Peregrine Capital Management, LLC was established as an SEC-registered investment adviser in 1984. The firm is located in Minneapolis, Minnesota. Peregrine Capital Management, LLC is owned by Peregrine Capital Management Holdings, LLC, which is owned by a group of senior key principals. Peregrine is governed by a Board of Directors (the “Board”). The Board is made up of many of the owners of Peregrine, including Portfolio Managers, the Founder of Peregrine, and the Director of Client Service and Marketing. As of 12/31/2023, Peregrine managed approximately $4.2 billion (including $4.1 billion on a discretionary basis and $103.6 million on a non-discretionary basis) and an additional approximately $530.1 million of assets under advisement. Peregrine provides investment supervisory services to client portfolios, with three distinctly separate investment teams providing three primary styles, utilized to create seven different investment strategies: Small Cap Growth; SMID Growth; Small Cap Value; SMID Cap Value; Large Cap Growth; Select Mid Cap Growth and the Deglobalization New Paradigm Strategy®. Typically, Peregrine has full investment discretion over all accounts, unless otherwise noted in the investment management agreement. Peregrine tailors its advice within the strategies mentioned to the extent it agrees to investment restrictions outlined in a client’s investment guidelines or policies. Peregrine provides these services to a largely institutional client base, but also provides services to registered investment advisers (“RIAs”) and high net worth individuals. In addition, Peregrine provides sub-advisory services to mutual funds, commingled investment trusts and undertakings for the collective investment in transferable

securities (“UCITS”). In addition, Peregrine provides model portfolio recommendations to unified managed account (“UMA”) programs by periodically communicating portfolio changes (e.g., buy and sell decisions) to the program sponsors. The program sponsors provide certain services to the clients in the program, including assisting each client in selecting one or more investment advisers and investment strategies based on the client’s investment objectives, brokerage, custody, recordkeeping, and other account services. Peregrine relies on the program sponsors to determine suitability. The program sponsors do not share client-specific information with Peregrine. The program sponsors collect a total account fee and remit a portion of the fee to Peregrine. Peregrine does not evaluate | P a g e6 whether any particular client would pay less if such services were purchased separately. The program sponsors direct the execution of trades on behalf of program participants. To the extent this Brochure is delivered to program clients with whom Peregrine has no advisory relationship or under circumstances where it is not legally required to be delivered, it is provided for informational purposes only. Furthermore, because a model- based program sponsor generally exercises investment discretion and, in many cases, brokerage discretion, performance and other information relating to Peregrine’s services for which it exercises investment and brokerage discretion is generally provided for informational purposes only and will not be representative of model-based program client results or experience. More information on Peregrine’s trading practices relating to the model portfolio programs can be found in Item 12, Brokerage Practices.