Description: This paper, part of the Society of Actuaries [SOA} ‘Research Projects – Finance/Investment,’ incorporates data from a similar study for years 1986 through 1992 and extends the results with data through 1995. This study focuses on the question of the extra return of high yield bond investments after asset losses, as well as some corollary items such as relative growth rate of high yield bond companies, emphasizing life insurance company results.