The credit market was resilient in May, with spreads firm despite a heavy new-issue calendar and a steady flow of corporate transactions. The Absolute Return Credit Index gained 0.9%, bringing its YTD to 5.63%. Outperformers include Todd Travers's Highland CDO Opportunity Fund, up 4.56% to total 12.65% for the year, and TQA Special Opportunities Fund, gaining 2.33%. Marathon Asset Management's Special Opportunity Fund, managed by Bruce Richards, gained 1.06%. Pequot's Steve Zamsky had a mixed month. His Pequot Credit Opportunities netted 0.61% for the month, while his Pequot Short Credit Offshore fell 1.3%.