PSP High Income Municipal Bond Mutual Fund

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance is annualized for periods greater than 1 year.

GSTAX Gross Expense Ratio: 1.04% Net Expense Ratio: 1.03%

GSTEX Gross Expense Ratio: 1.54% Net Expense Ratio: 1.53%

GSTFX Gross Expense Ratio: 1.29% Net Expense Ratio: 1.28%

Expense ratios are based on the Funds most recent fiscal year end. The net expense ratio excludes credits earned on the Funds cash on deposit with the custodian bank but includes interest expense and fees paid on Fund borrowing and/or interest and related expenses from inverse floaters. For GSTAX, the net expense ratio cap is 0.80%.  Please see the prospectus for details. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least December 29, 2024. The minimum initial investment for the institutional class is $25,000.

**Income may be subject to state or local income tax and a portion of income may be subject to the federal alternative minimum tax for certain investors. Federal income tax rules will apply to any capital gains distributions.

*The correlation coefficient is a measure that determines the degree to which two variables movements are associated. The range of values for the correlation coefficient is -1.0 to 1.0. A correlation of -1.0 indicates a perfect negative correlation, while a correlation of 1.0 indicates a perfect positive correlation.

Diversification does not assure a profit or protect against a loss in a declining market.

Bloomberg High Yield Municipal Bond Index the Index covers the high yield portion of the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. It is not possible to invest in an index. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. The Principal Street Funds are offered only to United States residents, and information on this website is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Principal Street Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Please read and consider the prospectus carefully before investing. To obtain a hardcopy of the prospectus, please call 1.877.914.7343.

Mutual Fund investing involves risk. Principal loss is possible. The Funds value investments are subject to the risk that their intrinsic values may not be recognized by the broad market or that their prices may decline. Investments in larger companies are subject to the risk that they are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. ETNs are subject to the credit risk of the issuer. Fixed-income securities are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of the fixed-income securities held by the Fund. High-yield fixed income securities or junk bonds are fixed-income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities.

Principal Street Partners is the Investment Advisor to the Principal Street High Income Municipal Bond Mutual Fund, which is distributed by Quasar Distributors, LLC.