Inflation Focused Fund

LIFAX

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Daily price w/o sales charge as of 09/29/2016

$11.82

$0.01

YTD Returns w/o sales charge as of 09/29/2016

0.61%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the Inflation Focused Fund?

The Fund seeks to deliver total returns that exceed the rate of inflation in the U.S. over a full inflation cycle and current income by combining investments in inflation-linked derivatives with a portfolio of fixed income securities.

EXPERIENCED INVESTMENT TEAM

The strategy is managed through a collaboration among 40+ investment professionals in portfolio management, credit research, and trading.

HIGHER INCOME POTENTIAL WITH LOWER DURATION

The strategy has provided the highest income stream in the Morningstar category and offers inflation protection with one-third the duration of the average TIPS-based portfolio.

TRUE INFLATION PROTECTION

The Fund has historically demonstrated negative correlation with Treasuries, providing diversification benefits to clients' portfolios.

Yield

Dividend Yield ¹ as of 09/29/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.63%	4.42%
w/ sales charge	4.53%	4.32%

30-Day Standardized Yield ² as of 08/31/2016

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.13%	2.07%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

The net expense ratio takes into account a contractual management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 03/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.

Fund Basicsas of 08/31/2016

Total Net Assets: $668.66 M
Inception Date: 04/29/2011
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 1082
CUSIP: 54400U205
Minimum Initial Investment: $1,500+

Expense ratio details, Click here.

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/29/2011

w/o sales charge	-0.50%	-1.80%	-2.24%	-0.21%	-	-0.74%
Lipper Category Avg. Inflation Protected Bond Funds	5.68%	4.14%	1.51%	1.00%	-	-
w/ sales charge	-2.75%	-4.03%	-2.99%	-0.66%	-	-1.17%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/29/2011

w/o sales charge	-1.54%	-5.18%	-2.53%	-1.09%	-	-0.97%
Lipper Category Avg. Inflation Protected Bond Funds	5.23%	2.57%	1.17%	1.56%	-	-
w/ sales charge	-3.76%	-7.34%	-3.27%	-1.55%	-	-1.41%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Credit Quality Distribution as of 08/31/2016 View Portfolio

Rating	Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. The credit quality distribution breakdown is not an S&P credit rating or an opinion of S&P as to the credit worthiness of the portfolio.

Investment Team

Kewjin Yuoh

Partner & Portfolio Manager

22 Years of Industry Experience

Andrew H. O'Brien, CFA

Partner & Portfolio Manager

18 Years of Industry Experience

Steven F. Rocco, CFA

Partner & Portfolio Manager

15 Years of Industry Experience

Leah G. Traub, Ph.D.

Partner & Portfolio Manager

15 Years of Industry Experience

Hyun Lee, CFA

Portfolio Manager

15 Years of Industry Experience

Robert A. Lee

Partner & Chief Investment Officer

25 Years of Industry Experience

Supported By 51 Investment Professionals and 13 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Dividend Yield ¹ as of 09/29/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.63%	4.42%
w/ sales charge	4.53%	4.32%

30-Day Standardized Yield ² as of 08/31/2016

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.13%	2.07%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/29/2011

w/o sales charge	-0.50%	-1.80%	-2.24%	-0.21%	-	-0.74%
Lipper Category Avg. Inflation Protected Bond Funds	5.68%	4.14%	1.51%	1.00%	-	-
w/ sales charge	-2.75%	-4.03%	-2.99%	-0.66%	-	-1.17%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/29/2011

w/o sales charge	-1.54%	-5.18%	-2.53%	-1.09%	-	-0.97%
Lipper Category Avg. Inflation Protected Bond Funds	5.23%	2.57%	1.17%	1.56%	-	-
w/ sales charge	-3.76%	-7.34%	-3.27%	-1.55%	-	-1.41%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Best returns

Durations	Fund Returns	Blended Index

3-Mo	5.4	1.48
1-Yr	9.95	3.08

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-5.92	-0.26
1-Yr	-5.63	-0.42

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Year	Fund Returns

2015	-2.22%
2014	-5.20%
2013	-1.76%
2012	9.87%
2011	-3.48%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2016	-0.90%	-0.65%	-	-	0.61%
2015	-0.17%	1.72%	-4.68%	1.03%	-2.22%
2014	0.02%	2.20%	-2.74%	-4.66%	-5.20%
2013	0.51%	-3.67%	1.32%	0.15%	-1.76%
2012	5.40%	-0.99%	3.16%	2.05%	9.87%
2011	-	-	-5.92%	2.13%	-3.48%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Rating	Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
Bank Loans
MBS
U.S. Government Related
Sovereign
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating	Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2016

Rating	Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 06/30/2016

The portfolio combines a short-term bond strategy with an overlay of Consumer Price Index (CPI) swaps in order to hedge against inflation over a full market cycle. CPI swaps detracted from portfolio performance, as inflation expectations decelerated during the quarter.
For the underlying bond portfolio, we maintain a diversified exposure to various credit-sensitive sectors of the market, compared to the benchmark which is comprised entirely of Treasury Inflation-Protected Securities. Consistent with the past several years, the portfolio maintained only minor exposures to Treasuries and agency securities over the quarter, primarily holding positions in these sectors for liquidity management purposes.
Although we broadly maintained the portfolio’s up-in-quality bias, we emphasized risk sectors early in the period, as spreads remained wide following a period of extreme risk aversion in February. In the second half of the quarter, we de-risked the portfolio as spreads tightened, valuations became less attractive, and volatility increased leading up to “Brexit.”
As risk assets rallied in April, we reduced the portfolio’s allocation to credit-sensitive sectors, particularly high yield and investment grade corporates, realizing profits. High yield corporates benefited from further dovish statements from the Fed and stabilizing energy prices. Within investment grade corporates, we continue to favor ‘BBB’ rated corporate debt, as we believe this portion of the corporate sector is less likely to increase leverage to fund M&A or share buybacks.
We maintained the portfolio’s overweight allocation to securitized products, specifically commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS). Within CMBS, we continue to focus on single-asset, single-borrower deals, preferring their stronger underwriting standards which have, thus far, helped them to outperform conduit CMBS in risk-off moves.
The portfolio’s exposure to ABS generated strong, risk-adjusted returns, while providing additional liquidity to the portfolio. During the quarter, we tactically expanded the portfolio’s presence within the sector, owing to the attractiveness of spreads in lower-rated, investment-grade tranches. Leading up to and following “Brexit,” we have focused on higher-quality issues, due to their more liquid nature. The ABS sector continues to present unique opportunities to find pockets of relative value and attractive risk-adjusted spread.

Portfolio Details as of 08/31/2016

Total Net Assets: $668.66 M
Number of Issues: 1082
Average Coupon: 4.31%
Average Life: 2.3 Years
Average Effective Duration: 1.97 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security. Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding	Coupon	Maturity	Assets

U.S. Treasury Note/Bond	1.375%	06/30/2018	1.8%
LB-UBS Commercial Mortgage Trust	5.378%	11/15/2038	0.9%
Morgan Stanley Re-Remic Trust	5.988%	08/12/2045	0.8%
HBOS plc	6.750%	05/21/2018	0.7%
Air Lease Corp.	5.625%	04/01/2017	0.7%
Government National Mortgage Association	1.294%	12/16/2054	0.7%
Forest Laboratories LLC	4.375%	02/01/2019	0.6%
JPMorgan Securities, Inc.	7.250%	02/01/2018	0.6%
Federal National Mortgage Assoc.	3.140%	03/01/2042	0.5%
Activision Blizzard, Inc.	5.625%	09/15/2021	0.5%

% of Total Assets			7.8%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Holding	Coupon	Maturity	Assets

U.S. Treasury Note/Bond	0.875%	10/15/2017	1.9%
LB-UBS Commercial Mortgage Trust	5.378%	11/15/2038	1.3%
Morgan Stanley Re-Remic Trust	5.795%	08/12/2045	1.1%
Government National Mortgage Association	1.296%	12/16/2054	1.0%
HBOS plc	6.750%	05/21/2018	1.0%
CPI Swap	0.010%	09/30/2024	0.9%
Forest Laboratories LLC	4.375%	02/01/2019	0.9%
Air Lease Corp.	5.625%	04/01/2017	0.8%
Federal National Mortgage Assoc.	3.136%	03/01/2042	0.7%
COMM 2016-GCT Mortgage Trust	0.784%	08/10/2029	0.7%
Bank of America Corp.	5.490%	03/15/2019	0.7%
Denali International LLC / Denali Finance Corp.	5.625%	10/15/2020	0.7%
CPI Swap	0.010%	05/27/2019	0.7%
COMM Mortgage Trust	5.351%	05/15/2045	0.7%
CPI Swap	0.010%	02/06/2019	0.7%
Santander Drive Auto Receivables Trust	2.570%	04/15/2021	0.6%
CPI Swap	0.010%	01/17/2017	0.6%
COMM 2016-GCT Mortgage Trust	0.000%	08/10/2029	0.6%
California Republic Auto Receivables Trust	1.750%	01/15/2021	0.6%
BB-UBS Trust	3.468%	06/05/2030	0.6%
Hiland Partners L.P. / Hiland Partners Finance Cor	7.250%	10/01/2020	0.6%
Morgan Stanley Capital I Trust	5.722%	04/12/2049	0.6%
Mercedes-Benz Auto Receivables Trust	1.340%	12/16/2019	0.6%
U.S. Treasury Note/Bond	1.375%	06/30/2018	0.6%
BellSouth Corp.	4.400%	04/26/2017	0.6%
COMM 2016-GCT Mortgage Trust	3.576%	08/10/2029	0.6%
Capital One Multi-Asset Execution Trust	0.881%	03/15/2023	0.6%
Mylan, Inc.	2.550%	03/28/2019	0.6%
BBCMS Trust	0.492%	03/12/2036	0.6%
Citigroup Commercial Mortgage Trust	2.581%	09/15/2027	0.6%
Access Midstream Partners L.P.	6.125%	07/15/2022	0.6%
Las Vegas Sands LLC	3.250%	12/19/2020	0.6%
Banc of America Commercial Mortgage Trust	5.634%	04/10/2049	0.5%
Kinross Gold Corp.	3.625%	09/01/2016	0.5%
CD Commercial Mortgage Trust	5.693%	12/11/2049	0.5%
Cent CLO	1.937%	01/30/2025	0.5%
Fortress Credit BSL Ltd.	1.868%	01/19/2025	0.5%
CPI Swap	0.010%	04/01/2019	0.5%
American Tower Corp.	7.250%	05/15/2019	0.5%
Ford Motor Credit Co. LLC	6.625%	08/15/2017	0.5%
Federal Home Loan Mortgage Corp.	3.114%	11/01/2043	0.5%
Freescale Semiconductor, Inc.	6.000%	01/15/2022	0.5%
Ally Master Owner Trust	1.630%	05/15/2020	0.5%
Wachovia Bank Commercial Mortgage Trust Series	5.383%	12/15/2043	0.5%
Jefferies Group LLC	8.500%	07/15/2019	0.5%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.	3.480%	06/01/2019	0.5%
Copano Energy LLC / Copano Energy Finance Corp.	7.125%	04/01/2021	0.5%
Cedar Funding Ltd.	2.215%	10/23/2026	0.4%
Jfin Revolver Clo Ltd.	1.852%	04/22/2020	0.4%
Aviation Capital Group Corp.	4.625%	01/31/2018	0.4%
Avis Budget Rental Car Funding	2.802%	05/20/2018	0.4%
COBALT CMBS Commercial Mortgage Trust	5.526%	04/15/2047	0.4%
Bear Stearns Commercial Mortgage Securities Trust	5.720%	06/11/2040	0.4%
Morgan Stanley	5.625%	09/23/2019	0.4%
OZLM Ltd.	2.119%	10/17/2026	0.4%
International Lease Finance Corp.	7.125%	09/01/2018	0.4%
Citigroup, Inc.	2.650%	10/26/2020	0.4%
Continental Resources, Inc.	7.375%	10/01/2020	0.4%
Canadian Natural Resources Ltd.	5.700%	05/15/2017	0.4%
Hewlett Packard Enterprise Co.	2.850%	10/05/2018	0.4%
AMC Networks, Inc.	2.000%	12/16/2019	0.4%
Federal National Mortgage Assoc.	2.735%	12/01/2045	0.4%
GS Mortgage Securities Trust	1.706%	06/10/2046	0.4%
NextGear Floorplan Master Owner Trust	1.800%	07/15/2019	0.4%
CSMC Trust	0.552%	09/15/2037	0.4%
Willis North America, Inc.	6.200%	03/28/2017	0.4%
Irvine Core Office Trust	2.068%	05/15/2048	0.4%
ARC Properties Operating Partnership L.P.	3.000%	02/06/2019	0.4%
Weatherford International Ltd. Bermuda	9.625%	03/01/2019	0.4%
Continental Resources, Inc.	7.125%	04/01/2021	0.4%
CPI Swap	0.010%	10/30/2016	0.4%
Avis Budget Rental Car Funding	2.460%	07/20/2020	0.4%
Frontier Communications Corp.	8.875%	09/15/2020	0.3%
Discover Bank	2.600%	11/13/2018	0.3%
Bank of America NA	5.300%	03/15/2017	0.3%
Drive Auto Receivables Trust	3.010%	05/17/2021	0.3%
Energy Transfer Partners L.P.	9.000%	04/15/2019	0.3%
BWAY Mortgage Trust	0.000%	03/10/2033	0.3%
CPI Swap	0.010%	09/26/2016	0.3%
CPI Swap	0.010%	12/08/2024	0.3%
Emera US Finance L.P.	2.150%	06/15/2019	0.3%
Neuberger Berman Group LLC	5.875%	03/15/2022	0.3%
Western Union Co.	2.875%	12/10/2017	0.3%
Royal Bank of Scotland	9.500%	03/16/2022	0.3%
JPMorgan Commercial Mortgage-Backed Securities Tru	5.636%	03/18/2051	0.3%
JP Morgan Chase Commercial Mortgage Securities Tru	1.401%	06/15/2029	0.3%
CPI Swap	0.010%	11/07/2019	0.3%
Morgan Stanley Capital I Trust	2.545%	03/15/2045	0.3%
Kilroy Realty L.P.	6.625%	06/01/2020	0.3%
Seminole Tribe of Florida	3.000%	04/29/2020	0.3%
Bank of America Corp.	5.420%	03/15/2017	0.3%
N-Star REL CDO Ltd.	0.914%	02/01/2041	0.3%
Intesa Sanpaolo SpA	2.375%	01/13/2017	0.3%
Yara International ASA	7.875%	06/11/2019	0.3%
Goldman Sachs Group, Inc.	5.375%	03/15/2020	0.3%
Entergy Corp.	4.700%	01/15/2017	0.3%
Credit Suisse First Boston Mortgage Securities Cor	5.538%	05/15/2023	0.3%
Valero Energy Corp.	9.375%	03/15/2019	0.3%
Prima Capital CRE Securitization Ltd.	2.214%	10/24/2035	0.3%
Macquarie Bank Ltd.	1.364%	10/27/2017	0.3%
Regency Energy Partners L.P.	6.500%	07/15/2021	0.3%
Novelis, Inc.	8.750%	12/15/2020	0.3%
Commercial Mortgage Trust	5.773%	07/10/2038	0.3%
Anadarko Petroleum Corp.	6.950%	06/15/2019	0.3%
Aventura Mall Trust	3.867%	12/05/2032	0.3%
Activision Blizzard, Inc.	5.625%	09/15/2021	0.3%
Anadarko Petroleum Corp.	8.700%	03/15/2019	0.3%
EPR Properties	7.750%	07/15/2020	0.3%
Digital Realty Trust L.P.	5.875%	02/01/2020	0.3%
HCP, Inc.	5.375%	02/01/2021	0.3%
California Republic Auto Receivables Trust 2016-1	2.240%	10/15/2021	0.3%
EnLink Midstream Partners L.P.	7.125%	06/01/2022	0.3%
Goldcorp, Inc.	3.625%	06/09/2021	0.3%
KLA-Tencor Corp.	2.375%	11/01/2017	0.3%
Asset Backed Securities Corp. Home Equity Loan Tru	0.648%	05/25/2036	0.3%
Carmax Auto Owner Trust 2016-3	1.600%	01/18/2022	0.3%
Drive Auto Receivables Trust	2.230%	09/16/2019	0.3%
Noble Energy, Inc.	5.625%	05/01/2021	0.3%
Wachovia Bank Commercial Mortgage Trust Series	5.339%	11/15/2048	0.3%
Venture XVIII CLO Ltd.	2.130%	10/15/2026	0.3%
Cox Communications, Inc.	9.375%	01/15/2019	0.3%
DBJPM 16-C3 Mortgage Trust	1.664%	09/10/2049	0.3%
CPI Swap	0.010%	12/04/2019	0.3%
Synchrony Credit Card Master Note Trust	2.220%	01/15/2022	0.3%
Avago Tech Cayman Ltd.	1.500%	02/01/2021	0.3%
UBS Group Funding Jersey Ltd.	3.000%	04/15/2021	0.3%
UBS-Barclays Commercial Mortgage Trust	1.283%	04/10/2046	0.3%
Carrizo Oil & Gas, Inc.	7.500%	09/15/2020	0.3%
Drive Auto Receivables Trust	3.380%	11/15/2021	0.3%
Turkiye Halk Bankasi AS	4.750%	06/04/2019	0.3%
Kasima, LLC (Digital Cinema)	3.250%	05/17/2021	0.3%
JP Morgan Chase Commercial Mortgage Securities Tru	3.621%	09/05/2032	0.3%
CIT Group, Inc.	5.500%	02/15/2019	0.3%
Macquarie Group Ltd.	6.000%	01/14/2020	0.3%
General Motors Co.	3.500%	10/02/2018	0.3%
Mylan, Inc.	2.600%	06/24/2018	0.2%
Mercedes-Benz Auto Lease Trust 2016-A	1.520%	03/15/2019	0.2%
Boston Scientific Corp.	6.000%	01/15/2020	0.2%
Activision Blizzard	2.750%	10/13/2020	0.2%
CPI Swap	0.010%	12/05/2019	0.2%
Chrysler Capital Auto Receivables Trust 2016-A	1.770%	10/15/2020	0.2%
NorthStar	5.488%	08/25/2029	0.2%
JBS USA LLC/JBS USA Finance, Inc.	7.250%	06/01/2021	0.2%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.	4.420%	06/15/2021	0.2%
Origin Energy Finance Ltd.	3.500%	10/09/2018	0.2%
CPI Swap	0.010%	11/28/2016	0.2%
Capital Auto Receivables Asset Trust	1.390%	09/20/2018	0.2%
Santander UK plc	2.500%	03/14/2019	0.2%
Navient Corp.	5.500%	01/15/2019	0.2%
H/2 Asset Funding Ltd.	2.141%	06/24/2049	0.2%
Barrick North America Finance LLC	4.400%	05/30/2021	0.2%
NXP BV / NXP Funding LLC	4.125%	06/01/2021	0.2%
LSTAR Commercial Mortgage Trust 2016-4	0.597%	03/10/2049	0.2%
Columbia Pipeline Group, Inc.	3.300%	06/01/2020	0.2%
DCP Midstream LLC	9.750%	03/15/2019	0.2%
Commercial Mortgage Pass-Through Certificates	6.065%	02/15/2041	0.2%
CPI Swap	0.010%	10/23/2017	0.2%
MPT Operating Partnership L.P.	6.375%	02/15/2022	0.2%
BA Credit Card Trust	0.848%	10/15/2021	0.2%
CIT Group, Inc.	4.250%	08/15/2017	0.2%
Ford Motor Credit Co. LLC	3.157%	08/04/2020	0.2%
Banc of America Re-REMIC Trust	5.607%	06/24/2050	0.2%
NextGear Floorplan Master Owner Trust	2.380%	10/15/2020	0.2%
Blue Cube Spinco, Inc.	9.750%	10/15/2023	0.2%
General Motors Financial Co., Inc.	3.100%	01/15/2019	0.2%
Ford Motor Credit Co. LLC	2.459%	03/27/2020	0.2%
General Motors Financial Co., Inc.	2.400%	05/09/2019	0.2%
Perrigo Co.	2.300%	11/08/2018	0.2%
COMM Mortgage Trust	4.223%	06/08/2030	0.2%
Midcontinent Express Pipeline LLC	6.700%	09/15/2019	0.2%
Citigroup, Inc.	2.350%	08/02/2021	0.2%
COMM Mortgage Trust	2.882%	06/15/2034	0.2%
Cent CLO Ltd.	1.835%	07/23/2025	0.2%
Energy Transfer Partners L.P.	9.700%	03/15/2019	0.2%
IASIS Healthcare LLC / IASIS Capital Corp.	8.375%	05/15/2019	0.2%
PVH Corp (Phillips-Van Heusen)	1.750%	05/19/2021	0.2%
Memorial Resource Development Corp.	5.875%	07/01/2022	0.2%
Drive Auto Receivables Trust 2016-B	4.530%	08/15/2023	0.2%
WFRBS Commercial Mortgage Trust	4.498%	02/15/2044	0.2%
Drive Auto Receivables Trust	4.590%	01/17/2023	0.2%
Credit Suisse Group Funding Guernsey Ltd.	3.125%	12/10/2020	0.2%
NextGear Floorplan Master Owner Trust	2.740%	04/15/2021	0.2%
RBSCF Trust	5.948%	02/16/2051	0.2%
CSMC Trust	1.801%	04/15/2029	0.2%
Discover Bank	8.700%	11/18/2019	0.2%
COMM Mortgage Trust	2.428%	07/13/2031	0.2%
Reynolds Group Issuer, Inc.	9.875%	08/15/2019	0.2%
Dominion Resources, Inc.	4.104%	04/01/2021	0.2%
Avago Tech Cayman Ltd.	4.250%	02/01/2023	0.2%
T-Mobile USA, Inc.	6.464%	04/28/2019	0.2%
Ford Credit Auto Lease Trust	1.710%	04/15/2019	0.2%
Carmax Auto Owner Trust 2016-3	1.390%	05/17/2021	0.2%
Avis Budget Rental Car Funding	2.630%	12/20/2021	0.2%
Volkswagen Group of America Finance LLC	2.400%	05/22/2020	0.2%
Extended Stay America Trust	5.053%	12/05/2031	0.2%
Fidelity National Financial, Inc.	6.600%	05/15/2017	0.2%
H/2 Asset Funding Ltd.	2.390%	03/19/2037	0.2%
Stone Tower CLO VI Ltd.	0.999%	04/17/2021	0.2%
MBNA Credit Card Master Note Trust	0.741%	08/16/2021	0.2%
Drive Auto Receivables Trust	2.120%	06/17/2019	0.2%
Martin Marietta Materials, Inc.	1.731%	06/30/2017	0.2%
CNH Equipment Trust	1.890%	04/15/2022	0.2%
Carmax Auto Owner Trust 2016-3	1.170%	08/15/2019	0.2%
California Republic Auto Receivables Trust 2015-4	1.600%	09/17/2018	0.2%
Sovereign Bank	2.000%	01/12/2018	0.2%
Americold LLC Trust	3.847%	01/14/2029	0.2%
Santander Drive Auto Receivables Trust	2.740%	01/15/2021	0.2%
Pioneer Natural Resources Co.	3.450%	01/15/2021	0.2%
Pernod Ricard S.A.	5.750%	04/07/2021	0.2%
California Republic Auto Receivables Trust 2016-1	1.890%	05/15/2020	0.2%
Florida Gas Transmission Co., LLC	7.900%	05/15/2019	0.2%
Devon Energy Corp.	6.300%	01/15/2019	0.2%
Concho Resources, Inc.	7.000%	01/15/2021	0.2%
Expedia, Inc.	7.456%	08/15/2018	0.2%
Florida Gas Transmission Co., LLC	5.450%	07/15/2020	0.2%
COMM Mortgage Trust	5.540%	03/10/2039	0.2%
Cenovus Energy, Inc.	5.700%	10/15/2019	0.2%
Extended Stay America Trust	3.902%	12/05/2031	0.2%
WFRBS Commercial Mortgage Trust	1.400%	05/15/2045	0.2%
WFRBS Commercial Mortgage Trust	1.510%	06/15/2045	0.2%
Oaktree CLO Ltd.	2.226%	10/20/2026	0.2%
ML-CFC Commercial Mortgage Trust	5.204%	12/12/2049	0.2%
JP Morgan Chase Commercial Mortgage Securities Tru	5.699%	02/12/2049	0.2%
Drive Auto Receivables Trust 2016-A	3.170%	05/15/2020	0.2%
E*TRADE Financial Corp.	5.375%	11/15/2022	0.2%
CPI Swap	0.010%	06/04/2020	0.2%
Charter Communications Operating, LLC (aka CCO Saf	3.000%	07/01/2020	0.2%
Coveris Holding Corp.	10.000%	06/01/2018	0.2%
ReadyCap Commercial Mortgage Trust	3.010%	06/25/2055	0.2%
Zimmer Biomet Holdings, Inc.	1.375%	05/29/2019	0.2%
BBCMS Trust	0.205%	09/10/2028	0.2%
BA Credit Card Trust	0.771%	01/15/2020	0.2%
Nordea Bank AB	4.875%	05/13/2021	0.2%
CPI Swap	0.010%	07/10/2025	0.2%
Dun & Bradstreet Corp.	3.250%	12/01/2017	0.2%
SLM Private Education Loan Trust	3.731%	05/16/2044	0.2%
ADS Waste Holdings, Inc.	8.250%	10/01/2020	0.2%
Neptune Finco Corp.	10.125%	01/15/2023	0.2%
Discover Card Execution Note Trust	1.021%	09/15/2021	0.2%
Carlyle Global Market Strategies CLO Ltd.	1.829%	04/18/2025	0.2%
American Tower Corp.	1.250%	01/29/2021	0.2%
JP Morgan Chase Commercial Mortgage Securities Tru	1.245%	12/15/2047	0.2%
LMREC 2015-CRE, Inc.	2.202%	02/22/2032	0.2%
Goldman Sachs Group, Inc.	5.250%	07/27/2021	0.2%
International Lease Finance Corp.	6.250%	05/15/2019	0.2%
Bank of America Corp.	5.700%	05/02/2017	0.2%
Verizon Communications, Inc.	1.500%	02/21/2019	0.2%
Bumble Bee Holdco S.C.A/Inc.	9.625%	03/15/2018	0.2%
Banc of America Commercial Mortgage	5.317%	06/10/2049	0.2%
SL Green Realty Corp.	7.750%	03/15/2020	0.2%
Hyundai Capital America	2.400%	10/30/2018	0.2%
Public Service Co. of New Mexico	7.950%	05/15/2018	0.2%
Santander Drive Auto Receivables Trust 2016-1	4.020%	04/15/2022	0.1%
COMM Mortgage Trust	1.471%	03/10/2046	0.1%
California Republic Auto Receivables Trust	2.130%	05/17/2021	0.1%
First Data Corporation	4.238%	07/08/2022	0.1%
Sinopec Group Overseas Development Ltd.	1.445%	04/10/2017	0.1%
Want Want China Finance Ltd.	1.875%	05/14/2018	0.1%
Avis Budget Rental Car Funding	3.270%	02/20/2018	0.1%
Santander Drive Auto Receivables Trust	2.070%	04/15/2020	0.1%
Federal National Mortgage Assoc.	2.432%	06/01/2038	0.1%
WFRBS Commercial Mortgage Trust	0.607%	08/15/2047	0.1%
New Gold, Inc.	7.000%	04/15/2020	0.1%
Nissan Master Owner Trust Receivables	1.540%	06/15/2021	0.1%
Ally Auto Receivables Trust	1.250%	04/15/2019	0.1%
Amgen, Inc.	1.000%	09/18/2018	0.1%
Commercial Mortgage Pass Through Certificates	2.150%	10/05/2030	0.1%
Univision Communications, Inc.	8.500%	05/15/2021	0.1%
Glencore Finance Canada Ltd.	2.700%	10/25/2017	0.1%
SteelRiver Transmission Co. LLC	4.710%	06/30/2017	0.1%
CSMC Trust	2.331%	04/15/2029	0.1%
Serta Simmons Holdings LLC	8.125%	10/01/2020	0.1%
ConocoPhillips Co.	6.000%	01/15/2020	0.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.	7.625%	04/15/2021	0.1%
Western Union Co.	3.350%	05/22/2019	0.1%
Enbridge Energy Partners L.P.	4.375%	10/15/2020	0.1%
Government National Mortgage Association	2.300%	02/16/2047	0.1%
Bear Stearns Commercial Mortgage Securities Trust	5.669%	11/11/2041	0.1%
Bear Stearns Commercial Mortgage Securities Trust	5.406%	11/11/2041	0.1%
CSMC Trust	2.281%	09/15/2038	0.1%
T-Mobile USA, Inc.	6.625%	11/15/2020	0.1%
eBay, Inc.	1.237%	08/01/2019	0.1%
ROC Finance LLC/ROC Finance 1 Corp.	12.125%	09/01/2018	0.1%
BAMLL Commercial Mortgage Securities Trust	2.717%	06/15/2028	0.1%
GS Mortgage Securities Corp. Trust	3.311%	06/05/2031	0.1%
Government National Mortgage Association	1.024%	06/16/2054	0.1%
Great Wolf Trust	1.931%	05/15/2034	0.1%
Federal National Mortgage Assoc.	3.421%	12/01/2040	0.1%
Moxie Liberty LLC	7.500%	08/21/2020	0.1%
UBS-Barclays Commercial Mortgage Trust	1.197%	03/10/2046	0.1%
Exelon Generation Co. LLC	2.950%	01/15/2020	0.1%
Newfield Exploration Co.	5.750%	01/30/2022	0.1%
CPI Swap	0.010%	08/06/2020	0.1%
GS Mortgage Securities Corp. II	3.435%	12/10/2027	0.1%
MSCG Trust	2.612%	06/07/2035	0.1%
Banco de Bogota SA	5.000%	01/15/2017	0.1%
Sabine Pass LNG L.P.	6.500%	11/01/2020	0.1%
Ineos US Finance LLC	3.750%	05/04/2018	0.1%
COMM Mortgage Trust	2.232%	06/15/2034	0.1%
TCF Auto Receivables Owner Trust 2015-2	2.060%	04/15/2020	0.1%
America Movil SAB de CV	1.656%	09/12/2016	0.1%
Crown Point CLO Ltd.	2.136%	11/21/2022	0.1%
Nationstar Mortgage LLC / Nationstar Capital Corp.	9.625%	05/01/2019	0.1%
Sensata Technologies BV	3.000%	10/11/2021	0.1%
Jabil Circuit, Inc.	8.250%	03/15/2018	0.1%
Harris Corp.	4.250%	10/01/2016	0.1%
Credit Suisse First Boston Mortgage Securities Cor	5.466%	05/15/2023	0.1%
Bank of America Corp.	7.625%	06/01/2019	0.1%
Ingram Micro, Inc.	5.250%	09/01/2017	0.1%
Government National Mortgage Association	0.953%	08/16/2054	0.1%
Texas Competitive Electric Holdings Company, LLC	3.750%	11/07/2016	0.1%
Wells Fargo Commercial Mortgage Trust	5.612%	11/15/2043	0.1%
Vale Overseas Ltd.	6.250%	01/23/2017	0.1%
Barclays Dryrock Issuance Trust 2016-1	1.520%	05/16/2022	0.1%
Discovery Communications LLC	5.050%	06/01/2020	0.1%
MMAF Equipment Finance LLC	1.390%	12/17/2018	0.1%
SLM Private Education Loan Trust	1.131%	07/15/2022	0.1%
Chesapeake Funding II LLC	1.880%	06/15/2028	0.1%
Capital One Financial Corp.	6.750%	09/15/2017	0.1%
Capsugel S.A.	7.000%	05/15/2019	0.1%
OneMain Financial Issuance Trust 2015	3.190%	03/18/2026	0.1%
DBWF Mortgage Trust	2.998%	06/10/2034	0.1%
Peninsula Gaming LLC	8.375%	02/15/2018	0.1%
Harris Corp.	1.500%	03/16/2020	0.1%
Buckeye Partners L.P.	4.875%	02/01/2021	0.1%
Frontier Communications Corp.	8.500%	04/15/2020	0.1%
UBS AG, Jersey	7.250%	02/22/2022	0.1%
H/2 Asset Funding Ltd.	3.353%	06/24/2049	0.1%
PPL UK Distribution Holdings Ltd.	7.250%	12/15/2017	0.1%
EnCana Corp.	6.500%	05/15/2019	0.1%
RPM International, Inc.	6.500%	02/15/2018	0.1%
Illinois, IL	6.200%	07/01/2021	0.1%
Huntington Bancshares, Inc.	7.000%	12/15/2020	0.1%
Westgate Resorts LLC	3.250%	12/20/2026	0.1%
Celanese US Holdings LLC	5.875%	06/15/2021	0.1%
Federal National Mortgage Assoc.	2.841%	10/01/2045	0.1%
COMM Mortgage Trust	0.686%	06/10/2046	0.1%
Panhandle Eastern Pipeline Co., L.P.	7.000%	06/15/2018	0.1%
Trinity Acquisition plc	3.500%	09/15/2021	0.1%
DDR Corp.	7.500%	07/15/2018	0.1%
AmeriCredit Automobile Receivables Trust	1.580%	09/10/2018	0.1%
CCM Merger, Inc.	9.125%	05/01/2019	0.1%
Federal National Mortgage Assoc.	2.377%	10/01/2035	0.1%
FREMF Mortgage Trust	4.536%	10/25/2030	0.1%
Century Intermediate Holding Co.	9.750%	02/15/2019	0.1%
BAMLL-DB Trust	3.352%	04/13/2029	0.1%
Citigroup, Inc.	1.800%	02/05/2018	0.1%
PTL Finance Corp.	3.200%	07/15/2020	0.1%
CNO Financial Group, Inc.	4.500%	05/30/2020	0.1%
Exelon Generation Co. LLC	4.000%	10/01/2020	0.1%
Neiman Marcus Group Ltd. Inc.	8.000%	10/15/2021	0.1%
Kemper Corp.	6.000%	05/15/2017	0.1%
KLA-Tencor Corp.	3.375%	11/01/2019	0.1%
Kilroy Realty L.P.	4.800%	07/15/2018	0.1%
Baidu, Inc.	3.250%	08/06/2018	0.1%
Goldman Sachs Group, Inc.	6.000%	06/15/2020	0.1%
COMM Mortgage Trust	1.632%	06/15/2034	0.1%
California Republic Auto Receivables Trust 2015-4	2.040%	01/15/2020	0.1%
Time Warner Cable, Inc.	8.750%	02/14/2019	0.1%
Harris Corp.	1.500%	03/16/2018	0.1%
H/2 Asset Funding Ltd.	3.993%	06/24/2049	0.1%
Turkiye Vakiflar Bankasi Tao	5.750%	04/24/2017	0.1%
Banc of America Commercial Mortgage	5.317%	06/10/2049	0.1%
Station Casinos LLC	7.500%	03/01/2021	0.1%
Zimmer Biomet Holdings, Inc.	2.700%	04/01/2020	0.1%
J. Crew Group, Inc.	4.000%	03/05/2021	0.1%
Scripps Networks Interactive, Inc.	2.750%	11/15/2019	0.1%
Sinopec Group Overseas Development 2013 Ltd.	2.500%	10/17/2018	0.1%
Hub International Ltd.	9.250%	02/15/2021	0.1%
Dell Equipment Finance Trust	1.720%	09/22/2020	0.1%
Federal Home Loan Mortgage Corp.	2.646%	02/01/2038	0.1%
Aviation Capital Group Corp.	3.875%	09/27/2016	0.1%
GS Mortgage Securities Trust	5.591%	11/10/2039	0.1%
Seminole Tribe of Florida	6.535%	10/01/2020	0.1%
Ford Motor Credit Co. LLC	2.240%	06/15/2018	0.1%
Industrial & Commercial Bank of China Ltd.	2.351%	11/13/2017	0.1%
JPMBB Commercial Mortgage Securities Trust	3.046%	04/15/2047	0.1%
Pernod Ricard S.A.	2.950%	01/15/2017	0.1%
Federal National Mortgage Assoc.	2.719%	12/01/2045	0.1%
BBCMS Trust	2.466%	03/10/2036	0.1%
New Jersey Econ Dev Auth	2.421%	06/15/2018	0.1%
Owens Illinois, Inc.	3.500%	08/12/2022	0.1%
Itau Unibanco Holding SA (Cayman Islands)	2.850%	05/26/2018	0.1%
FREMF Mortgage Trust	3.751%	02/25/2045	0.1%
Rivers Pittsburgh Borrower L.P./Rivers Pittsburgh	9.500%	06/15/2019	0.1%
Avis Budget Rental Car Funding	2.500%	02/20/2021	0.1%
Chrysler Capital Auto Receivables Trust	1.270%	05/15/2019	0.1%
Time Warner Cable, Inc.	8.250%	04/01/2019	0.1%
GSMS Trust	5.147%	12/14/2049	0.1%
Rite Aid Corporation	4.875%	06/21/2021	0.1%
New Jersey Transp Tr Fnd Auth	1.087%	12/15/2016	0.1%
Federal National Mortgage Assoc.	2.580%	11/01/2018	0.1%
Citigroup Commercial Mortgage Trust	2.911%	01/12/2030	0.1%
Owens Illinois, Inc.	1.750%	04/22/2020	0.1%
RAIT Trust	2.592%	05/13/2031	0.1%
CGBAM Commercial Mortgage Trust	3.213%	04/10/2028	0.1%
NXP BV / NXP Funding LLC	3.500%	09/15/2016	0.1%
COMM Mortgage Trust	1.873%	04/12/2035	0.1%
Morgan Stanley Reremic Trust	1.000%	03/27/2051	0.1%
JBS USA LLC/JBS USA Finance, Inc.	7.250%	06/01/2021	0.1%
Hilton USA Trust	2.081%	07/15/2029	0.1%
JP Morgan Chase Commercial Mortgage Securities Tru	3.581%	12/15/2030	0.1%
FAGE International SA/ FAGE USA Dairy Industry Inc	9.875%	02/01/2020	0.1%
Access Midstream Partners L.P.	4.875%	05/15/2023	0.1%
Diamond Resorts Owner Trust	2.990%	05/22/2028	0.1%
Schaeffler Holding Finance BV	6.875%	08/15/2018	0.1%
Ally Auto Receivables Trust	0.970%	10/15/2018	0.1%
Emdeon, Inc.	11.000%	12/31/2019	0.1%
Resource Capital Corp. Ltd.	1.531%	04/15/2032	0.1%
Government National Mortgage Association	2.900%	10/16/2055	0.1%
SESI LLC	6.375%	05/01/2019	0.1%
Navient Corp.	4.875%	06/17/2019	0.1%
Avis Budget Rental Car Funding	3.410%	11/20/2017	0.1%
ONEOK Partners L.P.	2.000%	10/01/2017	0.1%
Range Resources Corp.	5.750%	06/01/2021	0.1%
LSTAR Commercial Mortgage Trust	2.729%	04/20/2048	0.1%
Cox Communications, Inc.	5.875%	12/01/2016	0.1%
CPI Swap	0.010%	08/20/2021	0.1%
Precision Drilling Corp.	6.625%	11/15/2020	0.1%
Government National Mortgage Association	3.000%	01/16/2048	0.1%
Ascentium Equipment Receivables 2015-2 LLC	1.570%	12/11/2017	0.1%
Cannery Casino Resorts, LLC	6.000%	10/02/2018	0.1%
Teck Resources Ltd.	4.500%	01/15/2021	0.1%
COMM Mortgage Trust	1.917%	10/15/2045	0.1%
Drive Auto Receivables Trust 2016-B	2.560%	06/15/2020	0.1%
Drive Auto Receivables Trust 2016-B	3.190%	07/15/2022	0.1%
Magellan Midstream Partners L.P.	6.550%	07/15/2019	0.1%
Nationstar Mortgage LLC / Nationstar Capital Corp.	7.875%	10/01/2020	0.1%
Westchester CLO Ltd.	0.862%	08/01/2022	0.1%
Mohegan Tribal Gaming Authority	11.000%	09/15/2018	0.1%
California Republic Auto Receivables Trust 2015-4	3.730%	11/15/2021	0.1%
Martin Marietta Materials, Inc.	6.600%	04/15/2018	0.1%
HCP, Inc.	6.700%	01/30/2018	0.1%
Seminole Tribe of Florida	7.804%	10/01/2020	0.1%
Taco Bell Funding LLC	3.832%	05/25/2046	0.1%
Life Technologies Corp.	6.000%	03/01/2020	0.1%
ENI SpA	4.150%	10/01/2020	0.1%
MEG Energy Corp.	6.500%	03/15/2021	0.1%
Western Union Co.	5.930%	10/01/2016	0.1%
DBUBS Mortgage Trust	5.543%	07/10/2044	0.1%
UBS Group Funding Jersey Ltd.	2.950%	09/24/2020	0.1%
Laboratory Corporation of America Holdings	1.250%	12/19/2019	0.1%
WFRBS Commercial Mortgage Trust	1.190%	05/15/2047	0.1%
Capital Auto Receivables Asset Trust 2016-2	1.460%	06/22/2020	0.1%
Volkswagen International Finance NV	1.600%	11/20/2017	0.1%
CPI Swap	0.010%	08/25/2023	0.1%
Israel Electric Corp.	6.700%	02/10/2017	0.1%
BJ's Wholesale Club, Inc.	4.500%	09/26/2019	0.1%
MPG Holdco.	3.750%	10/20/2021	0.1%
Florida East Coast Railway Corp.	6.750%	05/01/2019	0.1%
Citigroup Mortgage Loan Trust	0.593%	07/25/2036	0.1%
DBUBS Mortgage Trust	3.527%	07/10/2044	0.1%
CPI Swap	0.010%	04/27/2023	0.1%
Grupo Aval Ltd.	5.250%	02/01/2017	0.1%
Alibaba Group Holding Ltd.	3.125%	11/28/2021	0.1%
LCCM Mortgage Trust	2.857%	11/14/2027	0.1%
Mylan, Inc.	3.000%	12/15/2018	0.1%
Actavis Captial S.a.r.L	1.625%	07/01/2019	0.1%
New Enterprise Stone & Lime Co., Inc.	11.000%	09/01/2018	0.1%
Viacom, Inc.	3.875%	12/15/2021	0.1%
Actavis Funding SCS	2.350%	03/12/2018	0.1%
Viacom, Inc.	2.750%	12/15/2019	0.1%
Jersey Central Power & Light Co.	7.350%	02/01/2019	0.1%
Ally Auto Receivables Trust	1.490%	11/15/2019	0.1%
Volkswagen Group of America Finance LLC	1.250%	05/23/2017	0.1%
Wilmington Trust Corp.	8.500%	04/02/2018	0.1%
Glencore Finance Canada Ltd.	4.950%	11/15/2021	0.1%
Morgan Stanley Capital I Trust	2.084%	08/05/2034	0.1%
HBOS plc	1.380%	09/06/2017	0.1%
General Motors Financial Co., Inc.	3.150%	01/15/2020	0.1%
Ford Credit Floorplan Master Owner Trust A	1.400%	08/15/2019	0.1%
Banc of America Re-REMIC Trust	5.334%	12/16/2043	0.1%
Federal Home Loan Mortgage Corp.	2.621%	12/01/2036	0.1%
JP Morgan Commercial Mortgage-Backed Securities Tr	5.742%	06/18/2049	0.1%
California Republic Auto Receivables Trust	1.230%	03/15/2019	0.1%
Viacom, Inc.	2.500%	12/15/2016	0.1%
Denbury Resources, Inc.	5.500%	05/01/2022	0.1%
Digicel Group Ltd.	8.250%	09/30/2020	0.1%
Drive Auto Receivables Trust 2015-A	3.060%	05/17/2021	0.1%
Carlyle Global Market Strategies Clo Ltd.	2.180%	10/15/2026	0.1%
Halliburton Co.	3.250%	11/15/2021	0.1%
Hewlett Packard Enterprise Co.	2.450%	10/05/2017	0.1%
LAM Research Corp.	1.250%	05/13/2021	0.1%
CGBAM Commercial Mortgage Trust	3.516%	04/10/2028	0.1%
Hiland Partners L.P. / Hiland Partners Finance Cor	5.500%	05/15/2022	0.1%
Capital Auto Receivables Asset Trust	2.710%	11/20/2019	0.1%
Csail Commercial Mortgage Trust	0.004%	06/15/2057	0.1%
Mylan, Inc.	3.150%	06/15/2021	0.1%
Drive Auto Receivables Trust	1.380%	10/15/2018	0.1%
CG-CCRE Commercial Mortgage Trust	1.392%	06/15/2031	0.1%
International Lease FInance	2.750%	03/06/2021	0.1%
Shingle Springs Tribal Gaming Auth	9.750%	09/01/2021	0.1%
Lazard Group LLC	4.250%	11/14/2020	0.1%
CPS Auto Receivables Trust	6.580%	03/15/2022	0.1%
Holly Energy Partners L.P. / Holly Energy Finance	6.500%	03/01/2020	0.1%
Fortune Brands Home & Security, Inc.	3.000%	06/15/2020	0.1%
Fifth Third Bank	5.450%	01/15/2017	0.1%
Emera US Finance L.P.	2.700%	06/15/2021	0.1%
Enbridge Energy Partners L.P.	9.875%	03/01/2019	0.1%
Pioneer Natural Resources Co.	6.875%	05/01/2018	0.1%
International Automotive Components Group S.A.	9.125%	06/01/2018	0.1%
Cimarex Energy Co.	5.875%	05/01/2022	0.1%
Illinois, IL	2.770%	04/01/2018	0.1%
Flagship Credit Auto Trust 2015-3	2.380%	10/15/2020	0.1%
BAMLL Commercial Mortgage Securities Trust	2.717%	06/15/2028	0.1%
ConvaTec Finance International SA	8.250%	01/15/2019	0.1%
Thompson Creek Metals Co., Inc.	9.750%	12/01/2017	0.1%
CPI Swap	0.010%	04/27/2024	0.1%
Dell International LLC	0.000%	04/29/2020	0.1%
Volkswagen Group of America Finance LLC	1.600%	11/20/2017	0.1%
Morgan Stanley Capital I Trust	0.089%	07/13/2029	0.1%
Huntsman International LLC	4.250%	04/01/2023	0.1%
JP Morgan Chase Commercial Mortgage Securities Tru	3.429%	06/10/2027	0.1%
Volkswagen Group of America Finance LLC	2.450%	11/20/2019	0.1%
JPMorgan Chase & Co.	2.250%	01/23/2020	0.1%
Dole Food Company, Inc.	4.500%	11/01/2018	0.1%
DDR Corp.	7.500%	04/01/2017	0.1%
Capital Auto Receivables Asset Trust 2016-1	2.670%	12/21/2020	0.1%
Morgan Stanley	5.500%	07/24/2020	0.1%
Santander UK plc	3.050%	08/23/2018	0.1%
Federal Home Loan Mortgage Corp.	2.889%	09/01/2036	0.1%
Metropolitan Edison Co.	7.700%	01/15/2019	0.1%
Panda Power Funds	6.750%	12/19/2020	0.1%
Ares IIIR/IVR CLO Ltd.	0.899%	04/16/2021	0.1%
Thompson Creek Metals Co., Inc.	12.500%	05/01/2019	0.1%
LCCM Mortgage Trust	2.857%	11/14/2027	0.1%
Illinois, IL	5.877%	03/01/2019	0.1%
Federal National Mortgage Assoc.	2.637%	01/01/2038	0.1%
Supervalu Inc.	5.500%	03/21/2019	0.1%
Capital One Multi-Asset Execution Trust	1.260%	01/15/2020	0.1%
Huntington Bancshares, Inc.	2.600%	08/02/2018	0.1%
Wachovia Bank Commercial Mortgage Trust Series	5.795%	07/15/2045	0.1%
Kinder Morgan, Inc.	7.250%	06/01/2018	0.1%
Morgan Stanley Bank of America Merrill Lynch Trust	0.758%	07/15/2050	0.1%
WaveDivision Escrow LLC / WaveDivision Escrow Corp	8.125%	09/01/2020	0.1%
FREMF Mortgage Trust	3.086%	03/25/2045	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2018	0.1%
Discover Financial Services	6.450%	06/12/2017	0.1%
Leaf Receivables Funding 11 LLC	2.490%	04/15/2022	0.1%
Morgan Stanley	7.300%	05/13/2019	0.1%
California Republic Auto Receivables Trust 2016-2	1.830%	12/15/2021	0.1%
HCP, Inc.	3.750%	02/01/2019	0.1%
GRACE Mortgage Trust	3.520%	06/10/2028	0.1%
Allison Transmission, Inc.	3.500%	08/23/2019	0.1%
Michaels Stores, Inc.	3.750%	01/28/2020	0.1%
Citigroup Commercial Mortgage Trust	1.987%	04/10/2046	0.1%
Core Industrial Trust	3.555%	02/10/2034	0.1%
Aramark Corporation	3.250%	09/06/2019	0.1%
Alliance Data Systems, Inc.	6.375%	04/01/2020	0.1%
FREMF Mortgage Trust	4.028%	11/25/2044	0.1%
Government National Mortgage Association	2.200%	04/16/2047	0.1%
FREMF Mortgage Trust	3.369%	05/25/2045	0.1%
Federal National Mortgage Assoc.	3.359%	12/01/2040	0.1%
Sabine Pass LNG L.P.	7.500%	11/30/2016	0.1%
Milacron LLC / Mcron Finance Corp.	7.750%	02/15/2021	0.1%
Federal Home Loan Mortgage Corp.	2.852%	02/01/2037	0.1%
Raymond James Financial, Inc.	8.600%	08/15/2019	0.1%
Suncor Energy, Inc.	6.100%	06/01/2018	0.1%
Hyundai Floorplan Master Owner Trust Series 2016-1	1.810%	03/15/2021	0.1%
Turkiye Halk Bankasi AS	4.875%	07/19/2017	0.1%
National Oilwell Varco, Inc.	1.350%	12/01/2017	0.1%
CNOOC Finance 2013 Ltd	1.750%	05/09/2018	0.1%
Octagon Loan Funding Ltd.	2.076%	11/18/2026	0.1%
Leaf Receivables Funding 11 LLC	1.720%	07/15/2018	0.1%
Lloyds Bank plc	9.875%	12/16/2021	0.1%
Turkiye Vakiflar Bankasi Tao	3.750%	04/15/2018	0.1%
OZLM VII Ltd.	2.169%	07/17/2026	0.1%
BMW Vehicle Owner Trust	1.370%	12/25/2022	0.1%
CenterPoint Energy Resources Corp	4.500%	01/15/2021	0.1%
Seven Generations Energy Ltd.	8.250%	05/15/2020	0.1%
DaVita, Inc.	5.750%	08/15/2022	0.1%
Restoration Hardware Holdings, Inc.	0.000%	06/15/2019	0.1%
TCF Auto Receivables Owner Trust 2015-2	1.640%	01/15/2019	0.1%
Elizabeth Arden, Inc.	7.375%	03/15/2021	0.1%
DreamWorks Animation SKG, Inc.	6.875%	08/15/2020	0.1%
APX Group, Inc.	6.375%	12/01/2019	0.1%
NES Rentals Holdings, Inc.	7.875%	05/01/2018	0.1%
Federal National Mortgage Assoc.	3.957%	04/01/2040	0.1%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.	5.875%	06/15/2021	0.1%
HCP, Inc.	6.000%	01/30/2017	0.1%
Tenet Healthcare Corp.	8.000%	08/01/2020	0.1%
OHA Park Avenue CLO Ltd.	0.886%	03/14/2022	0.1%
WFRBS Commercial Mortgage Trust	1.881%	08/15/2045	0.1%
Volkswagen Auto Loan Enhanced Trust	0.700%	04/20/2018	0.1%
Sovereign Bank	8.750%	05/30/2018	0.1%
California Republic Auto Receivables Trust	0.910%	08/15/2018	0.1%
Regions Bank, Birmingham, AL	7.500%	05/15/2018	0.1%
Dominion Resources, Inc.	2.962%	07/01/2019	0.1%
Viterra, Inc.	5.950%	08/01/2020	0.1%
Frontier Communications Corp.	9.250%	07/01/2021	0.1%
Citigroup, Inc.	2.050%	12/07/2018	0.1%
Federal National Mortgage Assoc.	2.677%	09/01/2038	0.1%
Hospitality Properties Trust	5.625%	03/15/2017	0.1%
Royal Bank of Scotland NV	4.650%	06/04/2018	0.1%
JP Morgan Chase Commercial Mortgage Securities Tru	5.400%	06/12/2047	0.1%
Rite Aid Corp.	9.250%	03/15/2020	0.1%
GTL Trade Finance, Inc.	7.250%	10/20/2017	0.1%
Weatherford International Ltd. Bermuda	7.750%	06/15/2021	0.1%
CenterPoint Energy, Inc.	5.950%	02/01/2017	0.1%
Government National Mortgage Association	1.080%	01/16/2055	0.1%
Hyundai Floorplan Master Owner Trust Series 2016-1	1.342%	03/15/2021	0.1%
Carlson Wagonlit BV	6.875%	06/15/2019	0.1%
GS Mortgage Securities Corp Trust 2016-RENT	4.067%	02/10/2029	0.1%
OneMain Financial Issuance Trust	2.570%	07/18/2025	0.1%
BB-UBS Trust	2.892%	06/05/2030	0.1%
General Motors Financial Co., Inc.	3.200%	07/13/2020	0.1%
Interpublic Group of Cos., Inc.	2.250%	11/15/2017	0.1%
Canadian Natural Resources Ltd.	1.750%	01/15/2018	0.1%
Glencore Funding LLC	2.040%	01/15/2019	0.1%
Goldman Sachs Group, Inc.	2.661%	08/24/2016	0.1%
Compass Bank	2.750%	09/29/2019	0.1%
Santander UK plc	1.650%	09/29/2017	0.1%
American Electric Power Co., Inc.	1.650%	12/15/2017	0.1%
Cherrywood SB Commercial Mortgage Loan Trust 2016-	3.730%	03/25/2049	0.1%
Zayo Group LLC (Zayo Capital, Inc.)	3.750%	05/06/2021	0.1%
Leaf Receivables Funding 11 LLC	2.050%	06/15/2019	0.1%
Georgia-Pacific LLC	5.400%	11/01/2020	0.1%
Federal National Mortgage Assoc.	2.514%	03/01/2039	0.1%
JP Morgan Chase Commercial Mortgage Securities Tru	1.731%	04/15/2027	0.1%
Santander Drive Auto Receivables Trust 2016-2	2.080%	02/16/2021	0.1%
Bank of America Corp.	5.625%	07/01/2020	0.1%
California Republic Auto Receivables Trust 2016-2	1.560%	07/15/2020	0.1%
Pennsylvania Electric Co.	5.200%	04/01/2020	0.1%
Vornado DP LLC Trust	2.970%	09/13/2028	0.1%
CFCRE Commercial Mortgage Trust	5.623%	12/15/2047	0.1%
LyondellBasell Industries NV	5.000%	04/15/2019	0.1%
Santander UK Group Holdings plc	3.125%	01/08/2021	0.1%
Buckeye Partners L.P.	6.050%	01/15/2018	0.1%
Popular, Inc.	7.000%	07/01/2019	0.1%
Westgate Resorts LLC	2.150%	12/20/2026	0.0%
COMM Mortgage Trust	1.279%	08/10/2047	0.0%
Minerva Luxembourg SA	12.250%	02/10/2022	0.0%
Banc of America Re-REMIC Trust	5.944%	02/15/2051	0.0%
Credit Suisse Mortgage Capital Certificates	5.939%	09/15/2039	0.0%
R&R Pik plc	9.250%	05/15/2018	0.0%
Federal National Mortgage Assoc.	3.462%	10/01/2040	0.0%
Great Wolf Trust	2.981%	05/15/2034	0.0%
CSMC Trust	1.831%	09/15/2038	0.0%
JFIN Revolver CLO Ltd.	1.946%	01/20/2021	0.0%
Duqesne Light Holdings, Inc.	6.400%	09/15/2020	0.0%
Healthcare Realty Trust, Inc.	5.750%	01/15/2021	0.0%
Wells Fargo Commercial Mortgage Trust	0.018%	06/15/2048	0.0%
Immucor, Inc.	11.125%	08/15/2019	0.0%
COBALT CMBS Commercial Mortgage Trust	5.461%	04/15/2047	0.0%
GS Mortgage Securites Corp. Trust	3.479%	01/10/2030	0.0%
General Motors Financial Co., Inc.	3.000%	09/25/2017	0.0%
Capital Auto Receivables Asset Trust 2016-2	1.630%	01/20/2021	0.0%
Teco Finance, Inc.	6.572%	11/01/2017	0.0%
Litton Industries, Inc.	6.750%	04/15/2018	0.0%
Bank of America Corp.	6.875%	04/25/2018	0.0%
Digital Realty Trust L.P.	3.400%	10/01/2020	0.0%
Chicago Parking Meters LLC	5.489%	12/30/2020	0.0%
Starwood Hotels & Resorts Worldwide, Inc.	6.750%	05/15/2018	0.0%
Goldman Sachs Group, Inc.	6.150%	04/01/2018	0.0%
BG Energy Capital plc	4.000%	12/09/2020	0.0%
Mediacom Communications Corp.	7.250%	02/15/2022	0.0%
TCF Auto Receivables Owner Trust 2015-2	3.000%	09/15/2021	0.0%
Mylan, Inc.	2.500%	06/07/2019	0.0%
Pennsylvania Electric Co.	6.050%	09/01/2017	0.0%
Marks & Spencer PLC	6.250%	12/01/2017	0.0%
JPMBB Commercial Mortgage Securities Trust	0.829%	07/15/2045	0.0%
Santander Drive Auto Receivables Trust 2015-4	2.970%	03/15/2021	0.0%
Santander UK plc	2.000%	08/24/2018	0.0%
Rexel SA	5.250%	06/15/2020	0.0%
CarMax Auto Owner Trust 2013-1	1.540%	12/15/2018	0.0%
Marathon Petroleum Corp.	3.400%	12/15/2020	0.0%
Illinois, IL	5.365%	03/01/2017	0.0%
FREMF Mortgage Trust	3.821%	06/25/2047	0.0%
Cemex, S.A.B. de C.V.	5.430%	10/15/2018	0.0%
Pepco. Holdings, Inc.	6.125%	06/01/2017	0.0%
General Motors Financial Co., Inc.	3.250%	05/15/2018	0.0%
International Lease Finance Corp.	6.750%	09/01/2016	0.0%
Baidu, Inc.	2.750%	06/09/2019	0.0%
Alibaba Group Holding Ltd.	2.500%	11/28/2019	0.0%
Pioneer Natural Resources Co.	6.650%	03/15/2017	0.0%
CNPC General Capital Ltd.	2.750%	04/19/2017	0.0%
Sinopec Group Overseas Development (2012) Ltd.	2.750%	05/17/2017	0.0%
BAE Systems plc	3.500%	10/11/2016	0.0%
Baidu, Inc.	2.250%	11/28/2017	0.0%
Banco do Brasil SA	3.875%	01/23/2017	0.0%
Fresenius Medical Care AG	0.000%	10/30/2017	0.0%
CNOOC Nexen Finance 2014 ULC	1.625%	04/30/2017	0.0%
Perrigo Co.	1.300%	11/08/2016	0.0%
Sun Products	5.500%	03/18/2020	0.0%
COMM Mortgage Trust	2.631%	10/15/2031	0.0%
New Century Home Equity Loan Trust	4.954%	08/25/2035	0.0%
JP Morgan Chase Commercial Mortgage Securities Tru	2.181%	06/15/2029	0.0%
DBUBS Mortgage Trust	4.998%	07/10/2044	0.0%
Citigroup Commercial Mortgage Trust	0.471%	06/10/2048	0.0%
Wells Fargo Commercial Mortgage Trust	0.767%	06/15/2048	0.0%
Rockies Express Pipeline LLC	6.000%	01/15/2019	0.0%
California Republic Auto Receivables Trust	1.410%	09/17/2018	0.0%
BAMLL-DB Trust	2.343%	04/13/2029	0.0%
Lazard Group LLC	6.850%	06/15/2017	0.0%
WFRBS Commercial Mortgage Trust	2.300%	06/15/2045	0.0%
Leaf Receivables Funding 10 LLC	2.420%	01/15/2021	0.0%
Rockies Express Pipeline LLC	6.850%	07/15/2018	0.0%
SLM Student Loan Trust	1.008%	03/25/2026	0.0%
Goldcorp, Inc.	2.125%	03/15/2018	0.0%
EOG Resources, Inc.	5.625%	06/01/2019	0.0%
NBTY, Inc.	7.625%	05/15/2021	0.0%
Glencore Finance Canada Ltd.	3.600%	01/15/2017	0.0%
JPMBB Commercial Mortgage Securities Trust	1.077%	11/15/2047	0.0%
Synchrony Credit Card Master Note Trust	1.360%	08/17/2020	0.0%
Ryder System, Inc.	5.850%	11/01/2016	0.0%
Block Communications, Inc.	7.250%	02/01/2020	0.0%
Magellan Midstream Partners L.P.	5.650%	10/15/2016	0.0%
Commercial Mortgage Pass-Through Certificates	5.343%	12/15/2039	0.0%
Santander Drive Auto Receivables Trust	2.600%	11/16/2020	0.0%
Owens Corning	9.000%	06/15/2019	0.0%
Life Technologies Corp.	5.000%	01/15/2021	0.0%
Discover Card Execution Note Trust	1.900%	10/17/2022	0.0%
Astoria Financial Corp.	5.000%	06/19/2017	0.0%
Utility Contract Funding LLC	7.944%	10/01/2016	0.0%
Waldorf Astoria Boca Raton Trust 2016-BOCA	2.970%	06/15/2029	0.0%
Bear Stearns Deutsche Bank Trust	5.008%	09/15/2027	0.0%
GS Mortgage Securities Corp. II	2.300%	11/10/2045	0.0%
LSTAR Commercial Mortgage Trust 2016-4	1.957%	03/10/2049	0.0%
First National Master Note Trust 2015-1	1.251%	09/15/2020	0.0%
SM Energy Co.	6.500%	11/15/2021	0.0%
Sirius XM Radio, Inc.	5.250%	08/15/2022	0.0%
Illinois, IL	5.665%	03/01/2018	0.0%
CGBAM Commercial Mortgage Trust	3.786%	04/10/2028	0.0%
Macquarie Bank Ltd.	5.000%	02/22/2017	0.0%
Citigroup Commercial Mortgage Trust	5.311%	12/19/2039	0.0%
SM Energy Co.	6.125%	11/15/2022	0.0%
Isle of Capri Casinos, Inc.	8.875%	06/15/2020	0.0%
CPI Swap	0.010%	08/27/2023	0.0%
Teco Finance, Inc.	5.150%	03/15/2020	0.0%
QVC, Inc.	3.125%	04/01/2019	0.0%
BHP Billiton Finance USA Ltd.	5.400%	03/29/2017	0.0%
Teck Resources Ltd.	8.000%	06/01/2021	0.0%
Akbank TAS	3.875%	10/24/2017	0.0%
JBS USA LLC/JBS USA Finance, Inc.	8.250%	02/01/2020	0.0%
YUM Brands, Inc.	2.750%	05/23/2023	0.0%
Mohegan Tribal Gaming Authority	9.750%	09/01/2021	0.0%
Federal Home Loan Mortgage Corp.	2.647%	04/01/2037	0.0%
Building Materials Corp. of America	5.125%	02/15/2021	0.0%
Lincoln National Corp.	8.750%	07/01/2019	0.0%
Universal Health Services, Inc.	3.750%	08/01/2019	0.0%
Federal National Mortgage Assoc.	2.916%	12/01/2038	0.0%
GRACE Mortgage Trust	3.590%	06/10/2028	0.0%
JPMBB Commercial Mortgage Securities Trust	1.245%	04/15/2047	0.0%
National City Corp.	6.875%	05/15/2019	0.0%
HD Supply, Inc.	7.500%	07/15/2020	0.0%
Federal National Mortgage Assoc.	2.647%	08/01/2038	0.0%
HCP, Inc.	2.625%	02/01/2020	0.0%
Cleaver-Brooks, Inc.	8.750%	12/15/2019	0.0%
Cameron International Corp.	1.400%	06/15/2017	0.0%
Transocean, Inc.	6.000%	03/15/2018	0.0%
CarMax Auto Owner Trust	0.820%	06/15/2018	0.0%
FREMF Mortgage Trust	4.160%	09/25/2044	0.0%
Macquarie Group Ltd.	7.625%	08/13/2019	0.0%
TCF Auto Receivables Owner Trust 2015-2	3.750%	12/15/2021	0.0%
SLM Private Education Loan Trust	1.881%	08/15/2025	0.0%
Federal National Mortgage Assoc.	2.697%	03/01/2038	0.0%
Morgan Stanley	6.625%	04/01/2018	0.0%
JPMBB Commercial Mortgage Securities Trust	0.952%	05/15/2048	0.0%
JP Morgan Chase Commercial Mortgage Series Trust	1.534%	04/15/2046	0.0%
CFCRE Commercial Mortgage Trust 2016-C4	1.777%	05/10/2058	0.0%
GS Mortgage Securities Trust	3.849%	12/10/2043	0.0%
Sequoia Mortgage Trust	3.000%	09/25/2042	0.0%
HCP, Inc.	6.300%	09/15/2016	0.0%
TCF Auto Receivables Owner Trust 2015-2	4.240%	08/15/2022	0.0%
Capital One Financial Corp.	5.250%	02/21/2017	0.0%
Federal Home Loan Mortgage Corp.	2.697%	05/01/2036	0.0%
CNH Equipment Trust	1.970%	11/15/2021	0.0%
American Tower Corp.	3.300%	02/15/2021	0.0%
Government National Mortgage Association	2.750%	09/16/2046	0.0%
Blue Coat Holdings, Inc.	6.000%	05/20/2022	0.0%
First Midwest Bancorp, Inc.	5.875%	11/22/2016	0.0%
Liberty Property L.P.	5.500%	12/15/2016	0.0%
International Lease Finance Corp.	5.875%	04/01/2019	0.0%
GS Mortgage Securities Corp Trust 2012-ALOHA	4.129%	04/10/2034	0.0%
TransAlta Corp.	1.900%	06/03/2017	0.0%
Restoration Hardware Holdings, Inc.	0.000%	07/15/2020	0.0%
Bank of America Corp.	2.250%	04/21/2020	0.0%
NEFF Corp.	7.250%	06/09/2021	0.0%
Louisiana-Pacific Corp.	7.500%	06/01/2020	0.0%
Progress Energy, Inc.	7.050%	03/15/2019	0.0%
Goldman Sachs Group, Inc.	7.500%	02/15/2019	0.0%
Cox Communications, Inc.	6.250%	06/01/2018	0.0%
COMM Mortgage Trust	6.004%	07/10/2046	0.0%
Halliburton Co.	6.150%	09/15/2019	0.0%
JP Morgan Chase Commercial Mortgage Securities Tru	1.381%	04/15/2027	0.0%
Anadarko Holding Co.	7.050%	05/15/2018	0.0%
Structured Asset Securities Corp. Series	5.750%	12/25/2035	0.0%
Rivers Pittsburgh Borrower L.P./Rivers Pittsburgh	6.125%	08/15/2021	0.0%
Associated Banc-Corp.	2.750%	11/15/2019	0.0%
Grupo Bimbo S.A.B. de C.V.	4.875%	06/30/2020	0.0%
Health Care REIT, Inc.	4.125%	04/01/2019	0.0%
Ras Laffan Liquefied Natural Gas Co., Ltd.	5.832%	09/30/2016	0.0%
Chrysler Capital Auto Receivables Trust 2015-B	2.700%	12/15/2020	0.0%
Federal Home Loan Mortgage Corp.	2.691%	10/01/2038	0.0%
Banco de Credito del Peru	2.750%	01/09/2018	0.0%
PPL WEM Ltd./Western Power Distribution Ltd.	5.375%	05/01/2021	0.0%
Enbridge Energy Partners L.P.	6.500%	04/15/2018	0.0%
Morgan Stanley Capital I Trust	3.350%	07/13/2029	0.0%
GS Mortgage Securities Trust	6.071%	08/10/2043	0.0%
Jersey Central Power & Light Co.	5.650%	06/01/2017	0.0%
ARC Properties Operating Partnership L.P.	4.125%	06/01/2021	0.0%
Brandywine Operating Partnership L.P.	5.700%	05/01/2017	0.0%
CPI Swap	0.010%	04/20/2023	0.0%
Illinois, IL	4.833%	02/01/2017	0.0%
FREMF 2012-K707 Mortgage Trust	3.883%	01/25/2047	0.0%
Templar Energy LLC	8.500%	11/25/2020	0.0%
Illinois, IL	3.900%	01/01/2018	0.0%
Reynolds American, Inc.	3.500%	08/04/2016	0.0%
Nucor Corp.	5.750%	12/01/2017	0.0%
Concho Resources, Inc.	6.500%	01/15/2022	0.0%
Dell Equipment Finance Trust	2.030%	07/22/2021	0.0%
Dell Equipment Finance Trust	1.650%	07/22/2021	0.0%
Express Scripts, Inc.	1.125%	04/28/2017	0.0%
EQTY Mortgage Trust	2.073%	05/08/2031	0.0%
UBS-Barclays Commercial Mortgage Trust	4.886%	05/10/2063	0.0%
Hilton USA Trust	1.681%	07/15/2029	0.0%
LMREC 2015-CRE, Inc.	3.952%	02/22/2032	0.0%
SLM Private Education Loan Trust	1.231%	10/16/2023	0.0%
CPI Swap	0.010%	04/20/2023	0.0%
Credit Suisse First Boston Mortgage Securities Cor	5.384%	05/15/2023	0.0%
Clayton Williams Energy, Inc.	7.750%	04/01/2019	0.0%
New Jersey Econ Dev Auth	0.000%	02/15/2019	0.0%
Rock Ohio Caesars	5.000%	06/20/2019	0.0%
Air Canada	8.750%	04/01/2020	0.0%
AT&T, Inc.	1.250%	03/02/2018	0.0%
Enterprise Products Operating LLC	6.300%	09/15/2017	0.0%
SAIC, Inc.	4.450%	12/01/2020	0.0%
Regions Financial Corp.	2.000%	05/15/2018	0.0%
Vulcan Materials Co.	7.500%	06/15/2021	0.0%
Nexen, Inc.	6.200%	07/30/2019	0.0%
MPT Operating Partnership L.P.	6.875%	05/01/2021	0.0%
Continental Airlines 2012-1 Class B Pass Thru Trus	6.250%	04/11/2020	0.0%
Weyerhaeuser Co.	7.375%	10/01/2019	0.0%
SVB Financial Group	5.375%	09/15/2020	0.0%
MASTR Asset Securitization Trust	6.000%	10/25/2036	0.0%
Discovery Communications LLC	5.625%	08/15/2019	0.0%
Macquarie Bank Ltd.	1.600%	10/27/2017	0.0%
Fidelity National Information Services, Inc.	5.000%	03/15/2022	0.0%
Illinois, IL	4.350%	06/01/2018	0.0%
CPI Swap	0.010%	10/22/2022	0.0%
Callon Petroleum Co.	8.500%	10/08/2021	0.0%
American Tower Corp.	2.800%	06/01/2020	0.0%
TransCanada Pipelines Ltd.	1.875%	01/12/2018	0.0%
Commercial Mortgage Backed Index Swap	0.080%	12/31/2049	0.0%
CPI Swap	0.010%	10/01/2025	0.0%
Sun Products Corp.	7.750%	03/15/2021	0.0%
LSTAR Commercial Mortgage Trust	1.000%	01/20/2041	0.0%
MASTR Asset Securitization Trust	6.000%	10/25/2036	0.0%
PTL Finance Corp.	3.750%	05/11/2017	0.0%
Citigroup Commercial Mortgage Trust	0.226%	07/10/2047	0.0%
Huntington Bancshares, Inc.	3.150%	03/14/2021	0.0%
MEG Energy Corp.	7.000%	03/31/2024	0.0%
SM Energy Co.	6.500%	01/01/2023	0.0%
COMM Mortgage Trust	1.399%	02/10/2029	0.0%
Hyatt Hotels Corp.	6.875%	08/15/2019	0.0%
WFRBS Commercial Mortgage Trust	0.572%	05/15/2047	0.0%
Canadian Natural Resources Ltd.	5.900%	02/01/2018	0.0%
COMM Mortgage Trust	2.122%	03/10/2046	0.0%
ERAC USA Finance LLC	6.375%	10/15/2017	0.0%
Highwoods Realty L.P.	5.850%	03/15/2017	0.0%
Morgan Stanley Bank of America Merrill Lynch Trust	3.001%	10/15/2046	0.0%
PTL Finance Corp.	2.875%	07/17/2018	0.0%
Hewlett Packard Enterprise Co.	2.393%	10/05/2017	0.0%
Hess Corp.	1.300%	06/15/2017	0.0%
CIT Group, Inc.	3.875%	02/19/2019	0.0%
Newell Rubbermaid, Inc.	6.250%	04/15/2018	0.0%
Viacom, Inc.	6.125%	10/05/2017	0.0%
MKS Instruments, Inc.	4.250%	04/19/2023	0.0%
Sanchez Energy Corp.	6.125%	01/15/2023	0.0%
Bill Barrett Corp.	7.000%	10/15/2022	0.0%
CPI Swap	0.010%	12/16/2020	0.0%
Verisk Analytics, Inc.	4.875%	01/15/2019	0.0%
DH Services Luxembourg Sarl	7.750%	12/15/2020	0.0%
CPI Swap	0.010%	03/31/2026	0.0%
Commercial Mortgage Backed Index Swap	0.070%	03/15/2049	0.0%
Diamondback Energy, Inc.	7.625%	10/01/2021	0.0%
Commercial Mortgage Backed Index Swap	0.080%	12/31/2049	0.0%
Dominican Republic International Bond	9.040%	01/23/2018	0.0%
Government National Mortgage Association	2.500%	03/16/2049	0.0%
CPI Swap	0.010%	01/11/2021	0.0%
Commercial Mortgage Backed Index Swap	0.350%	02/17/2051	0.0%
CPI Swap	0.010%	11/09/2020	0.0%
Ascentium Equipment Receivables 2016-1 Trust	1.750%	11/13/2018	0.0%
Pioneer Natural Resources Co.	7.500%	01/15/2020	0.0%
JP Morgan Chase Commercial Mortgage Securities Tru	0.376%	06/10/2027	0.0%
Commercial Mortgage Backed Index Swap	0.080%	12/31/2049	0.0%
Fidelity National Information Services, Inc.	1.450%	06/05/2017	0.0%
Western Union Co.	3.650%	08/22/2018	0.0%
Devon Energy Corp.	4.000%	07/15/2021	0.0%
Spectra Energy Capital LLC	6.200%	04/15/2018	0.0%
British Sky Broadcasting Ltd.	9.500%	11/15/2018	0.0%
Nucor Corp.	5.850%	06/01/2018	0.0%
Federal National Mortgage Assoc.	2.607%	08/01/2037	0.0%
FirstEnergy Solutions Corp.	6.050%	08/15/2021	0.0%
Textron, Inc.	5.600%	12/01/2017	0.0%
Barrick PD Australia Finance Pty Ltd.	4.950%	01/15/2020	0.0%
Exelon Generation Co. LLC	5.200%	10/01/2019	0.0%
PAA Finance Corp.	6.125%	01/15/2017	0.0%
Columbia Pipeline Group, Inc.	2.450%	06/01/2018	0.0%
Symantec Corp.	2.750%	06/15/2017	0.0%
Pentair Finance SA	1.875%	09/15/2017	0.0%
DBWF Mortgage Trust	0.423%	06/10/2034	0.0%
International Paper Co.	9.375%	05/15/2019	0.0%
JPMBB Commercial Mortgage Securities Trust	0.280%	04/15/2047	0.0%
CPI Swap	0.010%	03/02/2024	0.0%
TransCanada Pipelines Ltd.	1.625%	11/09/2017	0.0%
TransCanada Pipelines Ltd.	6.500%	08/15/2018	0.0%
Regency Centers L.P.	5.875%	06/15/2017	0.0%
Commercial Mortgage Backed Index Swap	0.000%	03/15/2049	0.0%
Mattel, Inc.	1.700%	03/15/2018	0.0%
CPI Swap	0.010%	06/16/2018	0.0%
Owens Corning	6.500%	12/01/2016	0.0%
Commercial Mortgage Backed Index Swap	0.070%	03/15/2049	0.0%
California Republic Auto Receivables Trust	0.850%	05/15/2018	0.0%
Commercial Mortgage Backed Index Swap	0.080%	12/31/2049	0.0%
Wells Fargo Resecuritization Trust	1.750%	08/20/2021	0.0%
Barrick Gold Corp.	6.950%	04/01/2019	0.0%
NetApp, Inc.	2.000%	12/15/2017	0.0%
FX USD/EUR 08/16	-	08/16/2016	0.0%
CPI Swap	0.010%	05/26/2018	0.0%
JP Morgan Chase Commercial Mortgage Securities Tru	0.034%	06/10/2027	0.0%
OGX Petroleo e Gas S.A.	-	-	0.0%
Afren plc	6.625%	12/09/2020	0.0%
Afren plc	10.250%	04/08/2019	0.0%
US 10YR NOTE (CBT)SEP16	0.000%	09/30/2016	0.0%
OGX Austria GmbH	8.500%	06/01/2018	0.0%
Commercial Mortgage Backed Index Swap	0.070%	03/15/2049	0.0%
Commercial Mortgage Backed Index Swap	0.070%	03/15/2049	0.0%
CPI Swap	0.010%	01/14/2021	0.0%
US 5YR NOTE (CBT) SEP16	0.000%	10/05/2016	0.0%
Commercial Mortgage Backed Index Swap	0.080%	12/31/2049	0.0%
US 2YR NOTE (CBT) SEP16	0.000%	10/05/2016	0.0%
CPI Swap	0.010%	11/13/2018	0.0%
CPI Swap	0.010%	08/27/2017	0.0%
CPI Swap	0.010%	12/07/2017	0.0%
CPI Swap	0.010%	07/29/2021	0.0%
CPI Swap	0.010%	03/04/2024	0.0%
CPI Swap	0.010%	01/19/2021	0.0%
CPI Swap	0.010%	01/20/2026	0.0%
CPI Swap	0.010%	02/03/2021	0.0%
CPI Swap	0.010%	01/21/2021	0.0%
CPI Swap	0.010%	01/20/2021	0.0%
CPI Swap	0.010%	12/10/2017	0.0%
CPI Swap	0.010%	11/18/2018	0.0%
CPI Swap	0.010%	02/09/2021	0.0%
CPI Swap	0.010%	06/30/2026	0.0%
CPI Swap	0.010%	12/14/2017	0.0%
CPI Swap	0.010%	01/26/2021	0.0%
CPI Swap	0.010%	07/22/2026	0.0%
CPI Swap	0.010%	05/26/2036	0.0%
CPI Swap	0.010%	02/17/2021	0.0%
CPI Swap	0.010%	04/11/2026	0.0%
CPI Swap	0.010%	03/22/2041	0.0%
CPI Swap	0.010%	07/18/2026	0.0%
CPI Swap	0.010%	09/02/2018	0.0%
CPI Swap	0.010%	02/11/2021	-0.1%
CPI Swap	0.010%	09/02/2022	-0.1%
CPI Swap	0.010%	04/22/2025	-0.2%
CPI Swap	0.010%	02/05/2025	-0.2%
CPI Swap	0.010%	06/22/2025	-0.2%
CPI Swap	0.010%	07/15/2018	-0.2%
CPI Swap	0.010%	05/04/2020	-0.3%
CPI Swap	0.010%	05/04/2020	-0.3%
CPI Swap	0.010%	06/27/2020	-0.3%
CPI Swap	0.010%	06/03/2020	-0.3%
CPI Swap	0.010%	06/13/2020	-0.3%
CPI Swap	0.010%	08/16/2017	-0.3%
CPI Swap	0.010%	05/21/2025	-0.3%
CPI Swap	0.010%	01/24/2021	-0.3%
CPI Swap	0.010%	07/11/2019	-0.3%
CPI Swap	0.010%	04/11/2020	-0.4%
CPI Swap	0.010%	11/30/2031	-0.4%
CPI Swap	0.010%	12/07/2031	-0.4%
CPI Swap	0.010%	07/22/2023	-0.4%
CPI Swap	0.010%	04/17/2021	-0.4%
CPI Swap	0.010%	04/20/2021	-0.4%
CPI Swap	0.010%	06/08/2026	-0.4%
CPI Swap	0.010%	04/26/2020	-0.4%
CPI Swap	0.010%	06/20/2021	-0.5%
CPI Swap	0.010%	07/05/2026	-0.5%
CPI Swap	0.010%	09/04/2021	-0.5%
CPI Swap	0.010%	04/05/2032	-0.5%
CPI Swap	0.010%	10/29/2021	-0.5%
CPI Swap	0.010%	05/09/2021	-0.5%
CPI Swap	0.010%	05/02/2021	-0.5%
CPI Swap	0.010%	08/02/2021	-0.5%
CPI Swap	0.010%	03/30/2032	-0.5%
CPI Swap	0.010%	05/19/2017	-0.6%
CPI Swap	0.010%	04/17/2026	-0.6%
CPI Swap	0.010%	01/04/2020	-0.7%
CPI Swap	0.010%	03/28/2032	-0.7%
CPI Swap	0.010%	10/05/2019	-0.7%
CPI Swap	0.010%	10/18/2019	-0.7%
CPI Swap	0.010%	05/13/2019	-0.7%
CPI Swap	0.010%	01/28/2021	-0.7%
CPI Swap	0.010%	12/27/2020	-0.7%
CPI Swap	0.010%	12/17/2020	-0.7%
CPI Swap	0.010%	05/13/2020	-0.7%
CPI Swap	0.010%	12/13/2020	-0.7%
CPI Swap	0.010%	02/04/2021	-0.7%
CPI Swap	0.010%	10/11/2020	-0.7%
CPI Swap	0.010%	06/26/2019	-0.8%
CPI Swap	0.010%	06/07/2021	-0.8%
CPI Swap	0.010%	03/22/2032	-0.8%
CPI Swap	0.010%	11/21/2023	-0.8%
CPI Swap	0.010%	10/25/2021	-0.8%
CPI Swap	0.010%	09/20/2021	-0.8%
CPI Swap	0.010%	04/22/2018	-0.8%
CPI Swap	0.010%	02/28/2021	-0.9%
CPI Swap	0.010%	09/14/2024	-1.0%
CPI Swap	0.010%	02/19/2021	-1.0%
CPI Swap	0.010%	02/07/2033	-1.0%
CPI Swap	0.010%	08/01/2019	-1.0%
CPI Swap	0.010%	07/08/2022	-1.0%
CPI Swap	0.010%	04/24/2023	-1.1%
CPI Swap	0.010%	04/23/2023	-1.1%
CPI Swap	0.010%	04/03/2023	-1.1%
CPI Swap	0.010%	07/23/2023	-1.1%
CPI Swap	0.010%	05/02/2021	-1.2%
CPI Swap	0.010%	02/21/2022	-1.3%
CPI Swap	0.010%	03/12/2022	-1.3%
CPI Swap	0.010%	04/24/2023	-1.4%
CPI Swap	0.010%	04/11/2022	-1.5%
CPI Swap	0.010%	02/15/2033	-1.5%
CPI Swap	0.010%	03/20/2022	-1.5%
CPI Swap	0.010%	03/25/2022	-1.6%
CPI Swap	0.010%	06/26/2023	-1.6%
CPI Swap	0.010%	02/26/2022	-1.6%
CPI Swap	0.010%	03/05/2038	-1.7%
CPI Swap	0.010%	01/16/2038	-1.8%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/29/2016: $0.346
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2016	$0.04563	$11.73
Daily	Daily	07/31/2016	$0.03725	$11.70
Daily	Daily	06/30/2016	$0.04561	$11.69
Daily	Daily	05/31/2016	$0.04101	$11.87
Daily	Daily	04/30/2016	$0.04764	$12.00
Daily	Daily	03/31/2016	$0.04185	$11.90
Daily	Daily	02/29/2016	$0.04193	$11.65
Daily	Daily	01/31/2016	$0.04552	$11.79

Upcoming Dividend Payment Dates

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2016
Daily	Daily	10/31/2016
Daily	Daily	11/30/2016
Daily	Daily	12/31/2016

Fees & Expenses

Sales Charge Schedule as of 09/29/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.09
$100,000 to $249,999	1.75%	1.50%	$12.03
$250,000 to $499,999	1.25%	1.00%	$11.97
$500,000 to $999,999	0.00%	1.00%	$11.82
$1,000,000 to $5,000,000	0.00%	1.00%	$11.82

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

Fund Review

Market Review as of 06/30/2016

Major categories of U.S. fixed income securities posted positive returns for the second quarter of 2016, with high yield credit outperforming investment grade bonds, driven by the recovery in commodity prices and the continued search for yield. Volatility increased towards the end of the quarter, capped off by the United Kingdom’s decision to exit the European Union. After side-stepping for the most part the landmine that was “Brexit,” securities markets grinded higher into the end of the quarter, buoyed by accommodative central banks.

Following its policy meeting on June 14–15, the U.S. Federal Reserve (Fed) released a statement indicating that the pace of improvement in the labor market had slowed, noting that job gains had diminished despite the lower unemployment rate. On the other side, growth in economic activity appeared to have picked up, driven by growth in household spending. The Fed again noted that inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but is expected to rise to 2% over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. During the June meeting, the Fed decided to maintain its target for the Federal Funds Rate in the range of 0.25–0.50%, and declared “the stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2% inflation.”¹ Fed policymakers’ median projected estimate for the fed funds fell to 0.9% for the end of 2016.²

U.S. inflation continued to struggle in reaching the Fed’s 2% inflation target, as the overall Consumer Price Index (CPI)³ increased just 1.0% over the 12-month period ended May 2016. CPI (excluding food and energy prices) increased 2.2% over the same 12-month period.⁴

The U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by just 38,000 in May, below the trailing three-month average monthly gain of 116,000. The change in total nonfarm payroll employment for March and April were also revised lower, resulting in employment gains that were 59,000 less than had been previously reported over these two months. Despite the slowing pace of job growth, the unemployment rate declined from 5.0 to 4.7%.⁵

U.S. Treasuries (as represented by the BofA Merrill Lynch U.S. Treasury Index⁶) posted a return of 2.24% for the three-month period ended June 30, 2016. The high yield bond market (as represented by the BofA Merrill Lynch U.S. High Yield Constrained Index⁷) posted a positive return of 5.88% for the quarter, and is now positive 9.32% year to date. The floating rate loan market (as represented by the Credit Suisse Leveraged Loan Index⁸) returned 2.86%, outperforming the broad Barclays U.S. Aggregate Bond Index⁹, with performance driven by lower rated loans. The convertible bond market (as represented by the BofA Merrill Lynch All Convertibles, All Qualities Index¹⁰) returned 3.63%, also benefitting from a rally in risk assets.

Among higher credit quality securities, investment grade corporate debt (as represented by the Barclays U.S. Corporate Bond Index¹¹) posted a return of 3.57%. Corporate bond spreads continued to tighten during the quarter from the wide levels reached in early February, a period of extreme risk aversion. Agency mortgage-backed securities (as represented by the Barclays MBS Index¹²) returned 1.11%. Commercial MBS (CMBS) (as represented by the Barclays U.S. CMBS Investment Grade Index¹³) returned 2.22%.

The municipal bond market (as represented by the BofA Merrill Lynch U.S. Municipal Securities Index¹⁴) posted a 2.72% return, outperforming the BofA Merrill Lynch U.S. Treasury Index, even before accounting for the tax exempt status of municipal bonds. Overall creditworthiness in the municipal bond market continues to improve, as most states’ finances experienced rising revenues, while maintaining balanced budgets.

Within emerging markets, the major drivers of strong performance included a dovish Fed, a weaker U.S. dollar, and a strong rally in commodity prices. Thus, U.S. dollar-denominated emerging markets corporate debt (as measured by the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified Index¹⁵)returned 3.33%, underperforming most U.S.-centric, fixed income asset classes.

According to J.P. Morgan Securities, high yield new issue volume tapered somewhat in June with the Brexit vote serving as an overhang. High yield issuance totaled $104.1 billion for second quarter 2016, which was a 19% decrease from the year-ago quarter, but a 103% improvement from the first quarter of 2016. June’s institutional loan issuance was the heaviest in more than three years, reaching $73.0 billion, a by-product of a big increase in re-pricing and refinancing activity. Institutional loan volume has climbed, to $161.0 billion year to date, compared with $207.5 billion a year ago. Default activity fell in June, to a year-to-date-low, as two companies defaulted, totaling $1.4 billion. This marked the lowest number of defaults since October 2015, and is the third consecutive month-over-month decline. Year to date, 37 companies have defaulted, with debt totaling $43.8 billion ($35.2 billion in bonds and $8.6 billion in loans), which is already 16% higher than full-year 2015’s $37.7 billion of total default volume. It should be noted that default activity has been driven by companies in the energy and metals/mining sectors, with over 80% of this year’s default volume coming from commodity-related names, according to J.P. Morgan Securities.

Fund Review as of 06/30/2016

The Fund* underperformed both the Barclays U.S. 1-5 Year TIPS Index¹⁶ and the BofA Merrill Lynch 1-3 Year U.S. Corporate Index,¹⁷ for the quarter ended June 30, 2016.

The Fund combines a short-term bond strategy with an overlay of Consumer Price Index (CPI) swaps in an effort to effectively track the rate of inflation. CPI swaps were the major factor affecting performance in the second quarter; CPI swaps continued to drag on Fund performance as realized and expectations for inflation remain low around the globe.

Despite treasury yields being broadly lower over the period and the curve slightly flatter, the market environment over the period was generally supportive of risk assets, and most major sectors of the bond market produced positive returns. The Fund’s diversified exposure to various higher-yielding, credit-sensitive sectors of the fixed-income market contributed to the Fund’s performance. Short-term corporate bonds, both of investment-grade and non-investment grade qualities, outperformed their Treasury counterparts for the period, as energy-related sectors in particular continued to recover from a weak start to the year.

The Fund’s exposure to certain securitized sectors of the market aided performance. Most notably, exposure to commercial mortgage-backed securities (CMBS) contributed to performance, as fundamentals remain consistent with an improving U.S. economy and spreads tightened accordingly. In addition, investments in ‘AAA’ rated, highly liquid asset-backed securities (ABS), particularly collateralized loan obligations (CLO), contributed to performance.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

The United Kingdom’s decision to depart from the European Union has introduced a great deal of uncertainty into the market; as such, we believe central banks will remain accommodative in order to stabilize markets and foster global growth. Further accommodation and a global search for yield should benefit risk assets, as long as central bank actions remain consistent with one another. Although fears have abated to a degree about China’s economic slowdown, and the possibility of a disruptive currency devaluation, the economic situation there remains another area of uncertainty. The Chinese economy is a critical component of the global economy, and particularly for the Asian region. Further instability has the potential to disrupt global markets.

Broadly speaking, we remain generally optimistic that the U.S. economy will continue to grow at a steady, albeit subpar, pace. We still view credit-sensitive sectors of the market as representing attractive relative value, although we do believe that there is the potential for episodes of further spread widening as the market continues to struggle with low global growth. We believe it is prudent to maintain a higher credit-quality bias, although we are seeing some compelling opportunities for moving down in credit, particularly within CMBS and ABS. We think valuations at their current levels may justify taking advantage of the relative attractiveness of higher-quality assets on a spread-adjusted basis.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

If applicable, “Modestly” is defined as any under or outperformance within 100 basis points (bps) for equity funds and 50 basis points (bps) for fixed income funds as compared to the Fund's benchmark.

¹“Press Release—Federal Reserve Issues FOMC Statement," Federal Reserve, June 15, 2016.

²“Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, June 2016,” Federal Reserve, June 15, 2016.

³The Consumer Price Index (CPI) measures the price changes for each item in a predetermined basket of goods and services, and the inputs are weighted according to their importance to consumers.

⁴“News Release: Consumer Price Index Summary,” Bureau of Labor Statistics, June 16, 2016.

⁵“News Release: Employment Situation Summary,” Bureau of Labor Statistics, June 3, 2016.

⁶The BofA Merrill Lynch U.S. Treasury Index tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $1 billion. Qualifying securities must have at least 18 months to final maturity at the time of issuance. Callable perpetual securities qualify provided they are at least one year from the first call date. Fixed-to-floating rate securities also qualify provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating-rate security. Bills, inflation-linked debt, and strips are excluded from the index; however, original issue zero coupon bonds are included in the index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the index. Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest.

⁷The BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization‐weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro‐rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro‐rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro‐rata basis.

⁸The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

⁹The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

¹⁰The BofA Merrill Lynch All Convertibles, All Qualities Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market, and publicly traded in the United States.

¹¹The Barclays U.S. Corporate Bond Index includes all publicly held issued, fixed-rate, nonconvertible investment-grade corporate debt. The index is composed of both U.S. and Brady bonds.

¹²The Barclays Mortgage-Backed Securities Index is an unmanaged index composed of all fixed securities mortgage pools by GNMA, FNMA, and the FHLMC, including GNMA graduated payment mortgages.

¹³The Barclays U.S. CMBS Investment Grade Index measures the market of conduit and fusion CMBS deals with a minimum current deal size of $300 million. The index is divided into two subcomponents: the U.S. Aggregate-eligible component, which contains bonds that are ERISA eligible under the underwriter's exemption, and the non-U.S. Aggregate-eligible component, which consists of bonds that are not ERISA eligible.

¹⁴The BofA Merrill Lynch U.S. Municipal Securities Index tracks the performance of U.S. dollar-denominated investment-grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and an investment-grade rating (based on an average of Moody’s, Standard & Poor’s, and Fitch). Minimum size requirements vary based on the initial term to final maturity at time of issuance. Securities with an initial term to final maturity greater than or equal to one year and less than five years must have a current amount outstanding of at least $10 million. Securities with an initial term to final maturity greater than or equal to five years and less than 10 years must have a current amount outstanding of at least $15 million. Securities with an initial term to final maturity of 10 years or more must have a current amount outstanding of at least $25 million. The call date on which a pre-refunded bond will be redeemed is used for purposes of determining qualification with respect to final maturity requirements. Original issue zero coupon bonds are included in the index. Taxable municipal securities and 144a securities are excluded from the index.

¹⁵The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) is a market capitalization-weighted index that tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries. The index limits the current face amount allocations of the bonds in the CEMBI Broad by constraining the total face amount outstanding for countries with larger debt stocks.

¹⁶The Barclays U.S. 1-5 Year TIPS Index (also known as Barclays 1-5 Year U.S. Inflation-Linked Treasury Index) is an unmanaged index comprised of U.S. Treasury Inflation Protected Securities with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than five years.

¹⁷The BofA Merrill Lynch 1-3 year U.S. Corporate Index is an unmanaged index comprised of U.S. dollar denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with between one and three year remaining to final maturity.

The indexes are presented for informational purposes only and are not presented to illustrate any specific product or security. Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. Past performance is not a reliable indicator or guarantee of future results.

Effective December 31, 2013, the Fund adopted the Barclays U.S. 1-5 Year TIPS Index as its primary benchmark and the BofA Merrill Lynch 1-3 Year U.S. Corporate Index as its secondary benchmark.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

A Note about Risk: Although the Fund invests in inflation-linked investments, there is no guarantee that the Fund will generate returns that exceed the rate of inflation in the U.S. over time. During periods of deflation or when inflation is lower than anticipated, the Fund is likely to underperform funds that hold fixed income securities similar to those held by the Fund but do not hold inflation-linked investments. The Fund may invest substantially in inflation-linked derivatives and other types of derivatives and is exposed to the risk that the value of a derivative instrument does not move in correlation to the value of an underlying security, market index or interest rate, or moves in an opposite direction than anticipated by the Fund. Investing in derivatives also involves greater liquidity, leverage, and counterparty risk. Because derivatives may involve a small amount of cash relative to the total amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested by the Fund. In addition, the Fund must also be able to correctly forecast market movements and other factors to be successful with its derivatives investments. The Fund is subject to the general risks associated with investing in fixed income securities, including market, credit, liquidity, and interest rate risk. These factors can affect the Fund’s performance.

Treasuries are debt securities issued by the U.S. government and secured by its full faith and credit. Income from Treasury securities is exempt from state and local taxes.

The credit quality of the securities in a portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) to ‘D’ (lowest). Bonds rated ‘BBB’ or above are considered investment grade. Credit ratings ‘BB’ and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principal on these securities.

The views and information discussed in this commentary are as of June 30, 2016, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only, and should not be relied upon as a forecast, research or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in the Fund's summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388, or visit us at www.lordabbett.com. Read the prospectus carefully before investing.

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The Fund’s Dividend Yield and 12-Month Dividend Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

IMPORTANT INFORMATION

A Note about Risk: Although the Fund invests in inflation-linked investments, there is no guarantee that the Fund will generate returns that exceed the rate of inflation in the U.S. over time. During periods of deflation or when inflation is lower than anticipated, the Fund is likely to underperform funds that hold fixed income securities similar to those held by the Fund but do not hold inflation-linked investments. The Fund may invest substantially in inflation-linked derivatives and other types of derivatives and is exposed to the risk that the value of a derivative instrument does not move in correlation to the value of an underlying securities, market index or interest rate, or moves in an opposite direction than anticipated by the Fund. Investing in derivatives also involves greater liquidity, leverage, and counterparty risk. Because derivatives may involve a small amount of cash relative to the total amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested by the Fund. In addition, the Fund must also be able to correctly forecast market movements and other factors to be successful with its derivatives investments. The Fund is subject to the general risks associated with investing in fixed income securities, including market, credit, liquidity, and interest rate risk. These factors can affect the Fund’s performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the Inflation Focused Fund?

The Fund seeks to deliver total returns that exceed the rate of inflation in the U.S. over a full inflation cycle and current income by combining investments in inflation-linked derivatives with a portfolio of fixed income securities.

EXPERIENCED INVESTMENT TEAM

HIGHER INCOME POTENTIAL WITH LOWER DURATION

TRUE INFLATION PROTECTION

Yield

Dividend Yield 1 as of 09/29/2016

30-Day Standardized Yield 2 as of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Basicsas of 08/31/2016

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

RELATED CONTENT

Credit Quality Distribution as of 08/31/2016 View Portfolio

Investment Team

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Performance

Performance

Dividend Yield 1 as of 09/29/2016

30-Day Standardized Yield 2 as of 08/31/2016

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

Net 0.75%

Fund Expense Ratio :

Gross 0.96%

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Dividend Yield ¹ as of 09/29/2016

30-Day Standardized Yield ² as of 08/31/2016

Dividend Yield ¹ as of 09/29/2016

30-Day Standardized Yield ² as of 08/31/2016