Our Advisory Firm. Eagle Capital Management, LLC (“Eagle”) was formed in 1988 by Ravenel Boykin Curry, III and his wife, Elizabeth Curry, who died in 2015. Their vision was to create an environment in which equity investment decisions would be made through original, thoughtful research and rigorous valuation techniques. Our principal owner is Mr. Curry who controls over 25% of Eagle. Over time, Mr. Curry has broadened ownership at Eagle such that now 25 of the firm’s 42 employees have ownership interests. Twenty of Eagle’s employees are women, of which 11 have ownership interests. Except as disclosed in Item 10, Eagle has no affiliation with any outside entities and Eagle partners hold no positions with any other asset management firm. In 1995 the organizational structure of the firm was changed to a limited liability company. Our Advisory Services. The firm’s main strategy is the “Eagle Equity Strategy”, which it has been managing since its inception. The Eagle Equity Strategy invests primarily in U.S. traded public equities. From time to time, we also identify non-U.S. companies with equity interests that trade in the form of American Depository Receipts (“ADRs”) that fit our investment criteria. Each Eagle Equity Strategy model portfolio typically holds 25-35 positions. While the Eagle ETF follows a strategy that is substantially similar to the Eagle Equity Strategy, it is expected to be more concentrated than the Eagle Equity Strategy. For more information on the strategy pursued by the Eagle ETF, please see Items 8 and 12 below. As is disclosed in Part 1A of our Form ADV, our clients are primarily high net worth individuals (including family offices), pension and other retirement plans, charitable institutions and other institutional investors for whom we manage investment accounts (“Separate Account Clients”), and pooled investment vehicles (including private and UCITS funds (the “UCITS Fund”) and an exchange-traded fund, the Eagle ETF. For the majority of our clients, we generally manage client portfolios by seeking to replicate the Eagle Equity Strategy model portfolio and we strive to ensure that client accounts conform to the model portfolio at all times. However, as described more fully in Item 8 and Item 12, client portfolios often deviate from the model portfolio; this deviation occurs for a number of reasons, especially in conjunction with anticipated or actual capital flows within a single account or across a broader subset of accounts. Eagle has adopted and follows allocation policies designed to mitigate these situations. Eagle does not provide financial planning services. Our clients and their consultants determine that the Eagle Equity Strategy portfolio is appropriate for their circumstances. We serve as the investment adviser, with discretionary trading authority, to a private pooled investment vehicle, Eagle Capital Equity Fund, L.P. (the “Fund”), a Delaware limited partnership; the securities of which are offered to investors on a private placement basis. The Fund’s investment strategy largely tracks that of the Eagle Equity Strategy. Additional information regarding the Fund can be found in Item 8, below and in the Fund’s offering documents. Eagle’s clients are under absolutely no obligation

to consider or make an investment in the Fund. We also serve as the investment adviser, with discretionary trading authority, to an actively managed open-end management ETF registered under the Investment Company Act of 1940 (the Eagle Capital Management, LLC Page 5 03/26/2024 “1940 Act”), Eagle Capital Select Equity ETF, a series of The 2023 ETF Series Trust (the “Eagle ETF”). The Eagle ETF’s common shares are traded on NYSE Arca, Inc. with the ticker EAGL. While the Eagle ETF’s investment strategy is substantially similar to the Eagle Equity Strategy, in certain situations there may be differences between the strategy and investment program of the Eagle ETF and the Eagle Equity Strategy. Additional information regarding the Eagle ETF can be found in Items 8 and 12 below. Although Eagle’s clients may, they are under absolutely no obligation to consider or make an investment in the Eagle ETF. Further information regarding the Eagle ETF is also available in its registration statement, available at https://www.eaglecap.com/. Tailoring of Services. We do accept Separate Account Client modifications to the extent that we are able to jointly determine with such client that the restrictions do not significantly alter the Eagle Equity Strategy’s investment philosophy. In the event of a client’s death or incapacity, Eagle will continue to manage the account according to the client’s contract until we receive written instructions from an authorized representative. Our investment decisions and advice with respect to the Fund and the Eagle ETF will be subject to each vehicle’s investment objectives and guidelines, as set forth in such vehicle’s offering documents or public filings and disclosures, as applicable. Wrap Fee Programs. Eagle provides investment management for Separate Account Client portfolios participating in wrap fee programs and receives management fees in relation to the provision of these services. In some cases, Eagle’s fee is included in the wrap fee. Other than upon client request, there is no difference between Eagle’s investment management services provided to wrap fee clients and the investment management services provided to other clients. Assets Under Management. As of March 21, 2024, Eagle managed approximately $29,103,339,891 of client assets on a discretionary basis. We do not manage assets on a non-discretionary basis. This brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Fund are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933 and other applicable state, federal or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Fund, including requirements that they be “accredited investors” as defined in Regulation D, “qualified purchasers” as defined in the 1940 Act, or non-“U.S. Persons” as defined in Regulation S. Persons reviewing this brochure should not construe this as an offer to sell or a solicitation of an offer to buy the securities of the Fund described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. Eagle Capital Management, LLC Page 6 03/26/2024