A. Firm Information Birch Run Investments, LLC (“Birch Run” or the “Advisor”) is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”), which is organized as a Limited Liability Company (“LLC”) under the laws of the State of Delaware. Birch Run was founded in September 2016 and became a registered investment advisor in December 2016. Birch Run is owned and operated by David Killian (President and Chief Compliance Officer). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by Birch Run. B. Advisory Services Offered Birch Run offers investment management and related advisory services to institutional investors, high net worth individuals, pension plans, and other types of investors (each referred to as a “client”). Birch Run offers investment solutions via separately managed accounts for its clients. The Advisor offers several strategies including Core Fixed Income, Intermediate Fixed Income, Intermediate Fixed Income Plus, Tax Exempt Total Return, Short-Term Fixed Income, Short-Term Fixed Income Plus, Enhanced Cash, and Balanced. In providing investment advisory services to a client, Birch Run maintains flexible strategies designed to conform with each client’s individual investment objectives, whether such objectives are total return, current income, or tax-exempt income. Birch Run provides these services on a discretionary basis and customizes the portfolio strategy to meet the needs of each client. The client may request to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by the Advisor. Birch Run typically constructs fixed income portfolios utilizing domestic investment-grade corporate bonds, U.S. government and agency securities, and short-term fixed income instruments. The Advisor may also utilize high- yield corporate bonds, asset-backed securities and other fixed income securities. In certain instances, the Advisor may also utilize exchange-traded funds (“ETFs”) or mutual funds to represent a particular asset class or sector. Balanced portfolios are customized based on the needs of each client and also include domestic equity securities, ETFs, mutual funds and other types of investments, as appropriate for the client. In constructing the client’s portfolio, the portfolio manager considers, among other factors, the security and credit quality composition of the relevant benchmark and the composition of similar portfolios in a competitive peer group. Clients may impose investment restrictions on their account[s] as to which securities may be purchased including types

of asset, security quality and allocation amounts. Such investment restrictions are established by a mutually agreed upon written investment policy statement or agreement. Birch Run’s investment strategies are primarily long-term focused, but the Advisor may buy, sell or re-allocate positions that have been held less than one year to meet the objectives of the client, liquidity needs and/or due to market conditions. Birch Run will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the client. Birch Run evaluates and selects investments for inclusion in client portfolios only after applying its internal due diligence process. Birch Run may recommend specific positions to increase sector or asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against market movement. Birch Run may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of client, generating cash to meet client needs, or any risk deemed unacceptable for the client’s risk tolerance. All client assets will be managed within their designated brokerage account or pension account, pursuant to the client investment management agreement. Please refer to Item 12 below. Page 5 C. Client Account Management Prior to engaging Birch Run to provide investment management services, each client is required to enter into an investment management agreement with the Advisor that defines the terms, conditions, authority and responsibilities of the Advisor and the client. These services may include:
• Establishing an Investment Strategy – Birch Run, in connection with the client, will design and implement an investment strategy that seeks to achieve the unique goals of the client, which may be described in an Investment Policy Statement (“IPS”) and other communications.
• Portfolio Construction – Birch Run will develop a portfolio for the client that is intended to meet the stated goals and objectives of the client.
• Investment Management and Supervision – Birch Run will provide investment management and ongoing oversight of the client’s relationship’s investment portfolio. D. Wrap Fee Programs Birch Run does not offer or participate in any wrap fee programs. E. Assets Under Management As of December 31, 2023, Birch Run manages $270,026,467 in assets. Clients may request more current information at any time by contacting the Advisor.