PineBridge High Yield CIT Institutional Class 3 Fund

The Trustee has retained PineBridge Investments LLC (the “Adviser”) to act as investment adviser to the PineBridge High Yield CIT (the “Fund”). The investment objective of the Fund is to maximize total return consisting of current income and capital appreciation. Under normal circumstances, the Adviser seeks to achieve this investment objective by investing primarily in USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. The Fund’s investment process combines a top-down and bottom-up investment philosophy, with a strong focus on a security’s relative value. From a top-down perspective, the Adviser considers both industry specific trends and other macroeconomic events that are impacting issuers. The Adviser also employs a proprietary bottom-up credit analysis that, in respect of each individual issuer, independently rates their credit risk, fundamental trends in that business, and the relative valuation of the issuer’s debt instruments versus industry peers.