Principal Street Partners, LLC, previously registered as Green Square Asset Management, LLC initially registered with the SEC on or about September 30, 2016. PSP is a limited liability company (“LLC”) registered under the laws of the state of Delaware. Our principal owner is Darrell Horn. As of December 31, 2023, PSP has approximately $2,874,836,957 in regulatory assets under management, of which $1,609,157,462 was managed on a discretionary basis and $1,265,679,495 on a non-discretionary basis on behalf of separately managed accounts, three pooled investment vehicles (the “Private Funds”), the Principal Street High Income Fund and the Principal Street Short Term Municipal Fund (the “Mutual Funds”), open-end management investment companies registered under the Investment Company Act of 1940. PSP offers portfolio management services (“Services”) to high net worth individuals, investment companies, pooled investment vehicles, and other investment advisors. Prior to engaging PSP to provide Services, clients must enter into one or more written agreements with PSP setting forth the terms and conditions under which PSP renders its services (collectively the “Agreement”). Clients may impose reasonable restrictions regarding investing in certain securities or types of securities that will be held in their respective portfolios. PSP reserves the right not to accept or to terminate an account if PSP believes the restrictions imposed prohibit effective management of the account. Investment Management Services PSP can manage clients’ investment portfolios on a discretionary or non- discretionary basis. The Firm provides these portfolio management services primarily (but not exclusively) by allocating clients’ investment assets among income producing strategies utilizing securities in the equity and fixed income markets. Management of Collective Investment Vehicles and Services of Affiliates PSP serves as the sub-advisor to the Advantage Advisors Tax-Exempt High Income Fund I & II, LLC (“The Advantage Funds”). The Advantage Funds invest in high yield tax-exempt securities. The Advantage Funds and other Private Funds listed below are only available to accredited investors as defined by Regulation D of the Securities Act of 1933. In addition, each investor must meet the definition of “qualified purchaser” as set forth in Section 2(a)(51)(A) of the 1940 Act. PSP acts as investment advisor to Joshua Tree Capital, L.P., (the “Joshua Tree Fund”). Joshua Tree Capital, L.P. is a Delaware limited partnership, which invests its assets in securities. PSP serves as the Investment Manager to the Joshua Tree Fund, and, as such, is solely responsible for the management of the Joshua Tree Fund. Investors in the Joshua Tree Fund are limited partners (the “Limited Partners”). PSP provides investment advisory services to the Joshua Tree Fund based on the investment objectives of the Joshua Tree Fund. Management of Investment

Companies PSP currently serves as the Investment Advisor to two open-end management investment companies registered under the 1940 Act, which are each a separate series of the Managed Portfolio Series Trust, Principal Street High Income Municipal Fund (GSTAX/GSTEX/GSTFX) and Principal Street Short Term Municipal Fund (PSTEX/PSTYX). Bridge Loan Program Although PSP no longer offers a Bridge Loan Program (Program), a number of PSP clients remain invested in Bridge Loan products that were sourced by PSP. The goal of the Program was to offer practical and affordable lending solutions to companies that do not meet the conventional criteria required by banks, private equity firms or mezzanine lenders. By providing access to capital for smaller, under-served, earlier stage projects, PSP was able to source transactions that are often overlooked by traditional lenders. As a result, the Program was able to “bridge” the enterprise on both a timing and working capital basis to facilitate a long-term tax-exempt financing. PSP then worked closely with the borrower to ensure the tax-exempt take-out was successful. PSP’s bridge loan investors maintain the first right to purchase the tax-exempt bonds, once available. In connection with Bridge Loans made by PSP on behalf of its advisory clients, PSP acts as the Bondholder Representative on some of the offerings, which includes monitoring borrowers on an ongoing basis and advising borrowers in the event that borrowers run into financial difficulties. In such cases, PSP generally has special rights including, but not limited to, the ability to change the bond interest rate, reduce its redemption price, create an equal or priority lien or deprive any owner of a bond of the lien created by the trust indenture. Fiduciary Responsibility for Retirement Accounts When PSP provides investment advice to a client regarding a retirement plan account or individual retirement account, PSP is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act (ERISA) and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way PSP makes money creates some conflicts with client’s interests, so PSP operates under a special rule that requires PSP to act in the best interest of the client and not put PSP’s interest ahead of the client’s interest. Under this special rule’s provisions, PSP must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put PSP’s financial interests ahead of the client’s financial interests when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interests, fees and investments;
• Follow policies and procedures designed to ensure that PSP gives advice that is in the best interest of the client;
• Charge no more than is reasonable for services provided; and
• Give the client basic information about conflicts of interest.