Description of Our Advisory Firm Broad Run Investment Management, LLC is an independent, employee‐owned investment adviser headquartered in Arlington, Virginia. The firm was founded in 2012 by Brian E. Macauley, David S. Rainey and Ira M. Rothberg as its principal owners and portfolio managers. The firm is organized as a Delaware limited liability company and is an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Broad Run Investment Management, LLC and its associates may register and/or notice file or meet certain exemptions to registration in other jurisdictions in which we conduct investment advisory business. You should be aware that registration alone does not imply a certain level of skill or training. Description of Advisory Services Offered Broad Run Investment Management, LLC provides discretionary portfolio management services to institutional and individual investors. The firm manages client accounts in two strategies, our Focus Equity Strategy and our Select Equity Strategy. In these strategies the firm primarily invests in domestic equity securities using fundamental, company‐focused research, a long‐term investment temperament and a concentrated portfolio management approach. The Focus Equity Strategy holds a portfolio of approximately 20 securities and the Select Equity Strategy holds a portfolio of approximately 10 securities. Additional information with respect to Broad Run Investment Management, LLC’s investment analysis and strategies may be found in Items 8 and 16 of this brochure. The Focus Equity Strategy is available through both separate accounts and a mutual fund sub‐advisory relationship and the Select Equity Strategy is available through separate accounts. Separate Accounts Separate accounts are individually managed and maintained for taxable and tax‐exempt clients on a fully discretionary basis. Separate accounts employ our firm’s portfolio management strategies but we can accommodate client specific portfolio composition adjustments and reasonable restrictions. Mutual Fund Sub‐Advisory Relationship The firm acts as sub‐adviser to the Hennessy Focus Fund (the “Fund”). The Fund is established as a non‐ diversified investment portfolio of Hennessy Funds Trust, an open‐end series management investment company organized as a Delaware statutory trust. Investments for the Hennessy Focus Fund are managed in accordance with its stated investment objective, strategy and restrictions. They are not tailored to the individualized needs of any particular investor in the Fund. Additional information with respect to the management of your account may be found in Item 16 of this brochure. Wrap Fee Programs Our firm does not participate in, sponsor or serve as portfolio manager for a wrap fee investment program. Client Assets Under Management As of December 31, 2023, the firm had $835,725,235 of assets under management on a discretionary basis and $0.00 assets under management on a non‐discretionary basis. Miscellaneous No Financial Planning or Implementation Services Broad Run Investment Management, LLC does not provide financial planning

and related consulting services regarding non‐investment related matters, such as estate planning, tax planning, insurance, etc. Additionally, our firm does not serve as an attorney, accountant, or insurance agency, and no portion of our services should be construed as same. Accordingly, we do not prepare estate planning documents or tax returns, or sell insurance products. Sub‐Advisory Engagements Broad Run Investment Management, LLC may also serve as a sub‐adviser to unaffiliated registered investment advisers per the terms and conditions of a written Sub‐Advisory Agreement. With respect to its sub‐advisory services, the unaffiliated investment advisers that engage Broad Run Investment Management, LLC's sub‐advisory services maintain both the initial and ongoing day‐to‐day relationship with the underlying client, including initial and ongoing determination of client suitability for Broad Run Investment Management, LLC's designated investment strategies. Please Note: Directed Brokerage/Custodian In the event that a client (and/or an investment adviser) directs Broad Run Investment Management, LLC to effect securities transactions for the client’s accounts through a specific broker/dealer, the client correspondingly acknowledges that such direction may cause the accounts to incur higher commissions or transaction costs, potentially experience greater spreads, or receive less favorable net prices on transactions for the accounts than would otherwise be the case. Higher transaction costs adversely impact account performance. The firm is custodian neutral. However, in the event that a client maintains accounts at its own preferred custodian rather than at Charles Schwab & Co., Inc. (“Schwab”), the custodian typically recommended by the firm, the client may incur higher fees than those charged by Schwab. Higher transaction costs adversely impact account performance. Unless directed to a specific broker/dealer, the firm shall utilize various executing broker/dealers for its client accounts, in which event, the client can incur both the fee (commission, mark‐up/mark‐down) charged by the executing broker/dealer and a separate “trade away” and/or prime broker fee charged by the client’s designated account custodian. The firm is generally not in a position to negotiate such trade away or prime broker fees with the client’s custodian. Please Note: Investment Risk Different types of investments involve varying degrees of risk, and it should not be assumed that the future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Broad Run Investment Management, LLC) will be profitable or equal any specific performance level(s). Client Obligations In performing our services, Broad Run Investment Management, LLC shall not be required to verify any information received from a client or from the client’s other professionals, and is expressly authorized to rely thereon. Moreover, each client is advised that it remains his/her/its responsibility to promptly notify the firm of any change in his/her/its financial circumstances or investment objectives that might affect the manner in which the firm manages the account.