A. Firm Description and Principal Owners Olstein Capital Management, L.P. (“OCM,” “us,” “we” or “our”) provides investment management services to registered investment companies and to individual and institutional clients (“clients” or “you”). We are the investment adviser for our two affiliated mutual funds: the Olstein All Cap Value Fund and the Olstein Strategic Opportunities Fund, which are series of the Managed Portfolio Series (“MPS”) and distributed by Quasar Distributors, LLC (“Quasar”). We have been an independent SEC- registered investment adviser since our founding in June 1995. Prior to November 1, 2006, we were named Olstein & Associates, L.P. We are organized as a New York limited partnership and are controlled and operated by our general partner, Olstein Advisers, LLC, a Delaware limited liability company, which is owned by Olstein, Inc. and Eric R. Heyman. Olstein, Inc., the managing member of Olstein Advisers, LLC, is wholly owned by Robert A. Olstein and his heirs. Olstein, Inc., and Olstein Advisers, LLC, are limited partners of OCM. B. Types of Advisory Services We provide portfolio management services for investment companies, individuals, businesses, and institutional clients. We primarily manage domestic equity securities for our clients. We follow an accounting-driven, value-oriented investing approach that emphasizes an intensive, in-depth analysis of a company’s financial statements and other public filings. Our approach emphasizes investments in companies with discernible financial strength, a high quality of earnings and an ability to produce excess free cash flow (after capital expenditures and working capital needs) that we believe are selling at a significant discount to their private market value. We believe that free cash flow and its intelligent uses build meaningful shareholder value over time. As a result, our bottom-up, fundamental analysis seeks to identify companies with unique business fundamentals and a competitive edge, both of which usually provide a greater predictability of future free cash flow. Our investment team employs analytical and valuation methods pioneered by Robert Olstein as co-founder and publisher of the Quality of Earnings Report. For us, reliable company valuations require a thorough understanding of a company’s accounting practices and an assessment of a company’s quality of earnings. Our investment team undertakes an intensive, in-depth analysis of a company’s financial statements, accompanying footnotes, shareholder reports and other required disclosures to assess the quality of earnings and identify positive or negative factors affecting future free cash flow. We believe that to achieve long-term investment success through such a value investing approach, an investor must first consider the financial risk inherent in each investment (determined by the quality of a company’s balance sheet and the quality of its earnings) before considering the potential for its capital appreciation. The Olstein Funds We are the investment manager for two series - the Olstein All Cap Value Fund and the Olstein Strategic Opportunities Fund (the “Olstein Funds” or “Funds”) of MPS, a federally registered open-end management investment company. The Funds primarily invest their assets in a portfolio of common stocks. As the investment manager for the Olstein Funds, our services include selecting investments, instructing brokers or dealers who execute trades for the Olstein Funds, and reporting to the Board of Trustees of MPS (the “MPS Board”). Please read the Olstein Funds’ prospectus

and statement of additional information for more information about the Funds. Separate Accounts We offer investment advisory services to individual and institutional clients by investing their accounts pursuant to an investment management agreement and in accordance with our Multi Cap Value Equity or US SMID Value Equity strategies. Multi Cap Value Equity Strategy A client account that elects to use the Olstein Multi Cap Value Equity Strategy typically will invest primarily in equity securities of companies that we perceive to be undervalued and to have discernible financial strength, unique business fundamentals, a competitive edge and an ability to generate free cash flow. We construct portfolios for client accounts on a stock-by-stock basis and generally include 70 to 85 companies that trade at significant discounts to private market value and offer what we believe to be the best opportunity for the highest long-term risk-adjusted rates of return. US SMID Value Equity Strategy A client account that elects to use the Olstein US SMID Value Equity Strategy typically will invest primarily in equity securities of small- and mid-capitalization companies that we perceive to have financial strength, unique business fundamentals, a competitive edge and an ability to generate free cash flow. However, the companies may face unique strategic challenges or problems that conceal the company’s favorable fundamental value characteristics. We construct portfolios for client accounts on a stock- by-stock basis and generally include 35 to 45 companies that trade at significant discounts to our estimates of their private market value and offer what we believe to be the best opportunity for the highest long-term risk-adjusted rates of return. Portfolio Advisory Services “Model Portfolio” We offer portfolio advisory services to institutional clients on a non-discretionary basis. Such services may include the creation and maintenance of one or more model portfolios that are provided to our clients, and any agreed upon consultative services. In the case of such a relationship, we have no obligation to determine the appropriateness, diversification, or suitability of the model portfolio, or any of the related securities or suggested transactions. Such determinations are the sole responsibility of the institutional client. C. Tailored Relationships For our investment company clients, our investment management is governed by the investment objectives, strategies and restrictions that are approved by the investment company’s board of trustees and disclosed in its offering documents. For individual and institutional clients, we consider a client’s financial situation (to the degree it is known or appropriate in the context of the investment mandate) and investment objectives, policies and restrictions when constructing a securities portfolio and managing an account. Clients also may impose reasonable restrictions on the management of the account, such as by limiting the types of investments made by us for the account (e.g., no tobacco stocks). We will assess any restrictions and discuss with the client the potential impact of restrictions that we deem material. We may reject client investment restriction proposals if they are materially inconsistent with our investment strategy or for any other reason. D. Wrap Fee Programs We currently do not participate in wrap fee programs. E. Client Assets As of December 31, 2023, we managed approximately $728,047,923 on a discretionary basis. We did not manage any assets on a non-discretionary basis.