HOLD

The sub-advisor seeks to achieve the fund’s investment objective by investing in a variety of fixed income securities, including bonds and mortgage-backed and asset-backed securities, issued by U. S. and foreign issuers. The fund will primarily invest in investment grade debt securities rated Baa- or higher by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by the sub-advisor to be of comparable quality using certain metrics as measures of comparison.