| TOP 15 HIGH-YIELD MANAGERS RANKED BY PERCENTAGE OF TOTAL PRINCIPAL THAT DEFAULTED | |||
| Rank | Manager | % of Total that defaulted (principal amt) | Rank in 2000 ('97-2000 data) |
| 1 | Jefferies & Co. | 26 | 3 |
| 2 | Morgan Stanley | 14 | 15 |
| 3 | Merrill Lynch | 14 | 13 |
| 4 | Goldman Sachs | 13 | NR |
| 5 | Bear Stearns | 12 | 11 |
| 6 | Credit Suisse First Boston | 11 | 9 |
| 7 | TD Securities | 10 | 4 |
| 8 | J.P. Morgan/Chase | 7 | 8* |
| 9 | Lehman Brothers | 6 | NR |
| 10 | Citigroup/Salomon Smith Barney | 5 | 10 |
| 11 | Banc Of America Securities | 5 | 5 |
| 12 | UBS Warburg | 5 | 7 |
| 13 | CIBC World Markets | 3 | 6 |
| 14 | Deutsche Bank | 3 | 14 |
| 15 | Wachovia | 0 | NR |
| Sources: Moody's Investors Service, Thomson Financial Securities Data | |||
| *JPM ranked 12th |
2001 Default As % Of Total Principal