
Sunoco, Inc. US$ 177.0 Regular Bond/Debenture Baa2 4/1/2011 Energy/Natural Resources/Chemicals
Wisconsin Energy Corporation US$ 450.0 Regular Bond/Debenture A3 4/1/2011 Utilities
US$ 227.371 Regular
Archer-Daniels-Midland Company US$ 102.0 Regular Bond/Debenture A2 4/15/2011 Food/Entertainment/Lodging

Federal Paper Board Co., Inc. US$ 1.127 Regular Bond/Debenture Baa3 4/15/2011 Diversified Industrials/Services/Paper
Loews Corporation US$ 175.0 Regular Bond/Debenture A3 4/15/2011 Energy/Natural Resources/Chemicals
Medtronic, Inc. Bond/Debenture A1 4/15/2011 Healthcare/Healthcare Eqiupment
ONEOK, Inc. US$ 400.0 Regular Bond/Debenture Baa2 4/15/2011 Energy/Natural Resources/Chemicals
PSEG Power LLC US$ 800.0 Regular Bond/Debenture Baa1 4/15/2011 Utilities
Time Warner Inc. US$ 1000.0 Regular Bond/Debenture Baa2 4/15/2011 Telecom/Tech./Media
Transocean Inc. US$ 165.6 Regular Bond/Debenture Baa2 4/15/2011 Energy/Natural Resources/Chemicals
Yum! Brands Inc. US$ 650.0 Regular Bond/Debenture Baa3 4/15/2011 Food/Entertainment/Lodging
US$ 193.426 Regular
Viacom Inc. Bond/Debenture Baa2 4/30/2011 Telecom/Tech./Media
Anadarko Finance Company US$ 950.0 Regular Bond/Debenture Baa3 5/1/2011 Energy/Natural Resources/Chemicals
Caterpillar Inc. US$ 250.0 Regular Bond/Debenture A2 5/1/2011 Auto/Transportation/Defense
Entergy Mississippi, Inc. US$ 80.0 First Mortgage Bonds Baa1 5/1/2011 Utilities
ITT Financial Corporation US$ 31.654 Regular Bond/Debenture Baa1 5/1/2011 Building Products/Manufacturing/Homebuilding
US$ 191.729 Regular
TECO Energy, Inc. Bond/Debenture Baa3 5/1/2011 Utilities
US$ 171.807 Regular
TECO Finance, Inc. Bond/Debenture Baa3 5/1/2011 Utilities
Varco International Inc (Old) US$ 200.0 Regular Bond/Debenture A3 5/1/2011 Energy/Natural Resources/Chemicals
Atmos Energy Corporation US$ 350.0 Regular Bond/Debenture Baa2 5/15/2011 Energy/Natural Resources/Chemicals

CBS Corporation US$ 950.0 Regular Bond/Debenture Baa3 5/15/2011 Telecom/Tech./Media
Newmont USA Limited US$ 222.7 Regular Bond/Debenture Baa3 5/15/2011 Energy/Natural Resources/Chemicals
Oklahoma US$ 75.0 Regular Bond/Debenture Baa1 5/15/2011 Utilities
SCANA Corporation US$ 300.0 Regular Bond/Debenture Baa2 5/15/2011 Utilities
Cellco Partnership US$ 2750.0 Regular Bond/Debenture A2 5/20/2011 Telecom/Tech./Media
Cellco Partnership US$ 1250.0 Regular Bond/Debenture A2 5/20/2011 Telecom/Tech./Media
PepsiAmericas, Inc. US$ 250.0 Regular Bond/Debenture Baa1 5/31/2011 Food/Entertainment/Lodging
US$ 583.608 Regular
BJ Services Company US$ 250.0 Regular Bond/Debenture Baa1 6/1/2011 Energy/Natural Resources/Chemicals
Black & Decker Corporation US$ 400.0 Regular Bond/Debenture Baa3 6/1/2011 Building Products/Manufacturing/Homebuilding
DTE Energy Company US$ 600.0 Regular Bond/Debenture Baa2 6/1/2011 Utilities
Hormel Foods Corporation US$ 350.0 Regular Bond/Debenture A2 6/1/2011 Food/Entertainment/Lodging
Nevada Power Company US$ 350.0 First Mortgage Bonds Baa3 6/1/2011 Utilities
Northern Natural Gas Company US$ 250.0 Regular Bond/Debenture A2 6/1/2011 Energy/Natural Resources/Chemicals
Old Dominion Electric Cooperative US$ 215.0 First Mortgage Bonds A3 6/1/2011 Utilities
US$ 107.905 Regular
Phelps Dodge Corporation Bond/Debenture Baa2 6/1/2011 Energy/Natural Resources/Chemicals
Questar Pipeline Company US$ 100.0 Regular Bond/Debenture A3 6/1/2011 Energy/Natural Resources/Chemicals
Bay State Gas Company US$ 8.5 Regular Bond/Debenture Baa2 6/6/2011 Energy/Natural Resources/Chemicals
Central Illinois Public Service
Company US$ 150.0 First Mortgage Bonds Baa1 6/15/2011 Utilities
Computer Sciences Corporation US$ 500.0 Regular Bond/Debenture Baa1 6/15/2011 Telecom/Tech./Media
UtiliCorp Canada Financial Corp. US$ 197.0 Regular Bond/Debenture Baa3 6/15/2011 Utilities
FPL Group Capital Inc US$ 250.0 Regular Bond/Debenture A2 6/17/2011 Utilities
Central Maine Power Company US$ 10.0 Regular Bond/Debenture Baa1 6/20/2011 Utilities
Merck Sharp & Dohme Corp. US$ 1250.0 Regular Bond/Debenture Aa3 6/30/2011 Healthcare/Healthcare Eqiupment
OPC Scherer Funding Corporation US$ 27.046 Regular Bond/Debenture Baa1 6/30/2011 Utilities
FMC Corporation US$ 45.2 Regular Bond/Debenture Baa2 7/1/2011 Energy/Natural Resources/Chemicals
ITT Corporation US$ 37.448 Regular Bond/Debenture Baa1 7/1/2011 Building Products/Manufacturing/Homebuilding
Southwest Airlines Co. US$ 37.56613 Equipment Trust Baa2 7/1/2011 Auto/Transportation/Defense
Northern Indiana Public Service
Quest Diagnostics Incorporated US$ 248.64 Regular Bond/Debenture Baa3 7/12/2011 Healthcare/Healthcare Eqiupment
US$ 748.625 Regular
H.J. Heinz Finance Company Bond/Debenture Baa2 7/15/2011 Consumer Products
McCormick & Company,
Incorporated US$ 100.0 Regular Bond/Debenture A2 7/15/2011 Food/Entertainment/Lodging
South Jersey Gas Company US$ 10.0 Regular Bond/Debenture A2 7/15/2011 Energy/Natural Resources/Chemicals
Northern Indiana Public Service
Wisconsin Public Service
PacifiCorp US$ 3.0 First Mortgage Bonds A2 8/9/2011 Utilities
Caterpillar Financial Services US$ 1.482 Regular Bond/Debenture A2 8/15/2011 Building Products/Manufacturing/Homebuilding
Corporation

US$ 123.275 Regular
Caterpillar Inc. Bond/Debenture A2 8/15/2011 Auto/Transportation/Defense
US$ 286.938 Regular
Coca-Cola Enterprises Inc. Bond/Debenture A3 8/15/2011 Food/Entertainment/Lodging
Hess Corporation US$ 662.12 Regular Bond/Debenture Baa2 8/15/2011 Energy/Natural Resources/Chemicals
US$ 387.972 Regular
Republic Services, Inc. Bond/Debenture Baa3 8/15/2011 Diversified Industrials/Services/Paper
Transcontinental Gas Pipe Line
Corporation US$ 300.0 Regular Bond/Debenture Baa2 8/15/2011 Energy/Natural Resources/Chemicals
US$ 297.375 Regular
DPL Inc. Bond/Debenture Baa1 9/1/2011 Utilities
Hershey Company (The) US$ 250.0 Regular Bond/Debenture A2 9/1/2011 Food/Entertainment/Lodging
Williams Companies, Inc. (The) US$ 477.0 Regular Bond/Debenture Baa3 9/1/2011 Energy/Natural Resources/Chemicals

US$ 342.706 Regular
ConAgra Foods, Inc. Bond/Debenture Baa2 9/15/2011 Food/Entertainment/Lodging
Kerr-McGee Corporation US$ 675.0 Regular Bond/Debenture Baa3 9/15/2011 Energy/Natural Resources/Chemicals
Sara Lee Corporation US$ 1110.0 Regular Bond/Debenture Baa1 9/15/2011 Food/Entertainment/Lodging
Verizon New England Inc. US$ 1000.0 Regular Bond/Debenture Baa2 9/15/2011 Telecom/Tech./Media
Alabama Gas Corporation US$ 5.0 Regular Bond/Debenture A1 9/20/2011 Energy/Natural Resources/Chemicals
Questar Pipeline Company US$ 80.0 Regular Bond/Debenture A3 9/26/2011 Energy/Natural Resources/Chemicals
Southern Connecticut Gas
ConocoPhillips Company US$ 3.92177 Pass-Through Aa3 9/27/2011 Energy/Natural Resources/Chemicals
Questar Gas Company US$ 2.0 Regular Bond/Debenture A3 9/29/2011 Energy/Natural Resources/Chemicals
Devon Financing Corporation
U.L.C. US$ 1750.0 Regular Bond/Debenture Baa1 9/30/2011 Energy/Natural Resources/Chemicals
American Airlines, Inc. US$ 50.0 Enhanced Equipment Trust Aa2 10/1/2011 Auto/Transportation/Defense
Ocean Energy, Inc. US$ 350.0 Regular Bond/Debenture Baa1 10/1/2011 Energy/Natural Resources/Chemicals
Arizona Public Service Company US$ 400.0 Regular Bond/Debenture Baa2 10/15/2011 Utilities
BellSouth Corporation US$ 1000.0 Regular Bond/Debenture A2 10/15/2011 Telecom/Tech./Media
Corporation
Conoco Funding Company US$ 1750.0 Regular Bond/Debenture A1 10/15/2011 Energy/Natural Resources/Chemicals
Kohl's Corporation US$ 100.0 Regular Bond/Debenture Baa1 10/15/2011 Retail/Apparel
3M Company US$ 800.0 Regular Bond/Debenture Aa2 11/1/2011 Building Products/Manufacturing/Homebuilding
Excel Paralubes Funding US$ 45.15834 Regular
Corporation Bond/Debenture Baa1 11/1/2011 Energy/Natural Resources/Chemicals
US$ 2000.0 Regular
Kraft Foods Inc. Bond/Debenture Baa2 11/1/2011 Food/Entertainment/Lodging
PECO Energy Company US$ 29.5 First Mortgage Bonds A2 11/1/2011 Utilities
PPL Energy Supply, LLC US$ 500.0 Regular Bond/Debenture Baa2 11/1/2011 Utilities
EQT Corporation US$ 1.0 Regular Bond/Debenture Baa1 11/11/2011 Energy/Natural Resources/Chemicals
AT&T Corp. Bond/Debenture A2 11/15/2011 Telecom/Tech./Media
Beckman Coulter, Inc. US$ 235.0 Regular Bond/Debenture Baa3 11/15/2011 Healthcare/Healthcare Eqiupment
FirstEnergy Corp. US$ 250.0 Regular Bond/Debenture Baa3 11/15/2011 Utilities

Kansas City Power & Light
National Rural Utilities Coop. US$ 3.26136 Regular
Finance Corp. Bond/Debenture A2 11/15/2011 Utilities
Time Warner Inc. US$ 1000.0 Regular Bond/Debenture Baa2 11/15/2011 Telecom/Tech./Media
Universal Health Services, Inc. US$ 200.0 Regular Bond/Debenture Baa3 11/15/2011 Healthcare/Healthcare Eqiupment
Verizon Pennsylvania, Inc. US$ 1000.0 Regular Bond/Debenture Baa1 11/15/2011 Telecom/Tech./Media
Weatherford International, Inc. US$ 350.0 Regular Bond/Debenture Baa1 11/15/2011 Energy/Natural Resources/Chemicals
Western Union Company (The) US$ 999.0 Regular Bond/Debenture A3 11/17/2011 Telecom/Tech./Media
Vulcan Materials Company US$ 5.0 Regular Bond/Debenture Baa2 11/28/2011 Building Products/Manufacturing/Homebuilding
Commonwealth Edison Company US$ 2.4 Regular Bond/Debenture Baa3 12/1/2011 Utilities
Hill-Rom Holdings, Inc. US$ 47.306 Regular Bond/Debenture Baa3 12/1/2011 Healthcare/Healthcare Eqiupment
Otter Tail Power Company US$ 90.0 Regular Bond/Debenture A3 12/1/2011 Utilities
Vectren Utility Holdings, Inc. US$ 250.0 Regular Bond/Debenture Baa1 12/1/2011 Utilities
Allegheny Technologies
Incorporated US$ 300.0 Regular Bond/Debenture Baa3 12/15/2011 Energy/Natural Resources/Chemicals
AT&T Mobility LLC US$ 748.3 Regular Bond/Debenture A2 12/15/2011 Telecom/Tech./Media
Mosaic Global Holdings Inc. US$ 19.0 Regular Bond/Debenture Baa2 12/15/2011 Energy/Natural Resources/Chemicals

Tennessee Gas Pipeline Company US$ 85.792 Regular Bond/Debenture Baa3 12/15/2011 Energy/Natural Resources/Chemicals
Baltimore Gas and Electric
Duke Energy Indiana, Inc. US$ 2.0 First Mortgage Bonds A2 12/27/2011 Utilities
Duke Energy Indiana, Inc. US$ 5.5 First Mortgage Bonds A2 12/27/2011 Utilities
PacifiCorp US$ 3.0 Regular Bond/Debenture A2 12/30/2011 Utilities
Federal Express Corporation US$ 13.973 Regular Bond/Debenture Baa2 1/1/2012 Diversified Industrials/Services/Paper
US$ 516.769 Regular
Estee Lauder Companies Inc. (The) US$ 250.0 Regular Bond/Debenture A2 1/15/2012 Consumer Products
US$ 158.602 Regular
R.R. Donnelley & Sons Company Bond/Debenture Baa3 1/15/2012 Telecom/Tech./Media

Verizon New Jersey, Inc. US$ 1000.0 Regular Bond/Debenture Baa1 1/17/2012 Telecom/Tech./Media
Chugach Electric Association, Inc. US$ 120.0 Regular Bond/Debenture A3 2/1/2012 Utilities
US$ 553.135 Regular
Comcast Cable Holdings, LLC Bond/Debenture Baa1 2/1/2012 Telecom/Tech./Media
McKesson Corporation US$ 400.0 Regular Bond/Debenture Baa3 2/1/2012 Healthcare/Healthcare Eqiupment
SCANA Corporation US$ 250.0 Regular Bond/Debenture Baa2 2/1/2012 Utilities
Verizon Wireless Capital LLC US$ 750.0 Regular Bond/Debenture A2 2/1/2012 Telecom/Tech./Media
General Mills, Inc. Bond/Debenture Baa1 2/15/2012 Food/Entertainment/Lodging
Marathon Oil Corporation US$ 87.0 Regular Bond/Debenture Baa1 2/15/2012 Energy/Natural Resources/Chemicals
NuStar Pipeline Operating
Partnership L.P. US$ 250.0 Regular Bond/Debenture Baa3 2/15/2012 Energy/Natural Resources/Chemicals
PACCAR Inc US$ 250.0 Regular Bond/Debenture A1 2/15/2012 Auto/Transportation/Defense
PPG Industries, Inc. US$ 71.167 Regular Bond/Debenture Baa1 2/15/2012 Energy/Natural Resources/Chemicals
Sunoco Logistics Partners
Operations L.P. US$ 250.0 Regular Bond/Debenture Baa2 2/15/2012 Energy/Natural Resources/Chemicals
National Rural Utilities Coop. US$ 1500.0 Regular Bond/Debenture A2 3/1/2012 Utilities
Finance Corp.
Southwest Airlines Co. US$ 385.0 Regular Bond/Debenture Baa3 3/1/2012 Auto/Transportation/Defense
Verizon Maryland, Inc. US$ 500.0 Regular Bond/Debenture Baa1 3/1/2012 Telecom/Tech./Media
Chevron Corporation US$ 1500.0 Regular Bond/Debenture Aa1 3/3/2012 Energy/Natural Resources/Chemicals
Eli Lilly and Company US$ 1000.0 Regular Bond/Debenture A1 3/6/2012 Healthcare/Healthcare Eqiupment
US$ 169.748 Regular
Anadarko Petroleum Corporation Bond/Debenture Baa3 3/15/2012 Energy/Natural Resources/Chemicals
Costco Wholesale Corporation US$ 900.0 Regular Bond/Debenture A2 3/15/2012 Retail/Apparel
H.J. Heinz Finance Company US$ 598.53 Regular Bond/Debenture Baa2 3/15/2012 Consumer Products
Intuit Inc. US$ 500.0 Regular Bond/Debenture Baa2 3/15/2012 Telecom/Tech./Media
Newell Rubbermaid, Inc. US$ 250.0 Regular Bond/Debenture Baa3 3/15/2012 Consumer Products
Bemis Company, Inc. US$ 300.0 Regular Bond/Debenture Baa1 4/1/2012 Diversified Industrials/Services/Paper
Constellation Energy Group, Inc. US$ 700.0 Regular Bond/Debenture Baa3 4/1/2012 Utilities
Madison Gas and Electric
Company US$ 15.0 Regular Bond/Debenture Aa3 4/1/2012 Utilities
McDonnell Douglas Corporation US$ 350.0 Regular Bond/Debenture A2 4/1/2012 Auto/Transportation/Defense
MDU Resources Group, Inc. US$ 35.0 First Mortgage Bonds A3 4/1/2012 Energy/Natural Resources/Chemicals
Northeast Utilities US$ 263.0 Regular Bond/Debenture Baa2 4/1/2012 Utilities
PepsiCo, Inc. US$ 75.0 Regular Bond/Debenture Aa2 4/1/2012 Food/Entertainment/Lodging
Allegheny Energy Supply US$ 503.154 Regular
Company, LLC Bond/Debenture Baa3 4/15/2012 Utilities
Apache Corporation US$ 400.0 Regular Bond/Debenture A3 4/15/2012 Energy/Natural Resources/Chemicals
Duquesne Light Company US$ 200.0 First Mortgage Bonds A3 4/15/2012 Utilities
Eastman Chemical Company Bond/Debenture Baa2 4/15/2012 Energy/Natural Resources/Chemicals
Nevada Power Company US$ 130.0 Regular Bond/Debenture Baa3 4/15/2012 Utilities
Schlumberger Technology Corp US$ 647.0 Regular Bond/Debenture A2 4/15/2012 Energy/Natural Resources/Chemicals
Sierra Pacific Power Company US$ 100.0 Regular Bond/Debenture Baa3 4/15/2012 Utilities
Valero Energy Corporation US$ 750.0 Regular Bond/Debenture Baa2 4/15/2012 Energy/Natural Resources/Chemicals
West Penn Power Company US$ 80.0 Regular Bond/Debenture Baa3 4/15/2012 Utilities
Allergan, Inc. US$ 25.0 Regular Bond/Debenture A3 4/17/2012 Healthcare/Healthcare Eqiupment
Michigan Consolidated Gas
Murphy Oil Corporation US$ 350.0 Regular Bond/Debenture Baa3 5/1/2012 Energy/Natural Resources/Chemicals
New Cingular Wireless Services, US$ 2000.0 Regular
Inc Bond/Debenture A2 5/1/2012 Telecom/Tech./Media
Oncor Electric Delivery Company US$ 700.0 Regular Bond/Debenture Baa1 5/1/2012 Utilities
TECO Energy, Inc. Bond/Debenture Baa3 5/1/2012 Utilities
TECO Finance, Inc. US$ 236.24 Regular Bond/Debenture Baa3 5/1/2012 Utilities
Time Warner Entertainment
Company, L.P. US$ 250.0 Regular Bond/Debenture Baa2 5/1/2012 Telecom/Tech./Media
US$ 2000.0 Regular
Time Warner Inc. Bond/Debenture Baa2 5/1/2012 Telecom/Tech./Media
Valspar Corporation (The) US$ 200.0 Regular Bond/Debenture Baa2 5/1/2012 Energy/Natural Resources/Chemicals
Avista Corp. US$ 7.0 First Mortgage Bonds Baa1 5/10/2012 Utilities
US$ 44.6290 Regular
Coors Brewing Company Bond/Debenture Baa2 5/15/2012 Food/Entertainment/Lodging
Hubbell Incorporated US$ 200.0 Regular Bond/Debenture A3 5/15/2012 Building Products/Manufacturing/Homebuilding
Southwest Gas Corporation US$ 200.0 Regular Bond/Debenture Baa3 5/15/2012 Energy/Natural Resources/Chemicals
Stanley Works (The) Bond/Debenture A3 5/17/2012 Building Products/Manufacturing/Homebuilding
US$ 102.987 Regular
Archer-Daniels-Midland Company Bond/Debenture A2 6/1/2012 Food/Entertainment/Lodging

Cintas Corporation No. 2 US$ 225.0 Regular Bond/Debenture A2 6/1/2012 Retail/Apparel
Federal Express Corporation Bond/Debenture Baa2 6/1/2012 Diversified Industrials/Services/Paper
R.J. Reynolds Tobacco Holdings, US$ 57.0995 Regular
Inc. Bond/Debenture Baa3 6/1/2012 Consumer Products
US$ 387.720 Regular
Reynolds American Inc. Bond/Debenture Baa3 6/1/2012 Consumer Products
SYSCO International, Co. US$ 200.0 Regular Bond/Debenture A1 6/1/2012 Retail/Apparel
US$ 154.052 Regular
Textron Inc. Bond/Debenture Baa3 6/1/2012 Auto/Transportation/Defense
Atlanta Gas Light Company US$ 5.0 Regular Bond/Debenture A3 6/5/2012 Energy/Natural Resources/Chemicals
Dell Inc. US$ 400.0 Regular Bond/Debenture A2 6/15/2012 Telecom/Tech./Media
Express Scripts, Inc. US$ 1000.0 Regular Bond/Debenture Baa3 6/15/2012 Healthcare/Healthcare Eqiupment
Federal Express Corporation US$ 300.0 Regular Bond/Debenture Baa2 6/15/2012 Diversified Industrials/Services/Paper
Kennametal Inc. US$ 300.0 Regular Bond/Debenture Baa2 6/15/2012 Building Products/Manufacturing/Homebuilding
Marriott International, Inc. US$ 348.0 Regular Bond/Debenture Baa3 6/15/2012 Food/Entertainment/Lodging
National Semiconductor Corp. US$ 375.0 Regular Bond/Debenture Baa1 6/15/2012 Telecom/Tech./Media
Tampa Electric Company US$ 250.0 Regular Bond/Debenture Baa1 6/15/2012 Utilities
Verizon Global Funding Corp. US$ 600.0 Regular Bond/Debenture A3 6/15/2012 Telecom/Tech./Media
Weatherford International, Inc. US$ 600.0 Regular Bond/Debenture Baa1 6/15/2012 Energy/Natural Resources/Chemicals
US$ 2000.0 Regular
John Deere Capital Corporation Bond/Debenture Aaa 6/19/2012 Building Products/Manufacturing/Homebuilding
Dominion Resources Inc. Bond/Debenture Baa2 6/30/2012 Utilities
Federal Paper Board Co., Inc. US$ 9.442 Regular Bond/Debenture Baa3 7/1/2012 Diversified Industrials/Services/Paper
Kansas City Power & Light Greater
MO Oper US$ 500.0 Regular Bond/Debenture Baa3 7/1/2012 Utilities
Marathon Global Funding
SAIC, Inc. US$ 550.0 Regular Bond/Debenture A3 7/1/2012 Telecom/Tech./Media
US$ 262.935 Regular
Yum! Brands Inc. Bond/Debenture Baa3 7/1/2012 Food/Entertainment/Lodging
Time Warner Cable, Inc. US$ 1498.5 Regular Bond/Debenture Baa2 7/2/2012 Telecom/Tech./Media
Newmont USA Limited US$ 86.752 Pass-Through Baa3 7/5/2012 Energy/Natural Resources/Chemicals
US$ 201.975 Regular
Comcast Holdings Corporation Bond/Debenture Baa2 7/15/2012 Telecom/Tech./Media
Eaton Corporation US$ 300.0 Regular Bond/Debenture A3 7/15/2012 Building Products/Manufacturing/Homebuilding
MidAmerican Energy Company US$ 400.0 Regular Bond/Debenture A2 7/15/2012 Utilities
MidAmerican Energy Holdings Co. US$ 250.0 Regular Bond/Debenture Baa1 7/15/2012 Utilities
NuStar Logistics L.P. US$ 100.0 Regular Bond/Debenture Baa3 7/15/2012 Energy/Natural Resources/Chemicals
Pactiv Corporation US$ 250.0 Regular Bond/Debenture Baa2 7/15/2012 Diversified Industrials/Services/Paper
Progress Energy Carolinas, Inc. US$ 500.0 Regular Bond/Debenture A3 7/15/2012 Utilities
Southern Power Company US$ 575.0 Regular Bond/Debenture Baa1 7/15/2012 Utilities
Transcontinental Gas Pipe Line
UST Inc. US$ 600.0 Regular Bond/Debenture Baa1 7/15/2012 Consumer Products
Florida Gas Transmission
Company, LLC US$ 250.0 Regular Bond/Debenture Baa2 7/17/2012 Energy/Natural Resources/Chemicals
NIKE, Inc. US$ 25.0 Regular Bond/Debenture A1 7/23/2012 Retail/Apparel
CareFusion Corporation US$ 250.0 Regular Bond/Debenture Baa3 8/1/2012 Healthcare/Healthcare Eqiupment
CBS Corporation (Old) US$ 249.62 Regular Bond/Debenture Baa3 8/1/2012 Telecom/Tech./Media
Energy Transfer Partners, L.P. US$ 400.0 Regular Bond/Debenture Baa3 8/1/2012 Energy/Natural Resources/Chemicals
Pall Corporation US$ 280.0 Regular Bond/Debenture Baa1 8/1/2012 Building Products/Manufacturing/Homebuilding

CenturyTel, Inc US$ 317.53 Regular Bond/Debenture Baa3 8/15/2012 Telecom/Tech./Media
Gulf South Pipeline Company, LP US$ 225.0 Regular Bond/Debenture Baa1 8/15/2012 Energy/Natural Resources/Chemicals
Johnson & Johnson US$ 600.0 Regular Bond/Debenture Aaa 8/15/2012 Healthcare/Healthcare Eqiupment
Monsanto Company US$ 485.51 Regular Bond/Debenture A2 8/15/2012 Energy/Natural Resources/Chemicals
Nabors Industries Inc. US$ 275.0 Regular Bond/Debenture Baa1 8/15/2012 Energy/Natural Resources/Chemicals
Tampa Electric Company US$ 400.0 Regular Bond/Debenture Baa1 8/15/2012 Utilities
Northern States Power Company
(Minnesota) US$ 450.0 First Mortgage Bonds A1 8/28/2012 Utilities
Mashantucket (Western) Pequot
Tribe, CT US$ 156.1 Regular Bond/Debenture Baa1 9/1/2012 Food/Entertainment/Lodging
Plains All American Pipeline L.P. US$ 500.0 Regular Bond/Debenture Baa3 9/1/2012 Energy/Natural Resources/Chemicals
SeaRiver Maritime Financial
Holdings, Inc. US$ 1300.0 Regular Bond/Debenture Aaa 9/1/2012 Auto/Transportation/Defense
Union Electric Company US$ 173.0 Regular Bond/Debenture A3 9/1/2012 Utilities
Cascade Natural Gas Corp. US$ 14.0 Regular Bond/Debenture Baa1 9/4/2012 Energy/Natural Resources/Chemicals
AmerisourceBergen Corporation US$ 400.0 Regular Bond/Debenture Baa3 9/15/2012 Healthcare/Healthcare Eqiupment
Corporation

Duke Energy Ohio, Inc. US$ 500.0 Regular Bond/Debenture Baa1 9/15/2012 Utilities
Lowe's Companies, Inc. US$ 550.0 Regular Bond/Debenture A1 9/15/2012 Retail/Apparel
Motiva Enterprises LLC US$ 500.0 Regular Bond/Debenture A2 9/15/2012 Energy/Natural Resources/Chemicals
UGI Utilities, Inc. US$ 40.0 Regular Bond/Debenture A3 9/25/2012 Energy/Natural Resources/Chemicals
American Airlines, Inc. US$ 71.53528 Equipment Trust Baa3 9/29/2012 Auto/Transportation/Defense
Johnson Controls, Inc. US$ 2.1 Conv./Exch. Bond/Debenture Baa2 9/30/2012 Auto/Transportation/Defense
US$ 82.0490 Regular
Anadarko Petroleum Corporation Bond/Debenture Baa3 10/1/2012 Energy/Natural Resources/Chemicals
Nucor Corporation US$ 350.0 Regular Bond/Debenture A1 10/1/2012 Energy/Natural Resources/Chemicals
Pitney Bowes Inc. US$ 400.0 Regular Bond/Debenture A1 10/1/2012 Telecom/Tech./Media
Colorado US$ 600.0 First Mortgage Bonds A2 10/1/2012 Utilities
System Energy Resources, Inc. US$ 70.0 First Mortgage Bonds Baa2 10/1/2012 Utilities
Time Warner Entertainment
Company, L.P. US$ 350.0 Regular Bond/Debenture Baa2 10/1/2012 Telecom/Tech./Media
Bunge Limited Finance Corp. US$ 200.0 Regular Bond/Debenture Baa2 10/15/2012 Food/Entertainment/Lodging
US$ 896.625 Regular
ConocoPhillips Bond/Debenture A1 10/15/2012 Energy/Natural Resources/Chemicals
ERAC USA Finance Company US$ 500.0 Regular Bond/Debenture Baa2 10/15/2012 Building Products/Manufacturing/Homebuilding
IBM International Group Capital
LLC US$ 1500.0 Regular Bond/Debenture A1 10/22/2012 Telecom/Tech./Media
Northern Natural Gas Company US$ 300.0 Regular Bond/Debenture A2 10/31/2012 Energy/Natural Resources/Chemicals
Indiana Michigan Power Company US$ 100.0 Regular Bond/Debenture Baa2 11/1/2012 Utilities
Bottling Group, LLC US$ 998.75 Regular Bond/Debenture Aa2 11/15/2012 Food/Entertainment/Lodging
Coca-Cola Bottling Co.
Consolidated US$ 150.0 Regular Bond/Debenture Baa2 11/15/2012 Food/Entertainment/Lodging
Cooper U.S., Inc. US$ 325.0 Regular Bond/Debenture A3 11/15/2012 Building Products/Manufacturing/Homebuilding
Idaho Power Company US$ 100.0 Regular Bond/Debenture A3 11/15/2012 Utilities
McGraw-Hill Companies (The) US$ 400.0 Regular Bond/Debenture A1 11/15/2012 Telecom/Tech./Media
National Oilwell Varco, Inc. US$ 200.0 Regular Bond/Debenture A3 11/15/2012 Energy/Natural Resources/Chemicals
New York State Electric and Gas
Corporation US$ 100.0 Regular Bond/Debenture Baa2 11/15/2012 Utilities

Raytheon Company US$ 332.95 Regular Bond/Debenture Baa1 11/15/2012 Auto/Transportation/Defense
Varco International Inc (Old) US$ 150.0 Regular Bond/Debenture A3 11/15/2012 Energy/Natural Resources/Chemicals
Fiserv, Inc. US$ 1250.0 Regular Bond/Debenture Baa2 11/20/2012 Telecom/Tech./Media
Enbridge Energy Limited
Partnership US$ 100.0 Regular Bond/Debenture Baa1 11/21/2012 Energy/Natural Resources/Chemicals
Integrys Energy Group, Inc. US$ 100.0 Regular Bond/Debenture Baa1 12/1/2012 Utilities
M.D.C. Holdings, Inc. US$ 150.0 Regular Bond/Debenture Baa3 12/1/2012 Building Products/Manufacturing/Homebuilding
Verizon Virginia, Inc. US$ 100.0 Regular Bond/Debenture Baa1 12/1/2012 Telecom/Tech./Media
Kellogg Company US$ 750.0 Regular Bond/Debenture A3 12/3/2012 Food/Entertainment/Lodging
Texas Eastern Transmission L.P. US$ 7.0 Regular Bond/Debenture Baa1 12/11/2012 Energy/Natural Resources/Chemicals
Goodrich Corporation US$ 257.46 Regular Bond/Debenture Baa2 12/15/2012 Auto/Transportation/Defense
Harley-Davidson Funding Corp. US$ 400.0 Regular Bond/Debenture A2 12/15/2012 Auto/Transportation/Defense
NGPL PipeCo. LLC (Old) US$ 1250.0 Regular Bond/Debenture Baa3 12/15/2012 Energy/Natural Resources/Chemicals
Alcoa Inc. US$ 600.0 Regular Bond/Debenture Baa3 1/15/2013 Energy/Natural Resources/Chemicals
Avery Dennison Corporation US$ 250.0 Regular Bond/Debenture Baa2 1/15/2013 Energy/Natural Resources/Chemicals
Block Financial LLC US$ 600.0 Regular Bond/Debenture Baa1 1/15/2013 Diversified Industrials/Services/Paper
Time Warner Companies, Inc. US$ 1000.0 Regular Bond/Debenture Baa2 1/15/2013 Telecom/Tech./Media
Verizon Florida Inc. US$ 350.0 Regular Bond/Debenture Baa1 1/15/2013 Telecom/Tech./Media
Vulcan Materials Company US$ 10.0 Regular Bond/Debenture Baa2 1/15/2013 Building Products/Manufacturing/Homebuilding
Amgen Inc. Bond/Debenture A3 2/1/2013 Healthcare/Healthcare Eqiupment
Entergy Mississippi, Inc. US$ 100.0 First Mortgage Bonds Baa1 2/1/2013 Utilities
Florida Power & Light Company US$ 400.0 First Mortgage Bonds Aa2 2/1/2013 Utilities
US$ 5000.0 Regular
General Electric Company Bond/Debenture Aa2 2/1/2013 Building Products/Manufacturing/Homebuilding
Laboratory Corporation of
America Holdings US$ 350.0 Regular Bond/Debenture Baa3 2/1/2013 Healthcare/Healthcare Eqiupment
TEPPCO Partners, L.P. US$ 17.44 Regular Bond/Debenture Baa3 2/1/2013 Energy/Natural Resources/Chemicals
Sysco Corporation US$ 250.0 Regular Bond/Debenture A1 2/12/2013 Retail/Apparel
Boeing Company (The) US$ 600.0 Regular Bond/Debenture A2 2/15/2013 Auto/Transportation/Defense
Corporation
GlobalSantaFe Corporation US$ 250.0 Regular Bond/Debenture Baa2 2/15/2013 Energy/Natural Resources/Chemicals
Marriott International, Inc. US$ 400.0 Regular Bond/Debenture Baa3 2/15/2013 Food/Entertainment/Lodging
Spectra Energy Capital, LLC US$ 500.0 Regular Bond/Debenture Baa2 2/15/2013 Energy/Natural Resources/Chemicals
AEP Texas North Company US$ 225.0 Regular Bond/Debenture Baa2 3/1/2013 Utilities
US$ 243.444 Regular
Archer-Daniels-Midland Company Bond/Debenture A2 3/1/2013 Food/Entertainment/Lodging
Biogen Idec Inc. US$ 450.0 Regular Bond/Debenture Baa3 3/1/2013 Healthcare/Healthcare Eqiupment
Columbus Southern Power
Times Mirror Company US$ 1.785 Regular Bond/Debenture Baa3 3/1/2013 Telecom/Tech./Media
Kellogg Company US$ 750.0 Regular Bond/Debenture A3 3/6/2013 Food/Entertainment/Lodging
Lockheed Martin Corporation US$ 500.0 Regular Bond/Debenture Baa1 3/14/2013 Auto/Transportation/Defense

CenterPoint Energy Houston
Electric, LLC US$ 450.0 Regular Bond/Debenture Baa1 3/15/2013 Utilities
Comcast Cable Communications US$ 1714.347 Regular
Holdings, Inc. Bond/Debenture Baa1 3/15/2013 Telecom/Tech./Media
Medco Health Solutions, Inc. US$ 300.0 Regular Bond/Debenture Baa3 3/15/2013 Healthcare/Healthcare Eqiupment
Metropolitan Edison Company US$ 150.0 Regular Bond/Debenture A3 3/15/2013 Utilities
US$ 229.932 Regular
NuStar Logistics L.P. Bond/Debenture Baa3 3/15/2013 Energy/Natural Resources/Chemicals
PPG Industries, Inc. US$ 600.0 Regular Bond/Debenture Baa1 3/15/2013 Energy/Natural Resources/Chemicals
Rohm and Haas Company US$ 250.0 Regular Bond/Debenture Baa3 3/15/2013 Energy/Natural Resources/Chemicals
Transocean Inc. US$ 500.0 Regular Bond/Debenture Baa2 3/15/2013 Energy/Natural Resources/Chemicals
Verizon Virginia, Inc. US$ 1000.0 Regular Bond/Debenture Baa1 3/15/2013 Telecom/Tech./Media
Wyeth US$ 1500.0 Regular Bond/Debenture A1 3/15/2013 Healthcare/Healthcare Eqiupment
US$ 175.665 Regular
CenturyTel, Inc Bond/Debenture Baa3 4/1/2013 Telecom/Tech./Media
KeySpan Corporation US$ 150.0 Regular Bond/Debenture Baa1 4/1/2013 Energy/Natural Resources/Chemicals
Leggett & Platt, Incorporated US$ 200.0 Regular Bond/Debenture Baa1 4/1/2013 Consumer Products
Raytheon Company US$ 345.0 Regular Bond/Debenture Baa1 4/1/2013 Auto/Transportation/Defense
Texas Gas Transmission, LLC US$ 250.0 Regular Bond/Debenture Baa1 4/1/2013 Energy/Natural Resources/Chemicals
AGL Capital Corporation US$ 225.0 Regular Bond/Debenture Baa1 4/15/2013 Energy/Natural Resources/Chemicals
Allied Waste North America, Inc. US$ 450.0 Regular Bond/Debenture Baa3 4/15/2013 Diversified Industrials/Services/Paper
Becton, Dickinson and Company US$ 200.0 Regular Bond/Debenture A2 4/15/2013 Healthcare/Healthcare Eqiupment
ConocoPhillips Australia Funding
Louisiana Land & Exploration

Martin Marietta Technologies, Inc. US$ 150.0 Regular Bond/Debenture Baa1 4/15/2013 Auto/Transportation/Defense
Medtronic, Inc. Bond/Debenture A1 4/15/2013 Healthcare/Healthcare Eqiupment
Newell Rubbermaid, Inc. US$ 500.0 Regular Bond/Debenture Baa3 4/15/2013 Consumer Products
TEPPCO Partners, L.P. US$ 12.4 Regular Bond/Debenture Baa3 4/15/2013 Energy/Natural Resources/Chemicals
Xerox Credit Corporation US$ 10.0 Regular Bond/Debenture Baa2 4/29/2013 Telecom/Tech./Media
Cleco Power LLC US$ 75.0 Regular Bond/Debenture Baa2 5/1/2013 Utilities
Dr Pepper Snapple Group, Inc. US$ 250.0 Regular Bond/Debenture Baa3 5/1/2013 Consumer Products
North Shore Gas Company US$ 40.0 First Mortgage Bonds A2 5/1/2013 Energy/Natural Resources/Chemicals
Peoples Gas Light and Coke
Black Hills Corporation US$ 225.0 Regular Bond/Debenture Baa3 5/15/2013 Utilities

ConocoPhillips US$ 400.0 Regular Bond/Debenture A1 5/15/2013 Energy/Natural Resources/Chemicals
Johnson & Johnson US$ 500.0 Regular Bond/Debenture Aaa 5/15/2013 Healthcare/Healthcare Eqiupment
Southern Elect Generating Co US$ 50.0 Regular Bond/Debenture A2 5/15/2013 Utilities
Wisconsin Electric Power
US$ 528.256 Regular
Embarq Corporation Bond/Debenture Baa3 6/1/2013 Telecom/Tech./Media
Enbridge Energy Partners, L.P. US$ 200.0 Regular Bond/Debenture Baa2 6/1/2013 Energy/Natural Resources/Chemicals
Lexmark International, Inc. US$ 350.0 Regular Bond/Debenture Baa3 6/1/2013 Telecom/Tech./Media
Northeast Utilities US$ 250.0 Regular Bond/Debenture Baa2 6/1/2013 Utilities
PPL Electric Utilities Corporation US$ 100.0 Regular Bond/Debenture A3 6/1/2013 Utilities
Thomas & Betts Corporation US$ 125.0 Regular Bond/Debenture Baa2 6/1/2013 Building Products/Manufacturing/Homebuilding
US$ 442.709 Regular
Wal-Mart Stores, Inc. Bond/Debenture Aa2 6/1/2013 Retail/Apparel
Indiana Gas Company, Inc. US$ 5.0 Regular Bond/Debenture Baa1 6/10/2013 Energy/Natural Resources/Chemicals
US$ 199.868 Regular
Comcast Cable Communications, US$ 382.577 Regular
Inc. Bond/Debenture Baa1 6/15/2013 Telecom/Tech./Media
Duke Energy Corporation US$ 250.0 Regular Bond/Debenture Baa2 6/15/2013 Utilities
Empire District Electric Company
(The) US$ 98.0 Regular Bond/Debenture Baa2 6/15/2013 Utilities
Sara Lee Corporation US$ 500.0 Regular Bond/Debenture Baa1 6/15/2013 Food/Entertainment/Lodging
Arrow Electronics, Inc. US$ 350.0 Regular Bond/Debenture Baa3 7/1/2013 Telecom/Tech./Media
Cytec Industries Inc. US$ 172.29 Regular Bond/Debenture Baa3 7/1/2013 Energy/Natural Resources/Chemicals
Indianapolis Power & Light
Turner Broadcasting System, Inc. US$ 300.0 Regular Bond/Debenture Baa2 7/1/2013 Telecom/Tech./Media
Union Tank Car Company US$ 35.46258 Pass-Through A1 7/2/2013 Auto/Transportation/Defense
Alcoa Inc. US$ 750.0 Regular Bond/Debenture Baa3 7/15/2013 Energy/Natural Resources/Chemicals
Best Buy Co., Inc. US$ 500.0 Regular Bond/Debenture Baa2 7/15/2013 Retail/Apparel
Buckeye Partners, L.P. US$ 300.0 Regular Bond/Debenture Baa2 7/15/2013 Energy/Natural Resources/Chemicals
Embarq Florida, Inc. US$ 59.199 First Mortgage Bonds Baa1 7/15/2013 Telecom/Tech./Media
H.J. Heinz Company US$ 500.0 Regular Bond/Debenture Baa2 7/15/2013 Food/Entertainment/Lodging
International Transmission
ITC Holdings Corp. US$ 267.0 Regular Bond/Debenture Baa3 7/15/2013 Utilities
Rockies Express Pipeline LLC US$ 500.0 Regular Bond/Debenture Baa3 7/15/2013 Energy/Natural Resources/Chemicals
Sealed Air Corp. US$ 400.0 Regular Bond/Debenture Baa3 7/15/2013 Diversified Industrials/Services/Paper
US$ 238.423 Regular
Comcast Cable Holdings, LLC Bond/Debenture Baa1 8/1/2013 Telecom/Tech./Media
Electronic Data Systems
Entergy Arkansas, Inc. US$ 300.0 First Mortgage Bonds A3 8/1/2013 Utilities
Entergy New Orleans, Inc. US$ 70.0 First Mortgage Bonds Baa3 8/1/2013 Utilities
Packaging Corporation of America US$ 400.0 Regular Bond/Debenture Baa3 8/1/2013 Diversified Industrials/Services/Paper
Vectren Utility Holdings, Inc. US$ 100.0 Regular Bond/Debenture Baa1 8/1/2013 Utilities
Walgreen Co. US$ 1300.0 Regular Bond/Debenture A2 8/1/2013 Retail/Apparel
Bristol-Myers Squibb Company US$ 595.8 Regular Bond/Debenture A2 8/15/2013 Healthcare/Healthcare Eqiupment
Carolina Telephone & Telegraph
Company US$ 50.0 Regular Bond/Debenture Baa1 8/15/2013 Telecom/Tech./Media
Corporation

Medco Health Solutions, Inc. US$ 500.0 Regular Bond/Debenture Baa3 8/15/2013 Healthcare/Healthcare Eqiupment
Panhandle Eastern Pipe Line
Company, LP US$ 250.0 Regular Bond/Debenture Baa3 8/15/2013 Energy/Natural Resources/Chemicals
R.J. Reynolds Tobacco Holdings, US$ 60.0770 Regular
Inc. Bond/Debenture Baa3 8/15/2013 Consumer Products
Roper Industries, Inc. US$ 500.0 Regular Bond/Debenture Baa3 8/15/2013 Building Products/Manufacturing/Homebuilding
Cabot Finance B.V. US$ 175.0 Regular Bond/Debenture Baa1 9/1/2013 Energy/Natural Resources/Chemicals
Crane Co. US$ 200.0 Regular Bond/Debenture Baa2 9/1/2013 Building Products/Manufacturing/Homebuilding
Mashantucket (Western) Pequot
Tribe, CT US$ 113.1 Regular Bond/Debenture Aa3 9/1/2013 Food/Entertainment/Lodging
McCormick & Company,
Incorporated US$ 250.0 Regular Bond/Debenture A2 9/1/2013 Food/Entertainment/Lodging
Oncor Electric Delivery Company US$ 649.0 First Mortgage Bonds Baa1 9/1/2013 Utilities
Sierra Pacific Power Company US$ 250.0 First Mortgage Bonds Baa3 9/1/2013 Utilities
Western Massachusetts Electric
Connecticut Natural Gas
Barrick Gold Financeco LLC US$ 500.0 Regular Bond/Debenture Baa1 9/15/2013 Energy/Natural Resources/Chemicals
Corning Incorporated US$ 100.0 Regular Bond/Debenture Baa1 9/15/2013 Building Products/Manufacturing/Homebuilding
Duke Energy Indiana, Inc. US$ 400.0 Regular Bond/Debenture Baa1 9/15/2013 Utilities
Harsco Corporation US$ 150.0 Regular Bond/Debenture Baa1 9/15/2013 Building Products/Manufacturing/Homebuilding
Johnson Controls, Inc. US$ 173.4 Regular Bond/Debenture Baa2 9/15/2013 Auto/Transportation/Defense
Progress Energy Carolinas, Inc. US$ 400.0 First Mortgage Bonds A1 9/15/2013 Utilities
Wisconsin Gas LLC US$ 45.0 Regular Bond/Debenture A1 9/15/2013 Energy/Natural Resources/Chemicals
Dayton Power & Light Company US$ 470.0 First Mortgage Bonds Aa3 10/1/2013 Utilities
Detroit Edison Company (The) US$ 250.0 Regular Bond/Debenture A2 10/1/2013 Utilities
EOG Resources, Inc. US$ 400.0 Regular Bond/Debenture A3 10/1/2013 Energy/Natural Resources/Chemicals
Idaho Power Company US$ 70.0 Regular Bond/Debenture A3 10/1/2013 Utilities
Seminole Tribe of Florida US$ 255.16 Regular Bond/Debenture Baa3 10/1/2013 Food/Entertainment/Lodging
Union Electric Company US$ 200.0 Regular Bond/Debenture A3 10/1/2013 Utilities
Verizon New England Inc. US$ 300.0 Regular Bond/Debenture Baa2 10/1/2013 Telecom/Tech./Media
DRS Technologies, Inc. US$ 13.0 Regular Bond/Debenture Baa1 11/1/2013 Auto/Transportation/Defense
Estee Lauder Companies Inc. (The) US$ 300.0 Regular Bond/Debenture A2 11/1/2013 Consumer Products
Baker Hughes Incorporated US$ 500.0 Regular Bond/Debenture A2 11/15/2013 Energy/Natural Resources/Chemicals
Bottling Group, LLC US$ 400.0 Regular Bond/Debenture A2 11/15/2013 Food/Entertainment/Lodging
Commercial Metals Company US$ 200.0 Regular Bond/Debenture Baa2 11/15/2013 Energy/Natural Resources/Chemicals
Duke Energy Carolinas, LLC US$ 400.0 First Mortgage Bonds A1 11/15/2013 Utilities
Mississippi Power Company US$ 50.0 Regular Bond/Debenture A1 11/15/2013 Utilities
Potomac Electric Power Company US$ 200.0 First Mortgage Bonds A3 11/15/2013 Utilities
Sonoco Products Company US$ 250.0 Regular Bond/Debenture Baa2 11/15/2013 Diversified Industrials/Services/Paper
Windstream Georgia
Communications Corp. US$ 40.0 Regular Bond/Debenture Baa2 11/15/2013 Telecom/Tech./Media
PPL Electric Utilities Corporation US$ 400.0 Regular Bond/Debenture A3 11/30/2013 Utilities
Delmarva Power & Light Company US$ 250.0 First Mortgage Bonds A3 12/1/2013 Utilities
Merck & Co., Inc. US$ 1250.0 Regular Bond/Debenture Aa3 12/1/2013 Healthcare/Healthcare Eqiupment
Rockwell Collins, Inc. US$ 200.0 Regular Bond/Debenture A1 12/1/2013 Auto/Transportation/Defense
Wisconsin Energy Capital
Caterpillar Inc. US$ 350.0 Regular Bond/Debenture A2 12/15/2013 Auto/Transportation/Defense
Central Illinois Light Company US$ 150.0 Regular Bond/Debenture Baa1 12/15/2013 Utilities
Cleveland Electric Illuminating
Company (The) US$ 300.0 Regular Bond/Debenture Baa3 12/15/2013 Utilities
Monongahela Power Company US$ 300.0 First Mortgage Bonds Baa1 12/15/2013 Utilities
Precision Castparts Corp. US$ 200.0 Regular Bond/Debenture Baa1 12/15/2013 Auto/Transportation/Defense
RPM International Inc. US$ 200.0 Regular Bond/Debenture Baa3 12/15/2013 Energy/Natural Resources/Chemicals
Savannah Electric and Power
Chevron Corp. Pr Sh/Svgs Pl Tr US$ 98.695 Regular Bond/Debenture Aa1 1/1/2014 Energy/Natural Resources/Chemicals
Square Butte Electric Cooperative US$ 36.389 First Mortgage Bonds A3 1/1/2014 Utilities
Devon Energy Corporation US$ 500.0 Regular Bond/Debenture Baa1 1/15/2014 Energy/Natural Resources/Chemicals
Exelon Generation Company, LLC US$ 500.0 Regular Bond/Debenture A3 1/15/2014 Utilities
Federal Express Corporation Trust Baa2 1/15/2014 Diversified Industrials/Services/Paper
FedEx Corporation US$ 250.0 Regular Bond/Debenture Baa2 1/15/2014 Diversified Industrials/Services/Paper
Nevada Power Company US$ 125.0 Regular Bond/Debenture Baa3 1/15/2014 Utilities
US$ 2000.0 Regular
Procter & Gamble Company (The) Bond/Debenture Aa3 1/15/2014 Consumer Products
US$ 160.909 Regular
PSEG Power LLC Bond/Debenture Baa1 1/15/2014 Utilities
US$ 154.50111 Sec. Lease Oblig.
System Energy Resources, Inc. Bond Baa3 1/15/2014 Utilities
ConocoPhillips US$ 1500.0 Regular Bond/Debenture A1 2/1/2014 Energy/Natural Resources/Chemicals

Wyeth US$ 1750.0 Regular Bond/Debenture A1 2/1/2014 Healthcare/Healthcare Eqiupment
Hess Corporation US$ 250.0 Regular Bond/Debenture Baa2 2/15/2014 Energy/Natural Resources/Chemicals
Sunoco Logistics Partners
Operations L.P. US$ 175.0 Regular Bond/Debenture Baa2 2/15/2014 Energy/Natural Resources/Chemicals
Western Union Company (The) US$ 500.0 Regular Bond/Debenture A3 2/26/2014 Telecom/Tech./Media
Baxter International Inc. US$ 350.0 Regular Bond/Debenture A3 3/1/2014 Healthcare/Healthcare Eqiupment
US$ 2000.0 Regular
Hewlett-Packard Company Bond/Debenture A2 3/1/2014 Telecom/Tech./Media
PPL Electric Utilities Corporation US$ 10.29 First Mortgage Bonds A3 3/1/2014 Utilities
US$ 2000.0 Regular
Chevron Corporation Bond/Debenture Aa1 3/3/2014 Energy/Natural Resources/Chemicals
Anadarko Petroleum Corporation US$ 500.0 Regular Bond/Debenture Baa3 3/15/2014 Energy/Natural Resources/Chemicals
Avnet, Inc. US$ 300.0 Regular Bond/Debenture Baa3 3/15/2014 Telecom/Tech./Media
Boeing Company (The) US$ 700.0 Regular Bond/Debenture A2 3/15/2014 Auto/Transportation/Defense
Bottling Group, LLC US$ 1300.0 Regular Bond/Debenture Aa2 3/15/2014 Food/Entertainment/Lodging
Coca-Cola Company (The) US$ 900.0 Regular Bond/Debenture Aa3 3/15/2014 Food/Entertainment/Lodging
Corning Incorporated US$ 200.0 Regular Bond/Debenture Baa1 3/15/2014 Building Products/Manufacturing/Homebuilding
Medtronic, Inc. US$ 550.0 Regular Bond/Debenture A1 3/15/2014 Healthcare/Healthcare Eqiupment
Smith International, Inc. US$ 300.0 Regular Bond/Debenture Baa1 3/15/2014 Energy/Natural Resources/Chemicals
Sysco Corporation US$ 200.0 Regular Bond/Debenture A1 3/15/2014 Retail/Apparel
Trinity Industries, Inc. US$ 201.5 Regular Bond/Debenture Baa3 3/15/2014 Building Products/Manufacturing/Homebuilding
Illinois Tool Works Inc. US$ 800.0 Regular Bond/Debenture A1 4/1/2014 Building Products/Manufacturing/Homebuilding
Metropolitan Edison Company US$ 250.0 Regular Bond/Debenture Baa2 4/1/2014 Utilities
Pennsylvania Electric Company US$ 150.0 Regular Bond/Debenture Baa2 4/1/2014 Utilities
PG&E Corporation US$ 350.0 Regular Bond/Debenture Baa1 4/1/2014 Utilities
R.R. Donnelley & Sons Company US$ 598.50 Regular Bond/Debenture Baa3 4/1/2014 Telecom/Tech./Media
Wisconsin Electric Power
ConAgra Foods, Inc. US$ 500.0 Regular Bond/Debenture Baa2 4/15/2014 Food/Entertainment/Lodging
International Speedway
Corporation US$ 150.0 Regular Bond/Debenture Baa2 4/15/2014 Telecom/Tech./Media
Noble Energy, Inc. US$ 200.0 Regular Bond/Debenture Baa2 4/15/2014 Energy/Natural Resources/Chemicals
Potomac Electric Power Company US$ 175.0 First Mortgage Bonds A3 4/15/2014 Utilities
Deere & Company US$ 700.0 Regular Bond/Debenture A2 4/25/2014 Auto/Transportation/Defense
International Game Technology Bond/Debenture Baa2 5/1/2014 Food/Entertainment/Lodging
ITT Corporation US$ 500.0 Regular Bond/Debenture Baa1 5/1/2014 Building Products/Manufacturing/Homebuilding
Ameren Corporation US$ 425.0 Regular Bond/Debenture Baa3 5/15/2014 Utilities
Black Hills Corporation US$ 250.0 Regular Bond/Debenture Baa3 5/15/2014 Utilities
DTE Energy Company US$ 300.0 Regular Bond/Debenture Baa2 5/15/2014 Utilities
Hasbro, Inc. US$ 425.0 Regular Bond/Debenture Baa2 5/15/2014 Consumer Products
Union Electric Company US$ 104.0 First Mortgage Bonds A3 5/15/2014 Utilities
US$ 266.33903 Enhanced
Northwest Airlines, Inc. Equipment Trust Baa2 5/20/2014 Auto/Transportation/Defense
Magellan Midstream Partners, L.P. US$ 250.0 Regular Bond/Debenture Baa2 6/1/2014 Energy/Natural Resources/Chemicals
US$ 2000.0 Regular
Microsoft Corporation Bond/Debenture Aaa 6/1/2014 Telecom/Tech./Media
Nordstrom, Inc. US$ 400.0 Regular Bond/Debenture Baa2 6/1/2014 Retail/Apparel
Westinghouse Credit Corporation US$ 101.8 Regular Bond/Debenture Baa3 6/14/2014 Telecom/Tech./Media
Anadarko Petroleum Corporation US$ 275.0 Regular Bond/Debenture Baa3 6/15/2014 Energy/Natural Resources/Chemicals
Chevron Phillips Chemical
Company LLC US$ 300.0 Regular Bond/Debenture Baa1 6/15/2014 Energy/Natural Resources/Chemicals
Express Scripts, Inc. US$ 1000.0 Regular Bond/Debenture Baa3 6/15/2014 Healthcare/Healthcare Eqiupment
Monongahela Power Company US$ 120.0 First Mortgage Bonds Baa1 6/15/2014 Utilities
IBM International Group Capital
LLC US$ 64.0 Regular Bond/Debenture A1 6/26/2014 Telecom/Tech./Media
Analog Devices, Inc. US$ 375.0 Regular Bond/Debenture A3 7/1/2014 Telecom/Tech./Media
Westar Energy, Inc. US$ 250.0 First Mortgage Bonds Baa1 7/1/2014 Utilities
ALZA Corporation Bond/Debenture Aa1 7/14/2014 Healthcare/Healthcare Eqiupment
Enogex LLC US$ 200.0 Regular Bond/Debenture Baa3 7/15/2014 Energy/Natural Resources/Chemicals
Public Service Company of New
Hampshire US$ 50.0 First Mortgage Bonds A3 7/15/2014 Utilities
St. Jude Medical, Inc. US$ 700.0 Regular Bond/Debenture Baa1 7/15/2014 Healthcare/Healthcare Eqiupment
Bemis Company, Inc. US$ 400.0 Regular Bond/Debenture Baa1 8/1/2014 Diversified Industrials/Services/Paper
CareFusion Corporation US$ 450.0 Regular Bond/Debenture Baa3 8/1/2014 Healthcare/Healthcare Eqiupment
Northrop Grumman Corporation US$ 350.0 Regular Bond/Debenture Baa2 8/1/2014 Auto/Transportation/Defense
Fisher Scientific International Inc. US$ 300.0 Regular Bond/Debenture Baa3 8/15/2014 Healthcare/Healthcare Eqiupment
Procter & Gamble Company (The) US$ 900.0 Regular Bond/Debenture Aa3 8/15/2014 Consumer Products
Public Service Electric and Gas US$ 250.0 Regular Bond/Debenture A2 8/15/2014 Utilities
Company

Southeast Supply Header, LLC US$ 375.0 Regular Bond/Debenture Baa3 8/15/2014 Energy/Natural Resources/Chemicals
Atlantic City Electric Company US$ 7.0 Regular Bond/Debenture A3 8/29/2014 Utilities
Diamond Offshore Drilling, Inc. US$ 250.0 Regular Bond/Debenture Baa1 9/1/2014 Energy/Natural Resources/Chemicals
Airgas, Inc. US$ 400.0 Regular Bond/Debenture Baa3 9/15/2014 Energy/Natural Resources/Chemicals
Connecticut Light and Power
Timken Company (The) US$ 250.0 Regular Bond/Debenture Baa3 9/15/2014 Building Products/Manufacturing/Homebuilding
Viacom Inc. US$ 600.0 Regular Bond/Debenture Baa2 9/15/2014 Telecom/Tech./Media
US$ 431.456 Regular
Norfolk Southern Corporation Bond/Debenture Baa1 9/17/2014 Auto/Transportation/Defense
Northwest Natural Gas Company US$ 10.0 First Mortgage Bonds A1 9/21/2014 Energy/Natural Resources/Chemicals
Lubrizol Corporation (The) US$ 450.0 Regular Bond/Debenture Baa2 10/1/2014 Energy/Natural Resources/Chemicals
Niagara Mohawk Power
Southwest Airlines Co. US$ 350.0 Regular Bond/Debenture Baa3 10/1/2014 Auto/Transportation/Defense
Alliant Energy Corporation US$ 250.0 Regular Bond/Debenture Baa1 10/15/2014 Utilities
Buckeye Partners, L.P. US$ 275.0 Regular Bond/Debenture Baa2 10/15/2014 Energy/Natural Resources/Chemicals
CSX Transportation, Inc. US$ 336.88 Regular Bond/Debenture A2 10/15/2014 Auto/Transportation/Defense

Sunoco, Inc. US$ 250.0 Regular Bond/Debenture Baa2 10/15/2014 Energy/Natural Resources/Chemicals
Block Financial LLC US$ 400.0 Regular Bond/Debenture Baa1 10/30/2014 Diversified Industrials/Services/Paper
Mead Johnson Nutrition Co. US$ 500.0 Regular Bond/Debenture Baa1 11/1/2014 Consumer Products
NorthWestern Corporation US$ 225.0 Regular Bond/Debenture A3 11/1/2014 Utilities
Amphenol Corporation US$ 600.0 Regular Bond/Debenture Baa3 11/15/2014 Telecom/Tech./Media
Delmarva Power & Light Company US$ 100.0 Regular Bond/Debenture Baa2 11/15/2014 Utilities
Gannett Co., Inc. US$ 250.0 Regular Bond/Debenture Baa3 11/15/2014 Telecom/Tech./Media
Indiana Michigan Power Company US$ 175.0 Regular Bond/Debenture Baa2 11/15/2014 Utilities
Leggett & Platt, Incorporated US$ 180.0 Regular Bond/Debenture Baa1 11/15/2014 Consumer Products
OGE Energy Corp. US$ 100.0 Regular Bond/Debenture Baa1 11/15/2014 Utilities
Potomac Edison Company (The) US$ 175.0 First Mortgage Bonds Baa1 11/15/2014 Utilities
Cisco Systems, Inc. US$ 500.0 Regular Bond/Debenture A1 11/17/2014 Telecom/Tech./Media
Amgen Inc. US$ 1000.0 Regular Bond/Debenture A3 11/18/2014 Healthcare/Healthcare Eqiupment
CA, Inc. US$ 500.0 Regular Bond/Debenture Baa3 12/1/2014 Telecom/Tech./Media
Equifax Inc. US$ 275.0 Regular Bond/Debenture Baa1 12/1/2014 Telecom/Tech./Media
Mosaic Company (The) US$ 475.0 Regular Bond/Debenture Baa2 12/1/2014 Energy/Natural Resources/Chemicals
Duke Energy Kentucky, Inc. US$ 40.0 Regular Bond/Debenture Baa1 12/15/2014 Utilities
Enbridge Energy Partners, L.P. US$ 200.0 Regular Bond/Debenture Baa2 12/15/2014 Energy/Natural Resources/Chemicals

Moody’s Related Research
Special Comments:
» Challenges on the Horizon for Investment-Grade Liquidity, November 2009, (121042)
» U.S. Non-Financial Issuers’ Debt Maturities Soar in 2012, September 2009 (119781)
» Liquidity Challenges Remain For Non-Financial Companies in the Americas, July 2009
(118789)
» Refunding Risk and Needs for U.S. Investment-Grade Corporate Bond Issuers, 2009-2011,
March 2009 (115107)
» Refunding Risk and Needs for U.S. Speculative Grade Corporate Issuers, 2009-2011, February
2009 (114653)
» Refunding Needs and Risks for U.S. Speculative Grade Corporate Issuers, 2008-2010, February
2008 (107627)
» Refunding Risk and Needs for U.S. Speculative Grade Corporate Issuers, 2007-2009, January
2007 (102048)
Industry-Specific / Related Topics:
» Six-Month Update: North American Manufacturers Should Make Modest Progress, December
2009 (122184)
» Homebuilding Industry: Stable is as Stable Does, December 2009 (121711)
» U.S. Homebuilding Industry Shows Signs of Stability, December 2009 (121805)
» Homebuilding Industry: Where’s The Cash Flow? Volume 13, December 2009 (121715)
» U.S. Steel Industry Faces Long Road Back, December 2009 (121800)
» Consumer Durables Industry Shows Signs of Stability, December 2009 (121849)
» Leveraged Finance Industry Updates: Cable, Broadcasting and Theatre Operations, December
2009 (121857)
» Leveraged Finance Industry Updates: Food, Supermarkets, and Restaurants, December 2009
(121633)
» Cable and Telecommunications Industries: Converging, but Significant Differences in Revenue
Sources Call for Separate Rating Methodologies, December 2009 (121830)
» Service Sector Ratings Hold Up Well in Recession Though Cyclical Subsectors Feel Some
Pressure, December 2009 (121631)
» Moody’s B3 Negative and Lower Corporate Rating List, December 2009 (121745)
» Moody’s Covenant Newsletter, December 2009 (121400)
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of
this report and that more recent reports may be available. All research may not be available to all clients.
» contacts continued from page 1

Report Number: 122642
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Tom.Marshella@moodys.com Adam McLaren
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GLOBAL CORPORATE FINANCE

SPECIAL COMMENT Refunding Risk and Needs for U.S. Investment-

Telecom/Tech/Media Sector $100 350

About this report

The Appendix presents all investment-grade corporate-bond maturities in 2010–2014 in

Refunding Needs Remain High, But Refunding Risk Moderates

Refunding Needs: Modest in Near Term, but Increasing

Refunding Risk Eases but Has Not Disappeared

Baa3-Rated Debt Poses the Highest Refunding Risk

ISSUER NAME OUTLOOK USD (BILLIONS)

ISSUER NAME OUTLOOK USD (BILLIONS)

Spreads Contract from Historical Highs

*Source: Moody’s Investors Service

*Source: Moody’s Economy.com

Liquidity Remains Key for Investment-Grade Issuers

Ratings in Transition and Refunding Risks

Source: Moody’s Investors Service

Source: Moody’s Investors Service

Stability Could be Coming

Source: Moody’s Investors Service

Telecom/Tech/Media Sector Dominates Upcoming Maturities

Consumer Products, $23, 4%

Telecom/Tech./Media, $137, 25% Diversified

* Source: Moody’s Investors Service, In billions of USD

U.S. Investment Grade Corporate Bond Issuers, 2010 - 2014

Southern California Edison

Sempra Energy US$ 500.0 Regular Bond/Debenture Baa1 3/1/2010 Utilities

Empire District Electric Company

Con-way Incorporated US$ 200.0 Regular Bond/Debenture Baa3 5/1/2010 Auto/Transportation/Defense

Caterpillar Financial Services

Avista Corp. US$ 5.0 Regular Bond/Debenture Baa1 7/12/2010 Utilities

Pennsylvania Electric Company US$ 35.0 Regular Bond/Debenture A3 8/2/2010 Utilities

V.F. Corporation US$ 198.5 Regular Bond/Debenture A3 10/1/2010 Retail/Apparel

National Rural Utilities Coop. US$ 219.322 Regular A2 1/15/2011 Utilities

Finance Corp. Bond/Debenture

US$ 2249.53 Regular

Caterpillar Financial Services

MidAmerican Funding, LLC US$ 200.0 Regular Bond/Debenture A3 3/1/2011 Utilities

Caterpillar Financial Services

Caterpillar Financial Services

Caterpillar Financial Services

Caterpillar Financial Services

FirstEnergy Corp. US$ 250.0 Regular Bond/Debenture Baa3 11/15/2011 Utilities

National Rural Utilities Coop.

Target Corporation US$ 77.825 Regular Bond/Debenture A2 1/15/2012 Retail/Apparel

Cargill, Incorporated US$ 500.0 Regular Bond/Debenture A2 6/1/2012 Energy/Natural Resources/Chemicals

Caterpillar Financial Services

Caterpillar Financial Services

Praxair, Inc. US$ 400.0 Regular Bond/Debenture A2 11/15/2012 Energy/Natural Resources/Chemicals

Caterpillar Financial Services

Louisiana Land & Exploration

Caterpillar Financial Services

Caterpillar Financial Services

ConocoPhillips US$ 1500.0 Regular Bond/Debenture A1 2/1/2014 Energy/Natural Resources/Chemicals

Safeway Inc. US$ 250.0 Regular Bond/Debenture Baa2 8/15/2014 Retail/Apparel

CSX Transportation, Inc. US$ 336.88 Regular Bond/Debenture A2 10/15/2014 Auto/Transportation/Defense

National Rural Utilities Coop.

Moody’s Related Research

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