Client Relationship Summary (“Form CRS”) Effective As of June 30, 2020 Robert W

Client Relationship Summary (“Form CRS”) Effective as of June 30, 2020 Robert W. Baird & Co. Incorporated (“Baird”, “we”, “us” or “our”) is registered with the U.S. Securities and Exchange Commission as a broker-dealer and an investment adviser and is a member of FINRA and SIPC. This document provides important information to retail investors about us and our brokerage and investment advisory services. This document does not create or modify any agreement, relationship or obligation between you and us or your Baird Financial Advisor. Investment advisory and brokerage accounts have different services and fees and it is important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at lnvestor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. What investment services and advice can you provide me? We offer both investment advisory and brokerage services to retail investors. Both services offer similar investments, such as common stocks, preferred stocks, bonds and other fixed income securities, mutual funds, exchange traded funds (“ETFs”) and unit investment trusts (“UITs”). We do not limit our offerings or recommendations to proprietary products, specific asset classes, or products with third-party compensation arrangements. A summary comparison of the advisory and brokerage services we offer is provided below. Advisory Services Brokerage Services Our principal investment advisory services include Our principal brokerage services include buying and various non-discretionary and discretionary advisory selling investments at your direction, custody of your programs, which may include financial planning. We also investments in a brokerage account and other account offer standalone financial planning services pursuant to a services. From time to time or at your request, we also separate agreement. If you select a non-discretionary provide you with investment recommendations and advisory program, we will provide you with investment other services, which may include investor education, advice and recommendations about investments, but investment research, financial planning or tools, and you will make the ultimate decision about whether to information about investment products and services. For buy, sell or hold investments. If you select a discretionary brokerage accounts, we do not provide you with program, you will select an investment manager’s investment advice on a regular or continuous basis, and strategy. The manager will then make all investment we do not monitor your brokerage account for you, decisions on your behalf without notifying you or getting unless we state otherwise in writing. You are ultimately your prior consent to trade for as long as you participate responsible for managing your brokerage account, in the program. Managers offered under our determining whether your investment objective, discretionary programs include our Private Wealth strategy and asset allocation continue to be right for Management Home Office, our Financial Advisors and you, and making the decision about whether to buy, sell affiliated and unaffiliated third-party managers. As part or continue to hold investments. We do not impose any of our standard advisory program services, we monitor minimum amount to open a brokerage account but your advisory account, generally at least quarterly. For certain investments are subject to minimums and advisory accounts we manage or advise, we monitor limitations as disclosed in their prospectuses or other your account to determine whether your strategy, asset offering documents. allocation and holdings are consistent with your investment objective. For advisory accounts managed by The U.S. Securities and Exchange Commission third-party managers (including our affiliates), we requires that this document be provided to monitor whether your strategy is consistent with your retail investors. investment objective, and the manager monitors your asset allocation and account holdings. We also review This document does not apply to non-retail investors your advisory account annually to determine if your and does not contain a complete description of our investment objective remains right for you based on services, fees or costs. For additional important information you provide to us. For standalone financial information, including the terms and conditions that planning, we do not monitor your account unless we apply to a relationship with us, please see our Client agree in writing to do so. You must meet certain Relationship Agreement, our Client Relationship investment minimums to open an advisory account. The Details document, and, for our investment advisory current account minimums are described on our website services, our Form ADV Part 2A Brochure (the at bairdwealth.com/retailinvestor. “Advisory Services Brochure”), which are available on our website at bairdwealth.com/retailinvestor.

Robert W. Baird & Co. Incorporated Form CRS Page 1 Rev. 06/30/2020 Conversation Starters. Ask your financial professional - • Given my financial situation, should I choose an investment advisory service? Should I choose a brokerage service? Should I choose both types of services? Why or why not? • How will you choose investments to recommend to me? • What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

What fees will I pay? The fees and costs you pay depend on whether you choose brokerage or advisory services or both. A comparison of the principal fees and costs of both services is provided below. Advisory Services Fees and Costs Brokerage Services Fees and Costs The principal cost of our advisory services is an advisory The principal costs of our brokerage services are the fees fee. The advisory fee varies and depends upon the you pay when we buy or sell investments for you advisory service you select. (“transaction-based fees”). For certain investments, you will also indirectly pay us ongoing commissions or fees For advisory programs, you will typically pay an ongoing (“trail fees”). Those fees vary and depend on the program fee based on a percentage of the value of investment, the size of the trade, and whether we act as assets in your program account (an “asset-based fee”). “agent” or “principal” when placing your trade. When We provide most advisory programs on a “wrap” fee we act as agent, we buy and sell investments for you basis. This means that, in addition to advisory services, using third-party broker-dealers or an exchange or other we also provide you with non-advisory services, such as marketplace. When we act as principal, we buy trade execution, custody of your investments and other investments from you and sell investments to you for account services for a single program or “wrap” fee. our own account. When we act as your agent, you will Because our “wrap” fee includes our costs for the full pay us commissions or sales charges. For certain types of bundle of services we provide, it is generally higher than investments, such as equity securities and ETFs, the what an advisory fee would be that only covers advisory transaction-based fees are typically up-front services. If your advisory program involves the use of a commissions that are determined by our commission manager (other than your Baird Financial Advisor or our schedule. For certain other investments, such as mutual Private Wealth Management Home Office), you will pay funds, UITs and annuities, we will receive commissions an additional asset-based fee for the services of that and sales charges disclosed in the prospectus or offering manager. For our advisory programs, we typically document for the investment. Depending upon the require clients to pay the advisory fee each quarter in investment, commissions and sales charges may be paid advance. at the time you invest, periodically over a certain period With an asset-based fee, the more assets you invest in of time, or upon the occurrence of some later event, your advisory program account, the more you will pay us such as your sale of the investment. We will also receive in fees. Asset-based fee arrangements create an trail fees on certain investments, such as mutual funds, incentive for us to encourage you to increase the assets UITs and annuities, which are disclosed in the prospectus in your advisory program account and to recommend or offering document for the investment. Trail fees are that we or our affiliates manage your account because it generally required to be paid periodically, typically is more profitable to us. However, asset-based fees do quarterly, for as long as you hold the investment and are not involve the same conflicts of interest associated based on the value of your investment. When we act as with, and are more predictable than, the transaction- principal, including when we sell or buy bonds to or from based compensation we earn on brokerage accounts. you or act as underwriter or dealer in a public offering of stock or bonds, our compensation is embedded in the For standalone financial planning services provided price of the investment you buy or sell because we mark separately from our advisory programs, the advisory fee the price of your investment up or down and/or earn is typically a stated dollar amount. We generally require underwriting discounts and dealer concessions. payment after delivery of the financial plan or, for ongoing standalone financial planning services, we You will be charged more when there are more trades in generally require payment quarterly in advance. your brokerage account. Although our rate of compensation generally decreases as the trade size increases, we still earn more compensation as the trade size increases. We therefore have an incentive for you to trade more often and in larger amounts.

Robert W. Baird & Co. Incorporated Form CRS Page 2 Rev. 06/30/2020 Brokerage Services Fees and Costs (continued) Whether you choose an advisory or brokerage Certain investments provide us more compensation. For account, you will incur other fees and costs in instance, transaction-based fees on your purchases of addition to the advisory fees, transaction-based fees mutual funds, UITs and variable annuities tend to be and trail fees. Common examples of such fees and higher than transaction-based fees on your purchases of costs include: ongoing operating fees and expenses stocks and ETFs, which in turn are higher than the fees paid out of the assets of certain investment products on your purchases of bonds and other fixed income you own, such as mutual funds, ETFs, UITs and securities. In addition to such varying compensation annuities; certain account, administrative, wire across different types of investments, the compensation transfer, securities transfer, investment conversion, we receive may vary within the same investment interest and other similar fees and costs charged by product type, such as mutual funds. Because the fees us and other parties providing services to you; and you pay and the compensation we receive varies by fees and charges imposed by third parties, if any, investment, we have an incentive to recommend that have custody of your investments or execute investments that pay higher transaction-based fees and transactions for your account. trail fees or that are otherwise more profitable to us.

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Please consult our Advisory Services Brochure, Client Relationship Details document, commission schedules and schedule of service fees and charges, which contain more specific information about the advisory fees, transaction- based fees, trail fees and other fees and costs that apply to advisory and brokerage accounts. Those documents are available on our website at bairdwealth.com/retailinvestor. Conversation Starter. Ask your financial professional - • Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when providing recommendations as my broker-dealer or when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have? When we provide you with a recommendation as your brokerdealer or act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the recommendations and investment advice we provide you. Here are some examples to help you understand what this means. Examples of Ways We and Our Affiliates Make Money and Conflicts of Interest: Proprietary Products: We and our affiliates earn Revenue Sharing: Certain third-party sponsors and additional fees, compensation and other benefits if you managers (or their affiliates) share with us the revenue invest in proprietary products that we or our affiliates they earn when you invest in certain of their investment issue, sponsor, or manage, such as mutual funds, ETFs, products (primarily mutual funds). Therefore, we have UITs, closed-end funds and private funds, than if you an incentive to recommend or to invest your assets in invested in products unrelated to us. Therefore, we have third-party products that provide us the greatest levels an incentive to recommend or to invest your assets in of such revenue sharing. our proprietary products over products unrelated to us. Third-Party Payments: We receive compensation, Principal Trading: We may buy or sell securities to you payments and other benefits from certain third-party for or from our own account. Because we earn sponsors and managers (or their affiliates) if you invest compensation (such as markups, markdowns, in their products. Therefore, we have an incentive to underwriting discounts, dealer concessions and spreads) recommend or to invest your assets in those third-party and receive other benefits in principal transactions, we products that provide us the greatest levels of such have an incentive to trade with you on a principal basis compensation, payments and other benefits. and to recommend securities that we hold in inventory.

Robert W. Baird & Co. Incorporated Form CRS Page 3 Rev. 06/30/2020 Conversation Starter. Ask your financial professional - • How might your conflicts of interest affect me, and how will you address them? You are encouraged to consult our Advisory Services Brochure and Client Relationship Details document, which contain more specific information about the ways we make money and related conflicts of interest. Those documents are available on our website at bairdwealth.com/retailinvestor. How do your financial professionals make money? Your Baird Financial Advisor is primarily compensated on a monthly basis based upon a percentage of the Financial Advisor’s total production each month, which primarily consists of the total advisory fees and transaction-based fees paid to us by the Financial Advisor’s clients and any other fees we earn on advisory and brokerage accounts held by those clients, including trail fees paid by third parties. The percentage of the Financial Advisor’s total production actually paid to the Financial Advisor will increase as the total amount of the Financial Advisor’s production increases, meaning that, as the total amount of the Financial Advisor’s production increases, the rate and amount of compensation that we pay to the Financial Advisor also increase. Baird Financial Advisors generally also receive deferred compensation or bonuses based on various criteria, including net new assets they gather, performing certain wealth management activities, such as financial planning, and their total production levels. Baird Financial Advisors who achieve certain production thresholds are eligible for professional development conferences, business development coaching, reimbursements, awards and recognition trips to attractive destinations. Baird Financial Advisors are also eligible for bonuses for achievement of professional designations depending on a Financial Advisor’s total production level. Thus, Baird Financial Advisors have a general incentive to recommend transactions involving securities with comparatively higher commission rates, sales charges, markups/markdowns, selling concessions, sales credits, trail fees and other similar fees; recommend more frequent (and larger) trades for brokerage accounts; generate financial and other plans; and charge higher fees for advisory accounts and recommend larger investments in advisory accounts. Given the structure of Baird Financial Advisors’ compensation, they also have an incentive to recommend that you transfer your accounts to us, establish new accounts with us (including IRA rollovers) and add more money into your accounts. Baird Financial Advisors generally receive compensation for referrals to certain affiliated managers and products and for referrals to a limited number of other firms. They also generally receive non- cash compensation and other benefits from sponsors of investment products with which we do business. Such non- cash compensation and other benefits can include invitations to attend conferences or educational seminars, payment of related travel, lodging and meal expenses, reimbursement for branch and client events, and receipt of gifts and entertainment. Receipt of such compensation and benefits provides Baird Financial Advisors an incentive to favor investment products and their sponsors that provide the greatest levels of compensation and benefits. Baird Financial Advisors generally receive recruitment bonuses and/or special compensation from us when they join us from another firm that are generally based on amounts of asset gathered or transferred to us. This compensation provides Baird Financial Advisors who have left another firm additional incentive to recommend that clients of the prior firm become our clients. Do you or your financial professionals have legal or disciplinary history? Yes. Visit lnvestor.gov/CRS for a free and simple search tool to research us and our financial professionals. Conversation Starter. Ask your financial professional - • As a financial professional, do you have any disciplinary history? For what type of conduct? For additional information about our services, see our Advisory Services Brochure and Client Relationship Details document available on our website at bairdwealth.com/retailinvestor. If you would like additional, up-to-date information or a copy of this document, please call 1-800-653-2294. Conversation Starter. Ask your financial professional - • Who is my primary contact person? Is he or she a representative of an investment adviser or a broker - dealer? Who can I talk to if I have concerns about how this person is treating me?

Robert W. Baird & Co. Incorporated Form CRS Page 4 Rev. 06/30/2020 Baird Equity Asset Management Chautauqua Capital Management

Brochure July 30, 2021

Baird Equity Asset Management Chautauqua Capital Management 777 East Wisconsin Avenue 921 Walnut Street, Suite 250 Milwaukee, Wisconsin 53202 Boulder, Colorado 80302 Toll Free: 800-792-2473 Toll Free: 800-792-2473 www.bairdequityassetmanagement.com www.chautauquacapital.com

Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue Milwaukee, WI 53202 1-800-792-2473 rwbaird.com Member FINRA & SIPC SEC File No. 801-7571

This brochure (“Brochure”) provides information about the qualifications and business practices of Robert W. Baird & Co. Incorporated (“Baird”), Baird Equity Asset Management, an investment management department operating within Baird, and Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management. Clients should carefully consider this information before becoming a client of Baird Equity Asset Management. If you have any questions about the contents of this Brochure, please contact Baird Equity Asset Management at the toll-free phone number listed above. The information contained in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Baird is available on the SEC’s website at www.adviserinfo.sec.gov. Material Changes Baird Equity Asset Management, an investment management department operating within Robert W. Baird & Co. Incorporated (“Baird”), and Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management, updated their Form ADV Part 2A brochure (the “Brochure”) on July 30, 2021. The following summary discusses the material changes that Baird Equity Asset Management has made to the Brochure since March 24, 2021, the date of the last annual update to the Brochure.

• CCM updated its fee schedule for clients pursuing International Growth and Global Growth strategies using separately managed accounts and private funds. The annual fee rate on the first $100 million was reduced to 0.70%.

• Baird has modified how it assesses its advisory fee with respect to short sales and options. Liabilities held in a client's accounts, including the value of margin debit balances, open short sale positions and open options positions with a negative market value will be excluded from the calculation of a client's advisory fee. The value of cash balances held in a client’s account will be excluded from the calculation of a client's advisory fees in an amount equal to the value of any open short sale positions and options positions with a negative market value held in the margin account.

A client should note that the foregoing summary only discusses material changes made to the Brochure since March 24, 2021. The updated Brochure contains changes that are not listed above.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Table of Contents Material Changes ...... ii Table of Contents ...... iii Advisory Business ...... 1 Robert W. Baird & Co. Incorporated ...... 1 The Client-Baird Fiduciary Relationship ...... 1 Baird Equity Asset Management ...... 2 Fees and Compensation ...... 5 Separate Accounts ...... 5 Mutual Funds ...... 9 Private Funds ...... 9 Other Compensation Received by Baird Equity Asset Management and Baird ...... 10 Performance-Based Fees and Side-By-Side Management ...... 11 Types of Clients...... 11 Methods of Analysis, Investment Strategies and Risk of Loss ...... 11 Investment Strategies ...... 11 Methods of Analysis ...... 16 Portfolio Investments ...... 20 Principal Risks ...... 22 Disciplinary Information ...... 29 Other Financial Industry Activities and Affiliations ...... 31 Baird’s Broker-Dealer Activities ...... 31 Baird’s Other Investment Management Activities ...... 31 Affiliated Broker-Dealers ...... 31 Affiliated Investment Advisors ...... 31 Affiliated Mutual Funds, ETFs and Investment Companies ...... 32 Affiliated Private Funds...... 33 Affiliated Private Equity Funds ...... 33 Affiliated Hedge Funds ...... 34 Other Affiliated Financial Services Firms ...... 34 Other Financial Industry Activities ...... 34 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ...... 34 Code of Ethics ...... 34 Baird’s Participation or Interest in Client Transactions ...... 35 Brokerage Practices ...... 36 Baird Equity Asset Management’s Trading Practices ...... 36 Other Managers’ Trading Practices ...... 43 Trade Execution Services Performed by Baird ...... 43 Review of Accounts ...... 44 Portfolios Managed by Baird Equity Asset Management ...... 44 Accounts Managed by Other Managers ...... 45 Other Information ...... 45 Client Referrals and Other Compensation ...... 45 Custody ...... 46 Separate Accounts ...... 46

iii

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Private Funds ...... 46 Investment Discretion ...... 46 Voting Client Securities ...... 48 Baird Equity Asset Management and CCM ...... 48 Other Manager Strategies ...... 49 Financial Information...... 50 Special Considerations for Retirement Accounts ...... 50

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Advisory Business Baird offers various investment advisory services This Brochure describes the investment advisory to clients, including services not described in this services that Robert W. Baird & Co. Incorporated Brochure. The investment advisory services Baird offers include: portfolio management and (“Baird”) offers to its clients through Baird Equity Asset Management, an investment management analysis; analysis and recommendations department of Baird, and Chautauqua Capital regarding asset allocation and investment strategies; research, analysis and Management (“CCM”), a group or division within Baird Equity Asset Management. For purposes of recommendations regarding investment managers this Brochure, the term Baird Equity Asset and individual securities; investment consulting; Management shall include CCM unless otherwise financial planning; investment policy noted. Separate brochures describe other development; and account performance investment advisory services that Baird offers to monitoring. Baird also offers clients execution of its clients and discuss the agreements, fees and brokerage transactions and administrative potential conflicts of interest for each service. This services, including maintaining custody of account Brochure also references other documents that assets. Clients may also negotiate other services contain additional important information about with Baird. Baird offers its services separately or Baird. Those documents describe the types of in combination with other services. services that Baird offers to clients and certain types of investments it makes available to clients, Baird participates in wrap fee programs not including the terms, conditions, fees and costs described in this Brochure and it provides portfolio applicable to those services and investments and management services in connection with those certain risks and conflicts of interest associated programs. Baird receives a portion of the wrap fee with those services and investments. Those paid by clients for providing portfolio documents are available on Baird’s website at management services under those wrap fee bairdwealth.com/retailinvestor. Included on that programs. website is Baird’s Form CRS Client Relationship Summary. A client of Baird who is a retail investor As of December 31, 2020, Baird had should have already received a copy of that approximately $231.5094 billion in regulatory document. A client or prospective client who assets under management, approximately wishes to obtain a brochure for another $173.5711 billion of which was managed on a investment advisory service provided by Baird, or discretionary basis and approximately $57.9383 a paper copy of any of the other documents billion of which was managed on a non- referenced in this Brochure, including the Client discretionary basis. Relationship Summary, should call Baird toll-free at 1-800-792-2473. The Client-Baird Fiduciary Relationship Baird is registered with the Securities and The information contained in this Brochure is Exchange Commission (“SEC”) as an investment current as of the date above and is subject to adviser under the Investment Advisers Act of change at Baird’s discretion. Please retain this 1940, as amended (the “Advisers Act”). Baird Brochure for your records. Equity Asset Management is deemed to have a fiduciary relationship with a client when providing Robert W. Baird & Co. Incorporated the investment advisory services that are Baird is privately-held, employee-owned global described in this Brochure. investment and wealth management firm formed in the State of Wisconsin in 1919. From time to time Baird may engage in certain business practices or may receive compensation Baird is owned indirectly by its associates through or other benefits that create a potential for several holding companies. Baird is owned conflict between the interests of clients and the directly by Baird Financial Corporation (“BFC”). interests of Baird Equity Asset Management and BFC is, in turn, owned by Baird Financial Group, Baird. Baird Equity Asset Management and Baird Inc. (“BFG”), which is the ultimate parent generally address potential conflicts of interest by company of Baird. Associates of Baird own disclosing them to clients through documents substantially all of the outstanding stock of BFG. provided to clients, including, without limitation, this Brochure, Brochure supplements that contain

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC information about individuals providing “SAM Strategies”), consisting of SAM Strategic investment advice to clients, and the agreements Portfolio strategies and SAM Custom Portfolio clients enter into with Baird Equity Asset strategies. In addition, Baird Equity Asset Management and Baird. In addition, Baird has Management offers three (3) primary value adopted internal policies and procedures for Baird investment strategies: a Small Cap Value Equity Asset Management and Baird that require Portfolio; a Small/Mid Cap Value Portfolio; and an them to: provide investment advice that is All Cap Value Portfolio (the “Baird Equity Asset appropriate for advisory clients (based upon the Management Value Strategies”). CCM offers two information provided by such clients); make full (2) primary equity investment strategies: (1) the disclosure of all potential, material conflicts of International Growth Equity Portfolio; and (2) the interest; act with utmost care and good faith in Global Growth Equity Portfolio (the “CCM dealings with advisory clients; and seek to obtain Strategies”). “best execution” of advisory client transactions. The specific business practices that create Baird Equity Asset Management also manages potential conflicts of interest with clients and client portfolios according to other strategies additional measures used by Baird Equity Asset selected by clients (“Other Baird Equity Asset Management and Baird to address them are Management Strategies”, and with the Baird discussed in other sections of this Brochure. Equity Asset Management Growth Strategies, the SAM Strategies, Baird Equity Asset Management A client should note that registration as an Value Strategies, and the CCM Strategies, the investment adviser does not imply a certain level “Baird Equity Asset Management Strategies”). of skill or training. Baird Equity Asset Management also makes Baird Equity Asset Management available to clients certain investment strategies Baird Equity Asset Management offers that are offered by other managers (“Other professional portfolio management to separate Managers”), which may include affiliates of Baird account clients desiring investments in equity and (the “Other Manager Strategies”). balanced portfolios. The investment advisory services offered by Baird Equity Asset Subject to the agreement of Baird Equity Asset Management generally include portfolio Management, a client may impose reasonable management, asset allocation, investment advice restrictions on the securities or types of securities and consulting services, performance reporting, to be held in the client’s account. Please see and related account services. Baird Equity Asset “Investment Discretion” below for more Management also provides investment advisory information. Clients may negotiate with Baird services to certain mutual funds and private Equity Asset Management to provide other limited partnerships. investment advisory services.

Separate Accounts All of the investment strategies discussed in this Brochure may not be appropriate for every client. Baird Equity Asset Management manages client Baird Equity Asset Management will only select or portfolios with full investment discretion and recommend those strategies believed to be tailors its advisory services to the individual needs of clients. Baird Equity Asset Management suitable for a particular client. analyzes a client’s specific needs and risk tolerance to select an investment strategy A client that wishes to retain the services of Baird appropriate for the client. Baird Equity Asset Equity Asset Management will enter into an Management offers five (5) primary growth investment management agreement with Baird investment strategies: a Large Cap Dividend Equity Asset Management. The investment Growth Portfolio; a Large Cap Core Growth management agreement will contain the specific Portfolio; a Large Cap Balanced Portfolio; a Mid terms applicable to the client’s advisory Cap Growth Portfolio; a Small/Mid Cap Growth relationship with Baird Equity Asset Management. Portfolio (the “Baird Equity Asset Management Growth Strategies”). Baird Equity Asset A client is responsible for providing to Baird Management also offers Specialized Asset Equity Asset Management and any Other Manager Management (“SAM”) portfolio strategies (the managing the client’s portfolio information that

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Baird Equity Asset Management or the Other fee, the Program Sponsor pays an advisory fee to Manager reasonably requires in order to provide Baird Equity Asset Management. the services selected by the client including, but not limited to, any investment policy statement Under a dual contract arrangement, the client has and anticipated liquidity needs. Baird Equity Asset two contracts; one contract with the Program Management and the Other Manager will rely on Sponsor and another contract with Baird Equity this information when providing its advisory Asset Management. Clients with a dual contract services. A client is also responsible for informing arrangement pay to Baird Equity Asset Baird Equity Asset Management and the Other Management an advisory fee in addition to the Manager in writing of any material change in wrap fee they pay to the Program Sponsor. circumstances that might materially affect the manner in which the client’s assets should be Under such wrap fee programs, Program invested. Sponsors generally assist a client with the selection of Baird Equity Asset Management (or Important Note for Wrap Fee Program Clients. may have the discretion to select Baird Equity Baird Equity Asset Management manages client Asset Management) to manage the assets in the assets under wrap fee programs sponsored and client’s account maintained at the Program administered by Baird and unaffiliated parties (the Sponsor. They generally also provide trade “Program Sponsors”). A list of Program Sponsors execution services and custodial services for the is included on Schedule D to Baird’s Form ADV client’s account as part of the wrap fee paid by Part 1A, which is available at the SEC’s website at the client. www.adviserinfo.sec.gov. Baird Equity Asset Management participates in Clients participating, or considering participating, those wrap fee programs in one of two ways. in a wrap fee program sponsored by Baird should First, Baird Equity Asset Management may also review Baird’s Form ADV Part 2A Wrap Fee manage client portfolios with full investment Program Brochure in addition to this document. discretion. Alternatively, Baird Equity Asset Baird’s Wrap Fee Program Brochure contains Management may provide the Program Sponsor additional important information not contained in with model portfolios, or other advice or this document that applies to Baird wrap fee consulting services regarding the asset allocation program accounts, including important strategies, that the Program Sponsor provides to information about the services, fees, costs and clients. expenses and conflicts of interest that apply to those accounts. If Baird Equity Asset Management is selected to manage the assets in a client account maintained Clients who select Baird Equity Asset Management by the Program Sponsor, Baird Equity Asset to manage their assets within wrap fee programs Management will manage the client’s account with typically do so under either a “single contract” or full investment discretion. Unless the client or “dual contract” arrangement. Program Sponsor directs Baird Equity Asset Management to do otherwise, Baird Equity Asset Under a single contract arrangement, a client Management will select the broker-dealers that enters into an agreement with the Program will execute client trades. To the extent deemed Sponsor and the Program Sponsor, in turn, enters appropriate by Baird Equity Asset Management into a subadvisory or similar agreement with pursuant to its duty to seek best execution, Baird Baird Equity Asset Management on the client’s Equity Asset Management may place orders with behalf. This type of arrangement is frequently broker-dealers other than the Program Sponsor. referred to as a single contract arrangement As a result, a client may incur costs in addition to because there is only one contract between the the wrap fee paid to the Program Sponsor if the client and the Program Sponsor; the client does executing firm charges a commission, markup or not have an agreement directly with Baird Equity markdown for executing the trade. Clients Asset Management. Clients with single contract participating in wrap fee programs are arrangements typically pay an asset-based wrap encouraged to read carefully the Section below fee to the Program Sponsor and, out of that wrap entitled “Brokerage Practices” for more information.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC If Baird Equity Asset Management provides the information about the services that Baird Equity Program Sponsor with model portfolios, advice or Asset Management and CCM provide to those consulting services, Baird Equity Asset funds is available in the prospectuses and Management will not manage the client’s account statements of additional information for those or select broker-dealers to execute client trades. funds.

If a client is participating in a wrap fee program, Private Funds the client should review the client’s agreement CCM provides investment services on a with the Program Sponsor and the Program discretionary basis to three private investment Sponsor’s Form ADV Part 2A Brochure for a full funds, the Chautauqua International Growth description of the services provided and fees Equity QP Fund, LP, the Chautauqua Global charged by the Sponsor. A client should also Growth Equity QP Fund, LP and the New World review the sections entitled “Fees and Growth Equity Series, a series of the Chautauqua Compensation” and “Investment Discretion” Series Fund, LLC (the “Chautauqua Private below for more information. Funds”), which are private pooled investment vehicles that are not required to be registered Important Note about the Other Manager with the SEC as investment companies. Baird Strategies. The Other Manager Strategies are serves as the general partner or manager of the made available to clients under a single contract Chautauqua Private Funds. Chautauqua Private arrangement with Baird Equity Asset Fund interests are not publicly offered for sale Management, that is, a client enters into an and are not registered with the applicable agreement with Baird Equity Asset Management securities regulators. Investors in the Chautauqua and Baird Equity Asset Management, in turn, Private Funds must be accredited investors and enters into a subadvisory agreement with the qualified clients pursuant to federal and state Other Manager on the client’s behalf. If a client securities laws. selects an Other Manager Strategy, the client authorizes and directs Baird Equity Asset CCM is responsible for managing the Chautauqua Management to appoint the Other Manager to Private Funds’ investment portfolios pursuant to serve as sub-adviser to the client’s account. The the investment objectives and investment policies client also authorizes and directs the Other of the Chautauqua Private Funds that is stated in Manager to manage the client’s portfolio with full each Chautauqua Private Fund’s private offering discretionary authority in accordance with the memorandum. CCM will determine what Other Manager Strategy selected by the client. investments will be purchased, held, sold, or See the sections entitled “Fees and exchanged. Baird is responsible for all major Compensation” and “Investment Discretion” operational decisions of the Chautauqua Private below for more information. Funds and appoints service providers to perform administrative, accounting, custody and investor Mutual Funds services for the Chautauqua Private Funds. These Baird Equity Asset Management provides services include, but are not be limited to, investment management and other services to processing subscriptions and redemptions of certain mutual fund series of Baird Funds, Inc. interests in the Chautauqua Private Funds, investing primarily in equity securities (the “Baird calculation of the net asset value of each Equity Funds”). Additional information about the Chautauqua Private Fund, preparation of the services Baird Equity Asset Management provides financial statements, preparation of all reports to is available in the prospectuses and statements of limited partners of the Chautauqua Private Fund additional information for those Baird Funds, including the IRS K‐1, administration of the which are available on the Baird Funds’ website at capital accounts of the Chautauqua Private Fund’s bairdassetmanagement.com/baird-funds. limited partners, transfers of limited partner interests and management of overhead functions Baird Equity Asset Management serves as for the Chautauqua Private Funds. Baird may investment sub-adviser to a mutual fund series of amend the applicable Limited Partnership the Principal Funds, Inc., and CCM serves as Agreement or Operating Agreement without the investment sub-adviser to a mutual fund series of consent or approval of the limited partners, so the Pace® Select Advisors Trust. Additional long as at least sixty (60) days prior written

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC notice of the amendment is given in advance, to Fee Schedule all limited partners or voting members, as Large Cap Dividend Growth applicable. Such amendments may be made at Large Cap Core Growth Portfolio the absolute discretion of Baird and may involve Large Cap Balanced Portfolio any or all provisions of the applicable Agreement Specialized Asset Management Portfolio or any other matters relating to the structure or operation of those Funds. Value of Assets Annual Fee Rate On the first $10,000,000 0.75% Baird maintains the Chautauqua Private Funds’ On the next $40,000,000 0.60% accounts at a qualified custodian(s) and provides the limited partners of the Chautauqua Private On the remaining assets 0.50% Funds with notice of the qualified custodian(s) Mid Cap Growth Portfolio that are holding the Chautauqua Private Funds’ Small/Mid Cap Growth Portfolio(1) accounts. Additionally, the Chautauqua Private Funds engage a public accounting firm to audit Value of Assets Annual Fee Rate each Chautauqua Private Fund at least annually On the first $10,000,000 0.85% and distribute audited financial statements (prepared in accordance with generally accepted On the next $40,000,000 0.70% accounting principles) to all limited partners On the remaining assets 0.60% within 90 days after the end of the Chautauqua Private Fund’s fiscal year (December 31), Small Cap Value Portfolio although this requirement can be waived by the Value of Assets Annual Fee Rate investors in the Chautauqua New World Growth Equity Series. On the first $20,000,000 1.00% On the remaining assets 0.80% Additional information about the Chautauqua Small/Mid Cap Value Portfolio Private Funds and the services that CCM provides to them is available in the offering memoranda for Value of Assets Annual Fee Rate those funds. All assets 0.75%

CCM serves as investment sub-adviser to the All Cap Value Portfolio Multi-Advisor Funds International Fund, which is a Value of Assets Annual Fee Rate private pooled investment vehicle that is not On the first $20,000,000 0.85% required to be registered with the SEC as an investment company. Additional information On the remaining assets 0.65% about the services that CCM provides to that fund is available in the offering memorandum for that CCM International Growth Equity Portfolio CCM Global Growth Equity Portfolio fund. Value of Assets Annual Fee Rate Fees and Compensation On the first $100,000,000 0.70% Separate Accounts On the remaining assets 0.50% Advisory Fees A client’s investment management agreement will set forth the actual compensation a separate (1) New accounts pursuing the Small/Mid Cap Growth Portfolio strategy that are opened prior to account client will pay to Baird Equity Asset December 31, 2020, are generally eligible for a Management. In most instances, a client pays discounted annual fee rate of 0.50% (50 basis Baird Equity Asset Management an ongoing fee points). based upon the value of assets in the client’s account (an “asset-based fee”). The typical asset- Baird Equity Asset Management will calculate its based fee varies depending upon the total value fee by applying the applicable fee rate to the of the client’s assets in the account, as shown in value of all of the assets in the client’s account, the fee schedule below. including cash or its equivalent held for investment. Liabilities held in a client's accounts,

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC including the value of margin debit balances, open balance (i.e., the outstanding amounts of the short sale positions and open options positions margin loan a client owes to Baird) in client’s with a negative market value will be excluded account will not be applied to reduce the client’s from the calculation of a client's advisory fee. The billable account value in calculating the advisory value of cash balances held in a client’s account fee. will be excluded from the calculation of a client's advisory fees in an amount equal to the value of The account value used for the advisory fee any open short sale positions and options calculation may differ from that shown on a positions with a negative market value held in the client’s account statement or performance report margin account. due to a variety of factors, including the client’s use of margin, options, short sales, and other For purposes of calculating a client’s asset-based considerations. If a client has assets held by a fee, the value of assets in a client’s account is third party custodian, the prices shown on a generally determined by Baird. Baird generally client’s account statements provided by the determines the value of the assets in the client’s custodian may be different from the prices shown account using prices from third party pricing on statements and reports provided by Baird due services. However, if the client has its assets held to the use of different valuation sources by the by a custodian other than Baird and if the third custodian and Baird. party pricing service does not provide a price for assets in the client’s account, Baird will rely upon A client’s fees are payable in accordance with the the price reported by the client’s third party terms of the client’s investment management custodian. In some cases, Baird obtains prices agreement. Typically, fees are payable on a from the issuers or sponsors of investment calendar quarterly basis, in advance. The initial products in the client’s account when prices are billing period begins when the client’s investment not otherwise readily available. This frequently management agreement is signed by the client occurs with respect to the valuation of alternative and accepted by Baird and the account is opened investment products in a client’s account. by Baird Equity Asset Management (the “Opening Date”). The initial fee payment will be adjusted Baird Equity Asset Management and Baird do not for the number of days remaining in the then conduct an in-depth review of valuation current quarter. The initial advisory fee will be information provided by third party pricing based on the value of assets deposited in the services, issuers, sponsors or custodians, and client’s account. The period which such payment they do not verify or guarantee the accuracy of covers shall run from the Opening Date through such information. Baird Equity Asset Management the last business day of the then current calendar and Baird do not accept responsibility for quarterly billing period. Thereafter, the quarterly valuations provided by third parties that are fees shall be calculated based upon the account’s inaccurate unless they have a reason to believe asset value on the last business day of the prior that the source of such valuations is unreliable. calendar quarter and shall become payable on the The prices obtained by Baird from third party first business day of the then current calendar pricing services, issuers, sponsors and custodians quarter. may differ from prices that could be obtained from other sources. Values used for fee- The asset-based fees and charges will be calculation purposes may vary from prices automatically deducted from the client’s account, received in actual transactions and are not firm unless the client requests, and Baird Equity Asset bids, offers or guarantees of any type with Management agrees, to an alternate respect to the value of assets in an account, and arrangement, such as having Baird Equity Asset the fee for some securities may be calculated Management issue the client an invoice for the based on values that are greater than the amount fees (“direct billing”). Direct billing may not be a client would receive if the securities were available for retirement plan accounts or other actually sold from the client’s account. accounts subject to the Employee Retirement Income Security Act of 1974, as amended If a client maintains a balance in the client’s (“ERISA”) or individual retirement accounts margin account with Baird, such balance has no (“IRA”) subject to the Internal Revenue Code bearing on the asset-based advisory fees charged (collectively, “Retirement Accounts”). If a client’s on client’s account. In other words, the margin account is subject to direct billing, the client is

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC required to pay each bill within thirty (30) days of $250,000, a Value Strategy account is the date of the invoice. Baird Equity Asset $1,000,000, and a CCM Strategy account is Management or Baird may automatically debit a $100,000,000. For the Baird Equity Asset client’s account for the fees and other charges in Management Growth, SAM and Baird Equity Asset the event that Baird does not receive payment Management Value Strategies, Baird Equity Asset from the client within thirty (30) days of the date Management generally imposes a minimum of the invoice. Baird Equity Asset Management or annual fee of $7,500. For the CCM Strategies, Baird may rescind a direct billing arrangement clients may be subject to a minimum fee, which with a client at any time. will be set forth in the client’s agreement. Unless otherwise agreed in writing, the minimum fee will Baird Equity Asset Management or Baird may apply if a client’s portfolio asset value falls below modify a client’s existing fees and other charges the minimum account value. A client should note or add additional fees or charges by providing the that this will cause the client to pay a fee at a client with sixty (60) days’ prior written notice. higher rate than shown in the table above.

If either Baird Equity Asset Management or the The advisory fee and minimum account value client terminates the client’s investment applicable to a client are negotiable in certain management agreement, a pro-rated refund from instances and may vary based upon a number of the date of termination through the end of the factors, including but not limited to, whether a applicable billing period will generally be made to client is participating in a wrap fee program, the the client in the client’s account. Generally, Baird size and nature of the assets in the client’s Equity Asset Management will not implement a account, the client’s particular investment style or decrease in the client’s fee rate during a billing objective, and any particular services requested period or otherwise reimburse or adjust advisory by the client. In some instances, clients may pay fees during any such period for asset value a higher fee than indicated in the fee schedule appreciation or depreciation in a client’s account above. The fees paid by a client may differ from during such period. For example, if a client’s the fees paid by other clients based on a number account is subject to a tiered or breakpoint fee of factors, including but not limited to the factors schedule and the asset levels of the account move identified above. Baird Equity Asset Management into a new tier or cross a breakpoint during such may enter into other fee arrangements with period, no rebate or fee adjustment will be made. eligible clients. However, Baird Equity Asset Management, in its sole discretion, may make fee adjustments in The fee schedule set forth above is the current response to asset fluctuations in a client’s account fee schedule for new clients of Baird Equity Asset occurring during a billing period that result from Management. Baird Equity Asset Management has contributions to, or withdrawals from, the client’s had other fee schedules in effect, which may account. reflect fees that are lower or higher, as the case may be, than those shown above. As new fee Some or all of the assets in a client’s account may schedules are put into effect, they are made be invested in an institutional share class of one applicable only to new clients, and fee schedules or more mutual funds within Baird Funds, Inc. applicable to existing clients are not affected. (the “Baird Funds”), for which Baird serves as Therefore, some clients may pay different fees investment adviser. If any assets are held in any than those shown above. of the Baird Funds, Baird Equity Asset Management generally will not charge the fees set Other Manager Strategies Fees. The Other forth above on those assets, unless those assets Manager Strategies are provided under a single are held through a wrap fee program (including contract arrangement. Under the single contract wrap fee programs sponsored by Baird), in which arrangement, Baird Equity Asset Management is event Baird Equity Asset Management’s fee will responsible for paying the Other Manager its fee generally be assessed on those assets. out of the fee that the client pays to Baird Equity Asset Management. The minimum asset value to open a Growth Strategy account is $5,000,000, a SAM Custom Wrap Fee Programs. As discussed above, clients account is $1,000,000, a SAM Strategic account is who select Baird Equity Asset Management to

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC manage their assets within wrap fee programs The asset-based fee only covers portfolio typically do so under either a “single contract” or management and investment advice provided by “dual contract” arrangement. Baird Equity Asset Management, and a client will pay for other services, such as custody and trade Clients with single contract arrangements typically execution, separately in addition to Baird Equity pay an asset-based wrap fee to the Program Asset Management’s fee. Please see the section Sponsor and, out of that wrap fee, the Program entitled “Brokerage Practices” below for more Sponsor pays an advisory fee to Baird Equity information about Baird Equity Asset Asset Management. The portion of the wrap fee Management’s trading practices. paid to Baird Equity Asset Management varies from program to program based upon the rate A client is responsible for bearing or paying, in negotiated by the Program Sponsor, taking into addition to Baird Equity Asset Management’s fee, account the investment strategies being pursued, the costs of all: the amount of client assets involved, and the level of services to be provided. Specific information on • commissions, markups, markdowns, and the advisory fee payable to Baird Equity Asset spreads charged by broker-dealers that buy Management will be provided by the applicable securities from, or sell securities to, the client’s Program Sponsor. For information on the amount, account (such costs may be inherently reflected calculation and billing of the wrap fee charged by in the price the client pays or receives for such the Program Sponsor, clients should consult with securities), including for the CCM Strategies, the Program Sponsor or refer to their wrap fee local charges, fees, commissions and taxes program agreement or the Program Sponsor’s imposed on foreign securities transactions Form ADV Part 2A Wrap Fee Program Brochure. effected in foreign markets; • underwriting discounts, dealer concessions or Clients with a dual contract arrangement pay to similar fees related to the public offering of Baird Equity Asset Management an advisory fee in investment products; addition to the wrap fee they pay to the Program Sponsor. Baird Equity Asset Management’s • custody fees; advisory fee under a dual contract arrangement is negotiable and may vary depending upon the • extra or special fees or expenses that may investment strategies being pursued, the amount result from the execution of odd lot trade orders of client assets involved, and the level of services (i.e., “odd-lot differential”); to be provided. The actual fee that the client will • electronic fund fees, wire transfer fees, and pay to Baird Equity Asset Management will be set similar fees or expenses related to account forth in the client’s investment management transfers; agreement with Baird Equity Asset Management. Baird Equity Asset Management will generally • currency conversions and transactions; calculate and charge such client fees in the • securities conversions, including, without manner more fully described above. limitation, the conversion of American Depositary Receipts (“ADRs”) to or from foreign In most cases, the wrap fee paid by a client ordinary shares; includes only certain trade orders executed through the Program Sponsor. A client should be • interest, fees and other costs related to margin aware that Baird Equity Asset Management may accounts, short sales and options trades; frequently “trade away” from the Program • fees related to the establishment, Sponsor. A client may, therefore, incur trading administration or termination of Retirement costs in addition to the wrap fee paid to the Accounts, retirement or profit sharing plans, Program Sponsor. See “Brokerage Practices” trusts or any other legal entity; below for more information. • fees imposed by the SEC or securities markets, Other Fees and Expenses including transaction fees imposed by electronic trading platforms, which fees may be imbedded In addition to Baird Equity Asset Management’s in the price the client receives for the security; fee described above, a client of Baird Equity Asset and Management may incur other fees and expenses.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • taxes imposed upon or resulting from Private Funds transactions effected for a client’s account, such As compensation for CCM’s services in managing as income, transfer or transaction taxes, foreign the Chautauqua Private Funds, Baird charges a stamp duties, or any other costs or fees monthly fee in arrears that is calculated based on mandated by law or regulation. a pro‐rata share of the Chautauqua Private Fund’s Certain investment products, such as mutual net asset value held by each investor as of the funds, exchange traded funds (“ETFs”), and other close of business on the prior month’s valuation similar investment pools (collectively, “investment date, reduced by any redemptions on such date funds”), have their own internal fees and and increased by any capital contributions on the expenses that are borne either directly or open date immediately succeeding such prior indirectly by their holders, including a client. month’s valuation date (i.e., on the open date for These fees and expenses may include investment the current month). The first business day of each management fees, distribution (12b-1) fees, month will be the Fund’s “open date” and the shareholder servicing fees, transfer agency fees, close of business on the immediately prior networking fees, accounting fees, marketing business day will be the Fund’s “valuation date”. support payments, administration fees, custody Redemptions and new subscriptions will occur fees, expense reimbursements, and expenses once a month. Each investor’s annual fee will be associated with executing securities transactions disclosed in each investor’s subscription for the investment product’s portfolio (“ongoing agreement and CCM may alter, reduce or waive operating expenses”). These ongoing operating entirely the management fee to any investor at its expenses are separate from, and in addition to, sole discretion. However, the standard fee Baird Equity Asset Management’s fee. As a result schedule is as follows: of making investments in these types of products, a client should be aware that the client is paying Management Fee Schedule multiple layers of fees and expenses on the Chautauqua International Growth Equity QP Fund, LP amount of the client’s assets so invested—the ongoing operating expenses and Baird Equity Chautauqua Global Growth Equity QP Fund, LP Asset Management’s fee. A client is also Value of Assets Annual Fee Rate responsible for any redemption fees or similar On the first $100,000,000 0.70% fees that the fund or its sponsor may impose on the client. A client should review the prospectus On the remaining assets 0.50% or other applicable offering documents for each Chautauqua New World Growth Equity Series investment fund in which the client invests for further information. Value of Assets Annual Fee Rate All assets 1.00% Clients who have accounts managed by Baird Equity Asset Management may also have other The management fees are negotiable and some accounts with Baird that are not managed by investors pay management fees that are different Baird Equity Asset Management. Those accounts from the standard fee rates and an investor in the may be subject to fees, commissions or other Chautauqua International Growth Equity QP Fund, expenses that are entirely separate from the LP pays management fees that include or consist payment of fees and expenses for the services of a performance fee. The management fees will provided by Baird Equity Asset Management. accrue as expenses of the Chautauqua Private Funds and will be taken into account when Mutual Funds determining each investor’s account’s net asset As compensation for their services, Baird Equity value. Accounts under $25,000,000 may pay Asset Management and CCM receive fees from more than the standard fee. In addition to the each mutual fund they advise, which fees are management fees charged by Baird to the disclosed in each fund’s prospectus and statement Chautauqua Private Funds, the Chautauqua of additional information. Other fees that are Private Funds will also pay or reimburse Baird, as payable as an investor in a mutual fund are general partner or manager, for Chautauqua described in the fund’s prospectus and statement Private Fund expenses incurred in connection with of additional information. the business of the Funds. The Chautauqua Private Funds’ expenses may include, but are not

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC limited to, insurance costs, legal, administration Management’s associates generally remains the and accounting fees, custodial fees, brokerage same regardless of the type of investment commissions and securities transaction costs, the product recommended to clients or purchased for expenses of printing and mailing reports to client accounts. However, Baird incentivizes investors, transfer and distribution agent charges, certain Baird Equity Asset Management sales expenses of any security holders’ meetings, professionals to recommend to clients certain interest and taxes, advisory fees paid with respect Baird Equity Asset Management products and to investments in any non‐affiliated money services that have relatively lower assets under market mutual fund, any and all costs incurred in management over Baird Equity Asset connection with computing the value of the Management products and services that have assets, any and all costs and expenses incurred in relatively higher assets under management. connection with the dissolution, winding up, or termination of the Funds and any other Baird. Baird is registered as a broker-dealer under extraordinary expenses incurred by the the Securities Exchange Act of 1934, as amended Chautauqua Private Funds in their course of (the “Exchange Act”), and in such capacity, Baird business. Until each of the Chautauqua Global provides brokerage and related services to clients, Growth Equity QP Fund, LP and the Chautauqua including the purchase and sale of individual International Growth Equity QP Fund, LP has a stocks, bonds, mutual funds, private investment total of at least $25,000,000 in assets, and at all funds, and other securities, and sales of life times for the New World Growth Equity Series, a insurance policies and annuities. Baird receives series of the Chautauqua Series Fund, LLC, CCM compensation based upon the sale of such will bear routine legal, tax, administrative, securities and other investment products, accounting, insurance, and all other costs of the including asset-based sales charges and service Fund to the extent these costs exceed 1/12th of fees on the sale of mutual funds. .25% of the Fund’s net asset value as of each monthly valuation date. The compensation received by certain Baird Equity Asset Management sales professionals and An investor may, on any valuation date redeem Baird described above presents a conflict of all or a portion of its interests with thirty (30) interest because it gives Baird and those Baird days written notice to CCM. Investors in the Equity Asset Management sales professionals an Chautauqua Private Funds will be subject to incentive to recommend investment products restrictions on transferability and resale of their based upon the compensation received rather interest in the Chautauqua Private Funds. than on a client’s needs. However, when Additionally, there may be specific limitations on providing investment advisory services to clients, the redemptions and withdrawals. Limited Baird Equity Asset Management and Baird are partners should refer to the Confidential Offering fiduciaries and are required to act solely in the Memorandum and Chautauqua Private Fund best interest of clients. Baird Equity Asset Agreement for details regarding redemptions, Management and Baird address this conflict withdrawals, transfers, and re‐sales. through disclosure in this Brochure and by adopting internal policies and procedures that are As compensation for its sub-advisory services, designed to ensure that investments made for CCM receives fees from the Multi-Advisor Funds client accounts are appropriate for the client International Fund, which fees are disclosed in the (based upon the information provided by the fund’s offering memorandum. Other fees that are client). For more specific information about payable as an investor in the fund are described Baird’s compensation and other benefit in the fund’s offering memorandum. arrangements and how Baird addresses the potential conflicts of interest, please see the Other Compensation Received by Baird sections “Other Financial Industry Activities and Equity Asset Management and Baird Affiliations” and “Code of Ethics, Participation or Interest in Client Transactions and Personal Baird Equity Asset Management. Baird Equity Trading” below. Asset Management and its associates generally do not receive compensation based upon the sale of securities or other investment products, and the Baird Equity Asset Management will purchase for compensation Baird pays to Baird Equity Asset client accounts, or will recommend the purchase of, various investment products, including “no

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC load” mutual funds or mutual funds with waived performance-based fee arrangements through sales loads. A client has the option to purchase internal trade allocation procedures that are investment products through other brokers or designed to make securities allocations to agents that are not affiliated with Baird. discretionary client accounts in a manner such that all such clients receive fair and equitable Performance-Based Fees and Side-By- treatment over time. Baird has also adopted Side Management policies and procedures reasonably designed to support fair valuations of securities in client Baird Equity Asset Management and Baird advise accounts. client accounts that are subject to performance- based fee arrangements. Performance-based fee arrangements involve the payment of fees based Types of Clients upon the capital gains or capital appreciation of a Baird Equity Asset Management offers its services client’s account. Any such fee arrangements are to all types of current or prospective clients, made in compliance with applicable provisions of including, but not limited to: individuals; banks or Rule 205-3 under the Advisers Act. A client’s thrift institutions; pension and profit sharing agreement to a performance-based fee plans; trusts; estates; charitable organizations; arrangement may create an incentive for Baird corporations or other business entities; Equity Asset Management to recommend or invest government entities, endowments, private funds, a client’s account in riskier or more speculative and registered investment companies. Applicable products than would be the case in the absence of requirements for opening or maintaining an a performance-based fee arrangement. account with Baird Equity Asset Management, Performance-based fee arrangements also such as minimum account size, are discussed in present a potential conflict of interest for Baird the section entitled “Fees and Compensation— Equity Asset Management and Baird with respect Advisory Fee” above. to client accounts they also manage that are not subject to performance-based fee arrangements Methods of Analysis, Investment because such arrangements give Baird Equity Strategies and Risk of Loss Asset Management and Baird an incentive to favor Investment Strategies client accounts subject to performance-based fees over client accounts that are not subject to Baird Equity Asset Management Growth performance-based fees. Performance-based fee Strategies arrangements could also create an incentive for Large Cap Dividend Growth Portfolio. The Baird to over‐value certain assets held by clients. Dividend Growth Portfolio will emphasize large- capitalization, high-quality growth companies In addition to complying with its fiduciary duties holding leadership positions within their industries by disclosing this conflict of interest to clients that the portfolio managers believe are capable of through this Brochure, Baird Equity Asset producing consistent dividend growth and Management generally addresses potential performance in a variety of market environments. conflicts of interest posed by performance-based The Portfolio will emphasize companies with a fee arrangements by capping the amount of market capitalization over $5 billion. The Portfolio performance-based fees that may be earned with will strive to achieve a dividend yield equal or respect to a client’s account. By capping greater than the S&P 500. The Portfolio will not performance-based fees, Baird Equity Asset invest in MLPs, preferred stocks, options or Management attempts to reduce the incentive to convertible securities. To help control risk, the invest a client’s account in riskier or more Portfolio is diversified in a broad range of speculative products. Baird Equity Asset industries and economic sectors. The limit for any Management also periodically monitors the one sector is the greater of 30% of the Portfolio holdings and performance of performance-based or double the weighting of the applicable sector in fee accounts and compares them to accounts not the S&P 500 Index. The Portfolio may not have subject to a performance fee that are also full exposure to sectors where satisfactory growth managed using a similar strategy in an attempt to opportunities are not available. Investments in detect any possible inequitable treatment. Baird American Depository Receipts (ADRs) will Equity Asset Management and Baird also attempt generally be limited to no more than 15% of to minimize potential conflicts of interest posed by equity assets.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Large Cap Core Growth Portfolio. The Large Cap diversified among companies in a broad range of Core Growth Portfolio emphasizes large cap, high- industries and economic sectors, with sector limits quality growth companies holding leadership for any one sector at the greater of 30% of the positions within their industries that Baird Equity Portfolio or double the weighting of the applicable Asset Management’s portfolio managers believe sector in the Russell Mid Cap Growth® Index. are capable of producing consistent performance in a variety of market environments. The Portfolio Small/Mid Cap Growth Portfolio. The Small/Mid will emphasize companies with a market Cap Growth Portfolio primarily invests in small- capitalization over $5 billion. However, a portion and medium-sized, high-quality growth of the equities may be allocated to small- and companies holding leadership positions within medium-sized company stocks when, in Baird their industries that Baird Equity Asset Equity Asset Management’s opinion, it is Management’s portfolio managers believe are appropriate. To help control risk, the Portfolio is capable of producing above average growth in a generally diversified among companies in a broad variety of market environments. The Portfolio will range of industries and economic sectors, with emphasize companies with a market capitalization sector limits for any one sector at the greater of between $500 million and $12 billion. In an 30% of the Portfolio or double the weighting of attempt to minimize risk, the Portfolio is generally the applicable sector in the S&P 500® Index. The diversified among companies in a broad range of Portfolio may not have full exposure to sectors industries and economic sectors. where satisfactory growth opportunities are not available. Cash or Similar Investments; Temporary Strategies. Under normal market conditions, up to Large Cap Balanced Portfolio. The equity portion 10% of a client’s portfolio may be invested in of the Large Cap Balanced Portfolio includes the cash or similar short-term, investment grade debt same types of securities utilized in the Large Cap obligations such as U.S. government obligations, Core Growth Portfolio. In the absence of specific repurchase agreements, commercial paper or client guidelines, the equity investments generally certificates of deposit. In addition, Baird Equity range from 45% to 65% of total Portfolio value Asset Management may invest all of a client’s over a full market cycle. The fixed income portion assets in cash or short-term, investment grade of the Portfolio consists of high-quality securities, debt obligations as a temporary defensive position which may include a mix of U.S. Treasury, U.S. during adverse market, economic or political government agency, corporate bonds or municipal conditions and in other limited circumstances. bonds selected to provide a consistent source of income and reduced principal risk. Individual fixed Specialized Asset Management Portfolio income securities must be rated investment grade Strategies or better at the time of purchase by a nationally The SAM Portfolio Strategies are model asset recognized statistical rating organization, allocation portfolios that have different although clients may indirectly hold below investment objectives. Each SAM Portfolio investment grade or unrated fixed income provides for specific levels of investment across securities through their mutual fund and ETF different asset classes, such as: holdings. In order to achieve adequate diversification, mutual funds managed or selected • equity securities issued by U.S. large cap, mid by Baird that satisfy the foregoing guidelines may cap and small cap companies (which may be used. ETFs may also be utilized. include value and growth companies); Mid Cap Growth Portfolio. The Mid Cap Growth • short-term, intermediate-term and long-term Portfolio primarily invests in medium-sized, high- fixed income securities issued by U.S. quality growth companies holding leadership companies and obligations issued by U.S. or positions within their industries that Baird Equity state governments or their agencies (which may Asset Management’s portfolio managers believe include high-yield corporate bonds, asset- are capable of producing above average growth in backed securities, and municipal securities); a variety of market environments. The Portfolio will emphasize companies with a market capitalization between $2 billion and $15 billion. • equity and fixed income securities issued by To help control risk, the Portfolio is generally foreign companies and governments (which

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC may include companies and governments in Baird Equity Asset Management or review the emerging markets); applicable prospectus.

• non-traditional assets or specialty investments The SAM Portfolio Strategies generally (“Specialty Investments”), which may include: accommodate both taxable and tax-exempt accounts of clients. • real estate (which may include U.S. and foreign real estate investment trusts Baird Equity Asset Management may use mutual (“REITs”)); funds and ETFs affiliated with Baird, including mutual funds in the Baird Funds family. This • investment products that pursue non- presents a conflict of interest. For more traditional, complex or alternative information, see “Other Financial Industry investment strategies (“Alternative Affiliations and Activities” below. Strategies”) or that involve special risks not apparent in more traditional investments SAM Strategic Portfolios. The SAM Strategic (“Alternative Investment Products”); and Portfolios are described below.

• commodities, commodity-linked instruments, SAM All Growth Portfolio. The SAM All Growth currencies and currency-linked instruments; Portfolio seeks to provide aggressive growth of and capital. Under normal market conditions, this Portfolio seeks a target allocation of 98% equity • cash and cash equivalents. securities, foreign equity securities and Specialty Investments and 2% cash. Under normal market The amount allocated to each asset class and type conditions, this Portfolio generally invests nearly of investment varies by Portfolio. However, some all of its assets in equity securities and foreign Portfolios may have no allocation to one or more equity securities and mutual funds and ETFs that asset classes or types of investments described in turn principally invest in those securities. This above. Portfolio may also invest in other asset classes described above, including Specialty Investments Baird Equity Asset Management may invest the and cash. account in individual securities to implement the asset allocation. Baird Equity Asset Management SAM Capital Growth Portfolio (80/20). The SAM may also use mutual funds and ETFs in order to Capital Growth Portfolio seeks to provide growth achieve diversification across different asset of capital. Under normal market conditions, this classes. Baird Equity Asset Management believes Portfolio seeks a target allocation of 80% equity mutual funds and ETFs provide broad securities, foreign equity securities and Specialty diversification, which contributes to Portfolio risk Investments and 20% fixed income securities, control. foreign fixed income securities and cash. Under normal market conditions, this Portfolio primarily Depending on the SAM Portfolio, the SAM Portfolio invests its assets in equity securities, fixed may invest in mutual funds and ETFs that have income securities and foreign securities and various investment objectives and strategies, mutual funds and ETFs that in turn principally including but not limited to, the following: large invest in those securities. This Portfolio normally cap, mid cap and small cap strategies (which may will have a significantly higher underlying asset include value, growth or core strategies), short- allocation to equity securities than fixed income term, intermediate-term and long-term fixed securities. This Portfolio may also invest in other income strategies (which may include high-yield asset classes described above, including Specialty corporate or municipal bond strategies); Investments and cash. international and global equity and fixed income strategies, real estate strategies, commodities SAM Capital Growth Portfolio (Tax-Exempt) strategies, currency strategies, and Alternative (80/20). The SAM Capital Growth Portfolio (Tax- Strategies. For additional information regarding Exempt) Portfolio has the same objective, the characteristics of the mutual funds and ETFs underlying investments, target allocations and used in a SAM Portfolio, clients should contact risk profile as the SAM Capital Growth Portfolio

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC described above, except that this Portfolio described above, except that this Portfolio primarily invests its fixed income allocation in primarily invests its fixed income allocation in municipal securities and mutual funds and ETFs municipal securities and mutual funds and ETFs that in turn principally invest in those securities. that in turn principally invest in those securities.

SAM Moderate Growth Portfolio (70/30). The SAM The descriptions of the SAM Strategic Portfolios Moderate Growth Portfolio seeks to provide are current as of the date of this Brochure. growth of capital. Under normal market However, Baird Equity Asset Management may conditions, this Portfolio seeks a target allocation change the objective, investments, or target of 70% equity securities, foreign equity securities allocations for any Portfolio at any time. Baird and Specialty Investments and 30% fixed income Equity Asset Management may also offer other securities, foreign fixed income securities and model portfolios from time to time. A client should cash. Under normal market conditions, this note that the client’s actual asset allocation will Portfolio primarily invests its assets in equity vary over time from the target asset allocation securities, fixed income securities and foreign due to many factors, including market securities and mutual funds and ETFs that in turn appreciation or depreciation of the assets in the principally invest in those securities. This Portfolio client’s portfolio, deposits and withdrawals made normally will have a significantly higher by the client, and investment restrictions, if any, underlying asset allocation to equity securities imposed by the client. than fixed income securities. This Portfolio may also invest in other asset classes described above, SAM Custom Portfolio. A SAM Custom Portfolio including Specialty Investments and cash. provides a client with a customized level of investment across one or more of the asset SAM Moderate Growth Portfolio (Tax-Exempt) classes described above. The custom model asset (70/30). The SAM Moderate Growth Portfolio allocation strategy is determined by the client (Tax-Exempt) Portfolio has the same objective, with the assistance of Baird Equity Asset underlying investments, target allocations and Management. risk profile as the SAM Capital Growth Portfolio described above, except that this Portfolio Some SAM Strategies include target asset primarily invests its fixed income allocation in allocation percentages for equity and/or fixed municipal securities and mutual funds and ETFs income investments in the names or descriptions that in turn principally invest in those securities. of the strategies (e.g., 80-20, 60-40, 40-60, 20- 80, etc.). A client should note that those SAM Balanced Growth Portfolio (60/40). The SAM percentages are intended to be asset allocation Balanced Growth Portfolio seeks to provide targets only. There is no guarantee that accounts moderate growth of capital and some current following asset allocation strategies will be income. Under normal market conditions, this invested strictly in accordance with target asset Portfolio seeks a target allocation of 60% equity allocations. It is likely that the actual investments securities, foreign equity securities and Specialty in accounts following those strategies will vary, Investments and 40% fixed income securities, sometimes significantly, from the target asset foreign fixed income securities and cash. Under allocations and may include other asset classes normal market conditions, this Portfolio primarily due to market conditions and Baird Equity Asset invests its assets in equity securities, fixed Management’s assessment of how to best invest a income securities and foreign securities and client’s accounts. mutual funds and ETFs that in turn principally invest in those securities. This Portfolio may also Baird Equity Asset Management Value invest in other asset classes described above, Strategies including Specialty Investments and cash. Small Cap Value Portfolio. The Small Cap Value Portfolio primarily invests in small cap companies, SAM Balanced Growth Portfolio (Tax-Exempt) typically defined as those with a market cap range (60/40). The SAM Balanced Growth Portfolio of $100 million to $8 billion at time of purchase. (Tax-Exempt) Portfolio has the same objective, However, the Portfolio may invest a material underlying investments, target allocations and amount in companies outside of that range when risk profile as the SAM Capital Balanced Portfolio deemed appropriate by the portfolio manager.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC The Portfolio seeks to own securities that Baird but not limited to, strong balance sheets, high Equity Asset Management expects to exceed Wall returns on equity, competitive advantages, high Street analysts’ expectations and that trade at a barriers to entry and above average profit discount to Baird Equity Asset Management’s margins. To help control risks, the Portfolio is proprietary calculations of fair value. The Portfolio generally diversified among companies in a broad typically owns companies exhibiting high-quality range of industries and economic sectors. characteristics including, but not limited to, strong Typically, no single holding in the Portfolio will balance sheets, high returns on equity, exceed 5% of the Portfolio at cost or 8% of the competitive advantages, high barriers to entry Portfolio measured at market value. and above average profit margins. To help control risks, the Portfolio is generally diversified among Cash or Similar Investments; Temporary companies in a broad range of industries and Strategies. Under normal market conditions, up to economic sectors. Typically, no single holding in 20% of a client’s portfolio may be invested in the Portfolio will exceed 5% of the Portfolio at cash or similar short-term, investment grade debt cost or 8% of the Portfolio measured at market obligations such as U.S. government obligations, value. repurchase agreements, commercial paper or certificates of deposit. In addition, Baird Equity Small/Mid Cap Value Portfolio. The Small/Mid Cap Asset Management may invest all of a client’s Value Portfolio primarily invests in small and mid assets in cash or short-term, investment grade cap companies, typically defined as those with a debt obligations as a temporary defensive position market cap range of $300 million to $17 billion at during adverse market, economic or political time of purchase. However, the Portfolio may conditions and in other limited circumstances. invest a material amount in companies outside of that range when deemed appropriate by the CCM Strategies portfolio manager. The Portfolio seeks to own International Growth Equity Portfolio. Under securities that Baird Equity Asset Management normal market conditions, the International expects to exceed Wall Street analysts’ Growth Equity Portfolio primarily invests its assets expectations and that trade at a discount to Baird in equity securities of companies located in Equity Asset Management’s proprietary different regions around the world. Equity calculations of fair value. The Portfolio typically securities may include common or ordinary owns companies exhibiting high-quality shares, depositary receipts representing an characteristics including, but not limited to, strong ownership interest in ordinary shares, preferred balance sheets, high returns on equity, stocks. The International Growth Equity strategy competitive advantages, high barriers to entry typically excludes U.S. headquartered companies. and above average profit margins. To help control The Portfolio invests primarily in developed risks, the Portfolio is generally diversified among markets but may invest in emerging and less companies in a broad range of industries and developed markets. The Portfolio seeks to own economic sectors. Typically, no one sector securities that CCM expects to exhibit higher than (excluding financials) will exceed 30% of the total average growth. The Portfolio uses both a top market value of the Portfolio, and typically no down and a bottom up approach to determine single holding in the Portfolio will exceed 5% of which securities to purchase. The companies in the Portfolio at cost or 8% of the Portfolio which the Portfolio invests tend to have medium measured at market value. to large market capitalizations, with higher average profits growth rates, better profitability All Cap Value Portfolio. The All Cap Value Portfolio and less debt than their benchmarks, but often primarily invests in small, mid and large cap trade at a premium valuation to the broad companies, typically defined as those with a market. As of December 31, 2020, the median market cap greater than $100 million at time of market capitalization of companies held in the purchase. The Portfolio seeks to own securities International Growth Equity Portfolio was that Baird Equity Asset Management expects to approximately $49.0 billion. The International exceed Wall Street analysts’ expectations and Growth Equity Portfolio generally invests in a that trade at a discount to Baird Equity Asset limited number of securities, typically ranging Management’s proprietary calculations of fair between 25‐35 companies, but seeks to be value. The Portfolio typically owns companies diversified in terms of currencies, regions and exhibiting high-quality characteristics including,

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC economic sectors. Under normal market The International Growth Equity Portfolio and the conditions, CCM expects that annual turnover in Global Growth Equity Portfolio alone are not the Portfolio will generally be below 40%. The intended to satisfy a client’s entire portfolio benchmark for the International Growth Equity diversification needs. Those Portfolios involve strategy is currently the MSCI ACWI ex-US investments in a limited number of securities and Index®. are subject to concentration risks. See the Section titled “Principal Risks-Concentration Risks” below Global Growth Equity Portfolio. Under normal for more information. market conditions, the Global Growth Equity Portfolio primarily invests its assets in equity Other Baird Equity Asset Management securities of companies located in different Strategies regions around the world. Equity securities may Baird Equity Asset Management also manages include common or ordinary shares, depositary client assets in accordance with other investment receipts representing an ownership interest in strategies specifically designed for a client in light ordinary shares, preferred stocks. The Global of a client’s particular needs. Growth Equity strategy may include U.S. headquartered companies. The Portfolio invests Other Manager Strategies primarily in developed markets but may invest in emerging and less developed markets. The Clients that are considering engaging an Other Portfolio seeks to own securities that CCM expects Manager are urged to review the Other Manager’s to exhibit higher than average growth. The Form ADV Part 2A Brochure (“Other Manager Portfolio uses both a top down and a bottom up Brochure”) for information about the strategies approach to determine which securities to the Other Manager offers. Other Manager purchase. The companies in which the Portfolio Brochures may be obtained by contacting Baird invests tend to have medium to large market Equity Asset Management at the phone number capitalizations, with higher average profits growth listed on the cover of this Brochure. rates, better profitability and less debt than their benchmarks, but often trade at a premium Benchmarks valuation to the broad market. As of December A Portfolio may target the annual rate of return of 31, 2020, the median market capitalization of a specific benchmark index or indices that Baird companies held in the Global Growth Equity Equity Asset Management determines relevant. Portfolio was approximately $50.6 billion. The The benchmark may also be a blended benchmark Global Growth Equity Portfolio generally invests in that combines the returns for two or more a limited number of securities, typically ranging indices. The securities selected by Baird Equity between 35‐45 companies, but seeks to be Asset Management generally will not mirror the diversified in terms of currencies, regions and assets in their respective benchmark indices. economic sectors. Under normal market There can be no assurance that any particular conditions, CCM expects that annual turnover in portfolio strategy will be successful in achieving the Portfolio will generally be below 40%. The the client’s investment goals and objectives. benchmark for the Global Growth Equity strategy is currently the MSCI ACWI Index®. Methods of Analysis Baird Equity Asset Management both develops its Cash or Similar Investments; Temporary own research and valuation systems and uses Strategies. Under normal market conditions, up to such services provided by others. Information 10% of a client’s portfolio may be invested in provided by others includes company-issued cash or similar short-term, investment grade debt literature (e.g., annual reports, prospectuses, obligations such as U.S. government obligations, press releases and other information) and repurchase agreements, commercial paper or analyses by many outside investment firms. certificates of deposit. In addition, CCM may Government and Federal Reserve Bank invest all of a client’s assets in cash or short- publications, financial and other newspapers, term, investment grade debt obligations as a journals and corporate ratings services (e.g., temporary defensive position during adverse Moody's, Standard and Poor’s) as well as market, economic or political conditions and in electronic data information sources (e.g., other limited circumstances. Bloomberg, Morningstar, MTI, Cornerstone

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Analytics, Dow Jones, Reuters, FactSet, Evercore fundamental analysis to evaluate the relative ISI, RenMac, MarketSmith and William O’Neil) strength of companies and to isolate a universe of may provide data for security analysis and desirable securities. The investment philosophy of general economic information. Baird Equity Asset Baird Equity Asset Management is based on the Management may also utilize research reports belief that the value of a business over the long- created by other departments of Baird. Baird term is primarily determined by the earnings Equity Asset Management may also employ the growth and profitability of that business. Baird use of computers and third party application Equity Asset Management’s approach in applying software to more readily display information and this philosophy is to focus on the long-term, to to assist with the evaluation and analysis. invest in quality, growth companies, and to Although Baird Equity Asset Management uses control investment risk. Baird Equity Asset information and tools that Baird Equity Asset Management’s philosophy is applied consistently Management deems reliable, Baird Equity Asset across all growth equity products. Management does not independently verify or guarantee the accuracy of the information or tools Baird Equity Asset Management seeks to used. construct each Baird Equity Asset Management Growth Strategy Portfolio so that is comprised of Baird Equity Asset Management provides portfolio companies which reflect PRIME growth factors. advice and management for investors desiring These factors are analyzed as part of Baird Equity long-term investments and does not service Asset Management’s investment process and are speculators seeking to optimize results through represented in the following ways: short-term trading. Consequently, Baird Equity Asset Management focuses on the investment • Durable Profitability. Companies with attractive rather than speculative value of equity and debt margins and favorable margin trends can drive securities. Nevertheless, changing investment superior earnings growth. viewpoints, security prices or other factors might lead at times to short holding periods for selected • Sustainable Revenue Growth. Solid barriers to securities. Certain tax-exempt institutional entry, favorable pricing, and demonstrated portfolios which target investment returns in product/service track record can aid top-line relationship to specified benchmarks will, because prospects. of the specialized nature of their objectives, frequently employ investment strategies that • Favorable Industry dynamics. produce a higher turnover of investment holdings. • Management strength and integrity is a critical Baird Equity Asset Management will refrain from element of a high quality company. Growth, providing services to clients who have an profitability, and shareholder returns provide investment objective that does not match an insight into management effectiveness. Baird investment style or philosophy of Baird Equity Equity Asset Management seeks companies with Asset Management, set unrealistic expectations management who position their company’s considering current market and economic balance sheet to be a source of strength. conditions, prescribe unreasonable investment restrictions, or utilize benchmarks that are • Understanding market Expectations of a inappropriate for their stated objectives and company is important in assessing risk/return goals. Baird Equity Asset Management’s opportunities. investment philosophy and processes are further described below. Baird Equity Asset Management believes an analysis of these PRIME factors yields insights to Baird Equity Asset Management Growth and the competitive strength of a business model. SAM Strategies Baird Equity Asset Management applies the Equity Investments following strategies when purchasing securities for For the purpose of selecting individual equity a Portfolio: investments for the Baird Equity Asset Management Growth and SAM Strategies, Baird • Intentionally avoiding short-term trading Equity Asset Management relies principally on strategies and rapid shifts in industry positions.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • Setting sector limits at the greater of 30% of Equity Asset Management considers the the Portfolio’s style or double the weighting of expanding role of government worthy of the Portfolio’s benchmark index in any one continuing review from both a macro- and micro- sector, as defined by such index. economic standpoint, and at times, its analysis of domestic or international factors related to • Typically holding the securities of fewer than 70 political and regulatory influences on economic companies with exposure to at least 20 processes is an important factor in investment industries. decisions.

• Seeking securities whose growth prospects, in Fixed Income Investments Baird Equity Asset Management’s opinion, are For the purpose of selecting individual fixed not reflected in their current stock prices. income investments for the Baird Equity Asset Management Growth and SAM Strategies, Baird • Limiting the size of any one new position. No Equity Asset Management focuses on what it security will represent more than 5% of the considers to be high-quality securities, which may Portfolio total assets at the time of purchase include a mix of U.S. Treasury, U.S. government unless the security represents more than 5% of agency, corporate bonds or municipal bonds. the total assets of the Portfolio’s benchmark Individual fixed income securities must generally index, in which event the security may be rated investment grade or better at the time of represent more than 5% of the Portfolio if Baird purchase by a nationally recognized statistical Equity Asset Management determines to invest rating organization, although clients may above such level. indirectly hold below investment grade or unrated fixed income securities through their mutual fund • Leveraging key tools, such as Baird Equity Asset and ETF holdings. Management’s proprietary tier-board, which provides a visual representation of portfolio Mutual Fund and ETF Investments positions and enables discussion on relative For the purpose of selecting mutual funds and weights of our underlying positions. ETFs for the Baird Equity Asset Management Growth and SAM Strategies, Baird Equity Asset As it relates to the Baird Equity Asset Management generally starts with Baird’s Management Growth Strategies, Baird Equity Recommended Mutual Fund List, which is Asset Management bases the valuation of a designed to include mutual funds and ETFs across security (i.e., the determination of whether a numerous asset classes. When selecting funds for security is “cheap” or “expensive” in terms of its inclusion on the List, Baird generally seeks mutual historical profitability, long-range prospects and funds and ETFs that have investment managers other factors) on fundamental analysis and with tenure of at least five (5) years and have economic forecasts. Issues and industry underlying investments that adhere to the fund’s groupings that have historically demonstrated market capitalization policy and are consistent sensitivity to business cycles may require with the manager’s stated investment process valuation adjustments. Baird Equity Asset and philosophy. Baird generally looks for funds Management may sell a security due to that are among the top-performing funds in a achievement of valuation targets, significant style category in terms of risk-adjusted returns or change in the initial investment premise, or that are managed by individuals or firms that fundamental deterioration. have demonstrated success in other, related asset classes; that have performance histories showing As it relates to the Baird Equity Asset sufficient ability to achieve returns in excess of Management Growth Strategies, Baird Equity their respective style index; and that have Asset Management may use technical analysis investment processes, infrastructure, personnel (which includes insider transaction data and and other resources satisfactory to Baird. Baird’s graphic representations of price, volume and Asset Manager Research Department is primarily other characteristics for a security) to assist in responsible for assisting with selecting and determining the timing of purchases or sales of evaluating mutual funds included on the List. securities after an analysis of fundamental or Baird’s Investment Committee is ultimately cyclical factors relevant to the security. Baird responsible for selecting funds included on the

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC List. The Baird Aggregate Bond Fund, Baird to-book ratio, and low price-to-cash flow ratio. Quality Intermediate Municipal Bond Fund, Baird Generally, Baird Equity Asset Management Short-Term Bond Fund, and Baird MidCap Fund, believes the presence of these criteria is indicative mutual funds affiliated with Baird, have been of a company likely to exceed “Wall Street” selected by Baird for inclusion in Baird’s analysts’ expectations, but that trades at a Recommended Mutual Fund List. This presents a discount to its fair value. conflict of interest. However, the criteria used by Baird in deciding to select affiliated mutual funds Baird Equity Asset Management utilizes an for Baird’s Recommended Mutual Fund List are internal research process seeking catalyst for the same as those used for unaffiliated mutual change not currently recognized by Wall Street funds. analysts. Such catalyst may be underleveraged resources, M&A synergies, hidden assets/cash, Baird Equity Asset Management then performs an cyclical opportunities, or turnaround situations. additional level of review and selects mutual Baird Equity Asset Management derives funds and ETFs that meet its criteria. Generally, proprietary earnings estimates for each potential Baird Equity Asset Management seeks funds and portfolio candidate by decompiling ROE. Potential ETFs: that have demonstrated investment additions to a Portfolio are those companies consistency; that provide upside capture; that mispriced relative to what Baird Equity Asset have relatively good long-term performance; that Management believes is their intrinsic value. have a strong organization and investment team and significant manager tenure; and that have Baird Equity Asset Management generally applies relatively lower management fees and turnover the following strategies when purchasing ratio. When selecting ETFs, Baird Equity Asset securities for a Portfolio: Management prefers ETFs that have relatively lower expense ratios and prices per share. • concentrated approach typically holding 40-50 companies; Baird Equity Asset Management Value Strategies • broad sector and industry representation; For the Baird Equity Asset Management Value individual sectors are capped at 30% Strategies, Baird Equity Asset Management relies (excluding financials) and industry limits of principally on bottom-up, fundamental analysis to 20%; and determine the best potential combination of securities. Baird Equity Asset Management may • limiting the size of one position; no security is also utilize top-down analysis to evaluate macro, typically more than 8% of a Portfolio at sector, and/or industry trends to assist in market, 5% at cost. evaluating individual company opportunities. Baird Equity Asset Management may sell a As it relates to the Baird Equity Asset security out of a Baird Equity Asset Management Management Value Strategies, the investment Value Strategy Portfolio if the company or philosophy is based on the belief that growth and security experiences a fundamental deterioration, value investing are not mutually exclusive. Baird the security price exceeds Baird Equity Asset Equity Asset Management seeks to invest in what Management’s target valuation, for diversification it believes are outstanding businesses with needs, or if there is a change in Baird Equity attractive valuations that offer under-appreciated Asset Management’s macroeconomic outlook. growth potential. Baird Equity Asset Management looks for companies that demonstrate above- CCM Strategies average Return on Equity (“ROE”), above-average CCM constructs and manages quality growth profit margin, solid revenue growth, strong international (non U.S.) and global (worldwide) balance sheets, a competitive advantage, and portfolios with the primary objective of long term high barriers to entry. Baird Equity Asset capital appreciation. Investments are generally Management also looks for companies that exhibit made in the securities of companies that possess the following valuation metrics: low forward price- long-term appreciation potential adjusted for risk. to-earnings ratio, low price-to-earnings growth CCM seeks companies that it believes are likely to (“PEG”) ratio, low price-to-sales ratio, low price- benefit from current macro-economic and global

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC trends. CCM’s investment process involves a non-traditional assets. Baird Equity Asset simultaneous assessment of both top-down and Management does not normally use its bottom-up factors. The objective of CCM’s top discretionary authority to purchase interests in down analysis is to identify trends in economic limited partnerships. However, in certain and business developments and to understand the circumstances, Baird Equity Asset Management economic and currency impacts in the countries may invest a client’s account in hedge funds or where the companies are doing business. With other private funds. Short sales and margin respect to its bottom-up research, CCM evaluates transactions are not generally used. However, a both qualitative factors as well as quantitative client may specifically request Baird Equity Asset screens to aid in the selection of companies for Management to consider using those strategies. further analysis. Before making an investment, Baird Equity Asset Management may include CCM will consider the reasonableness of the investments in options or futures contracts as a company’s valuation. CCM will typically sell or normal part of its portfolio advice and reduce a position to mitigate specific risk, to take management services, but will only offer such advantage of better opportunities, to avoid services in limited instances. The use of these country risks, when operational performance does strategies and products involves special risks, and not meet expectations or when valuations are a client should not engage in these strategies unreasonable. unless the client understands these risks. See “Principal Risks” below for more information. Other Manager Strategies Clients that are considering engaging an Other SAM Strategies Manager are urged to review the Other Manager’s The types of investments used by Baird Equity Brochure for information about its methods of Asset Management for the SAM Portfolios is analysis and how the Other Manager selects described under the heading “Investment investments. Other Manager Brochures may be Strategies—Specialized Asset Management obtained by contacting Baird Equity Asset (“SAM”) Portfolio Strategies” above. Management at the phone number listed on the cover of this Brochure. CCM Strategies CCM invests primarily in common stocks but may Portfolio Investments also invest in other equity securities (including Baird Equity Asset Management Growth and preferred stocks and their equivalent). In Value Strategies addition, when CCM invests in foreign issuers, it Baird Equity Asset Management may invest client may use foreign ordinary shares, ADRs, Global accounts in, and provides advice on, the following Depositary Receipts (“GDRs”), European types of securities: equity securities (exchange- Depositary Receipts (“EDRs”) and other similar listed, over-the-counter, ADRs, and foreign- investment instruments. In certain instances, issued), warrants, options, corporate debt CCM may implement its strategies using ADRs securities, commercial paper, certificates of instead of using securities that are traded in deposit, municipal securities, mortgage- and foreign markets. asset-backed securities, collateralized mortgage obligations and United States government and CCM could use derivative instruments, including United States Federal Agency securities. In some forward foreign currency contracts, options, instances, clients may be invested in non- futures, ETFs and certain other derivative investment grade bonds (sometimes referred to instruments. Such instruments would principally as “high yield” or “junk” bonds). In addition, Baird be used for hedging and risk management Equity Asset Management may invest client purposes, including hedging the international assets in securities of investment companies, stock investments from the risk of a strong U.S. such as money market funds, mutual funds, ETFs, dollar. Such instruments may also be used to other registered investment companies, and other serve as a substitute for underlying securities or investment pools that invest in securities or track currency positions to enable market participation securities-related indices. or provide liquidity.

Baird Equity Asset Management may also invest a client’s account in REITs, commodities and other

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Other Manager Strategies exacerbate losses if changes in the markets, or Other Managers generally invest client accounts the values of the investments subject to the in, and provides advice on, equity securities leverage, are adverse to the strategy being (exchange-listed, over-the-counter, ADRs, and pursued. The use of leverage may also increase foreign-issued). In addition, Other Managers may an account’s volatility. invest client assets in securities of investment companies, such as money market funds, mutual Short Sales funds, ETFs, other registered investment Certain mutual funds and ETFs in a client’s companies, and other investment pools that account may engage in short selling. When selling invest in securities or track securities-related securities short, a firm borrows securities from a indices. Other Managers may also invest client broker-dealer and sells them at a particular price accounts in other types of investments, such as on the belief it will be able to buy the securities at warrants, options, debt securities, commercial a lower price in the future, make a profit and paper, and certificates of deposit, in certain close out the loan. Short selling thus runs the risk circumstances. Clients are urged to review the of loss if the price of the securities sold short does Other Manager’s Brochure for more information. not decline below the price at which they were originally sold. This risk of loss is theoretically Additional Important Information unlimited, as there is no cap on the amount that Alternative Strategies involve special risks not the price of a security may appreciate. apparent in more traditional investments like stocks and bonds. Some Alternative Strategies Options and Other Derivative Instruments invest in non-traditional assets, such as real Derivative Instruments estate, commodities (which may include metals, Certain mutual funds and ETFs in a client’s mining, energy and agriculture products), and account may use derivative instruments. currencies. Some Alternative Strategies engage in Derivatives instruments, such as options, the use of margin or leverage or selling securities convertible securities, futures, swaps, and short (“short sales”). Some Alternative Strategies forward contracts are financial contracts that invest in derivative instruments such as options, derive value based upon the value of an convertible securities, futures, swaps, or forward underlying asset, such as a security, commodity, contracts. Alternative Investment Products currency, or index. Derivative instruments may be generally engage in one or more Alternative used as a substitute for taking a position in the Strategies. Additional information about underlying asset. Derivative instruments may also Alternative Strategies and Alternative Investment be used to try to hedge or reduce exposure to Products is provided below other risks. They may also be used to make speculative investments on the movement of the Non-Traditional Assets value of an underlying asset. The use of Non-traditional assets, like real estate, derivative instruments involves risks different commodities, and currencies, may be used for from, or possibly greater than, the risks diversification purposes. They may also be used associated with investing directly in securities and to try to reduce market and inflation risk. The other traditional investments. Investing in performance of non-traditional assets may not derivatives also generally involves leverage. correspond to the performance of the stock Derivatives are also generally less liquid, and markets generally, and investments in non- subject to greater volatility compared to stocks traditional assets will generally impact an and bonds. account’s returns differently than more traditional investments like stocks or bonds. Alternative Investment Products Alternative Investment Products typically invest Leverage primarily in non-traditional assets or engage in Leverage generally attempts to obtain investment one or more Alternative Strategies. Alternative exposure in excess of available assets through the Investment Products include, but are not limited use of borrowings, short selling and other to: REITs and mutual funds and ETFs that engage derivative instruments. While leverage can in Alternative Strategies. potentially enhance returns, it can also

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC In addition, a client should be aware that more Market Risks. A client’s portfolio may change in traditional investments, such as mutual funds, value due to overall market fluctuations. General and ETFs may also pursue Alternative Strategies, economic conditions, political developments, thereby making them Alternative Investment international events and other factors may cause Products. A client should carefully review the the overall market to decline, which in turn may prospectus or other offering document for each reduce the value of the client’s portfolio investment and understand the strategy being regardless of the relative strength of the pursued before deciding to invest. securities held in the portfolio. Securities prices often vary for reasons unrelated to matters Additional Important Information directly affecting the issuers of the securities. The use of Alternative Strategies or Alternative Investment Products is not appropriate for some Management Risks. Baird Equity Asset clients because they involve special risks. A client Management’s judgments about the should not engage in those strategies or invest in attractiveness, value and potential appreciation of those products unless the client is prepared to particular companies’ stocks may prove to be experience significant losses in the client’s incorrect. Such errors could result in a negative portfolio. This is especially true for short selling, return and a loss to clients. which can result in unlimited losses as there is no limit to the amount borrowed securities can rise in Investment Objective and Asset Allocation Risks. value. See “Principal Risks” below for more A client’s investment objective and asset information. Before using those types of allocation strategies involve the risk that certain strategies or products, a client is strongly urged asset classes selected for the client’s Account may to discuss them with Baird Equity Asset not perform as well as other asset classes during Management. varying periods. In addition, clients who pursue more aggressive investment objectives and asset The use of Alternative Strategies or Alternative allocation strategies, while hoping to achieve high Investment Products has a unique impact upon returns, may face greater risk of loss than clients the calculation of a client’s asset-based Advisory with more conservative objectives and strategies. Fee. See “Fees and Compensation—Separate In developing investment objectives and asset Accounts—Advisory Fees” above for more allocation strategies, clients should carefully information. consider their financial situation and needs, investment goals, investment time horizon and Principal Risks risk tolerance. Risk is inherent in any investment in securities Stock Market Risks. Equity security prices vary and Baird Equity Asset Management does not and may fall, thus reducing the value of a guarantee any level of return on a client’s portfolio’s investments. Certain stocks selected investments. There is no assurance that a client’s for a portfolio may decline in value more than the investment objectives will be achieved. A Baird overall stock market. Equity Asset Management client may be subject to certain risks, including, but not limited to, the Growth-Style Investing Risks. Different types of risks described below. The risks discussed below vary by investment style or strategy, and the stocks tend to shift into and out of favor with stock market investors depending on market and investments in the client’s portfolio, and each risk economic conditions. Because each portfolio may or may not apply to a client. A client should focuses on growth-style stocks, a portfolio’s also review the prospectuses or other disclosure performance may at times be better or worse documents for the securities purchased for the than the performance of investments that focus client’s account, as they will contain important on other types of stocks or that have a broader information about the risks associated with investment style. Growth stocks are often investing in such securities. Clients pursuing an characterized by high price-to-earnings ratios, Other Manager Strategy are also urged to review which may be more volatile than stocks with the Other Manager’s Brochure for more specific lower price to-earnings ratios. information about the risks that may apply to them.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Value-Style Investing Risks. With respect to the differently from, and at times worse than, stocks Baird Equity Asset Management Value Strategies, of medium and smaller cap companies. Other investments are selected based upon Baird Equity portfolios invest primarily in small and mid cap Asset Management’s distinct principles of value stocks, which are often more volatile and less investing. Value investments are subject to the liquid than investments in larger companies. The risk that the broader market may not agree with frequency and volume of trading in securities of Baird Equity Asset Management’s assessment of, small- and mid-size companies may be or recognize, the investments’ intrinsic value. substantially less than is typical of larger companies. Therefore, the securities of small- and Sector Risks. A manager’s investment processes mid-size companies may be subject to greater may not limit exposure in any individual economic and more abrupt price fluctuations. In addition, sector. At times, a client’s account may be small- and mid-size companies may lack the weighted towards one or more economic sectors. management experience, financial resources and When weighted towards one or more economic product diversification of larger companies, sectors, the account is subject to the risk that making them more susceptible to market adverse events, changes or developments within pressures and business failure. Small- and mid- a particular sector or major companies in that size companies may also be in the early stages of sector may result in a meaningful decline in the development and may not yet be profitable. value of the account. Foreign Issuer and Investment Risks. Securities of Equity Securities Risks. Equity securities may foreign issuers, ADRs, GDRs and EDRs and experience sudden, unpredictable drops in value investments in foreign markets generally are or long periods of decline in value. This may occur subject to certain inherent risks, such as political because of factors that affect the securities or economic instability of the country of issue, the markets in general, such as adverse changes in difficulty of predicting international trade patterns economic conditions, the general outlook for and the possibility of imposition of exchange corporate earnings, interest rates or investor controls. Such securities may also be subject to sentiment. Equity securities may also lose value greater fluctuations in price than securities of because of factors affecting an entire industry or domestic corporations. Investors in foreign sector, such as increases in production costs, or markets may face delayed settlements, currency factors directly related to a specific company, controls and adverse economic developments as such as decisions made by its management. well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value Common Stock Risks. Common stocks are versus other currencies may enhance, erode, susceptible to general stock market fluctuations reverse gains or widen losses from investments and to volatile increases and decreases in value denominated in foreign currencies. For instance, as market confidence in and perceptions of their foreign governments may limit or prevent issuers change. These investor perceptions are investors from transferring their capital out of a based on various and unpredictable factors country. This may affect the value of a client’s including: expectations regarding government, investment in the country that adopts such economic, monetary and fiscal policies; inflation currency controls. Exchange rate fluctuations also and interest rates; economic expansion or may impair an issuer’s ability to repay U.S. dollar contraction; and global or regional political, denominated debt, thereby increasing the credit economic and banking crises. Holders of common risk of such debt. In addition, there may be less stocks are generally subject to greater risk than publicly available information about a foreign holders of preferred stocks and debt obligations of company than about a domestic company. the same issuer because common stockholders Foreign companies generally are not subject to generally have inferior rights to receive payments uniform accounting, auditing and financial from issuers in comparison with the rights of reporting standards comparable to those preferred stockholders, bondholders and other applicable to domestic companies. With respect to creditors. certain foreign countries, there is a possibility of expropriation or confiscatory taxation, or Capitalization Size Risks. Certain portfolios invest diplomatic developments, which could affect primarily in large cap stocks, which perform investment in those countries.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Emerging Markets Risks. Investments in emerging market value declines and when interest rates markets can involve risks in addition to and decline, its market value rises. In addition, a rise greater than those generally associated with in interest rates may have a negative impact on investing in more developed foreign markets. The the issuer, which, in turn, could have a negative extent of economic development, political impact on the market value of the investment stability, market depth, infrastructure, product. capitalization, and regulatory oversight can be less than in more developed markets. Emerging Credit Risk. The value of some investment market economies can be subject to greater products, particularly fixed income securities, is social, economic, regulatory, and political affected by changes in the product’s credit quality uncertainties. All of these factors can make rating or the issuer’s financial condition. If the emerging market securities more volatile and credit quality rating or the issuer’s financial potentially less liquid than securities issued in condition declines, so may the value of the more developed markets. investment product. Issuers may experience unanticipated financial problems and may be Concentration Risks. A client’s portfolio, especially unable to meet its payment obligations. Municipal one pursuing a CCM Strategy, may consist of a obligations in particular may be adversely affected limited number of securities or may be by political and economic conditions and concentrated in an issuer or group of issuers, an developments (for example, legislation reducing industry or economic sector or group of related state aid to local governments.) Bonds receiving industries or sectors, or concentrated in limited the lowest investment grade rating or a non- asset classes. Client accounts with concentrated investment grade rating may have speculative positions are susceptible to greater volatility and characteristics and, compared to higher grade increased risk of loss than an account that is debt obligations, may have a weakened capacity diversified across several issuers and industries or to make principal and interest payments due to sectors and asset classes. changes in economic conditions or other adverse circumstances. Ratings agencies such as Moody’s, Transaction Risk. For both the International Fitch and S&P provide ratings on bonds based on Growth Equity and the Global Growth Equity their analyses of information they deem relevant. Portfolios, CCM may, in certain market Ratings are essentially opinions or judgments of environments, trade securities more actively, the credit quality of an issuer and may prove to which could increase a client’s transaction costs be inaccurate. In addition, there may be a delay (thereby lowering a portfolio’s performance) and between events or circumstances adversely may increase the amount of taxes that a client affecting the ability of an issuer to pay interest pays on the investment. and/or repay principal and an agency’s decision to downgrade a security. Fixed Income Security Risks. Fixed income securities are subject to certain risks, including Cybersecurity Risks. With the increased use of interest rate risk, credit risk and liquidity risk. In technologies such as the Internet to conduct addition, they are subject to maturity risk. business, issuers of investments are susceptible Generally, the longer a bond’s maturity, the to operational, information security and related greater the interest rate risk and the higher its risks. In general, cyber incidents can result from yield. Conversely, the shorter a bond’s maturity, deliberate attacks or unintentional events. Cyber the lower the interest rate risk and the lower its attacks include, but are not limited to, gaining yield. Non-rated, split-rated, below investment unauthorized access to digital systems (e.g., grade, and asset-backed securities, including through “hacking” or malicious software coding) mortgage-backed and collateralized mortgage for purposes of misappropriating assets or obligations (“CMOs”), have additional, special sensitive information, corrupting data, or causing risks. operational disruption. Cyber attacks may also be carried out in a manner that does not require Interest Rate Risk. The value of some investment gaining unauthorized access, such as causing products, particularly fixed income securities, is denial-of-service attacks on websites (i.e., efforts affected significantly by changes in interest rates. to make network services unavailable to intended Generally, when interest rates rise, the product’s users). Cyber incidents affecting issuers or their service providers have the ability to cause

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC disruptions and impact business operations, related to the willingness of broker-dealers to potentially resulting in financial losses, make a market for the investment as well as the interference with the ability to transact business, interest of other investors to buy the investment. violations of applicable privacy and other laws, During periods of economic uncertainty, regulatory fines, penalties, reputational damage, significant economic and market downturns and reimbursement or other compensation costs, or periods in which financial services firms are additional compliance costs. Similar adverse unable to commit capital to make a market in, or consequences could result from cyber incidents otherwise buy, certain investments, a client may affecting governmental and other regulatory experience challenges in selling such investments authorities, exchange and other financial market at optimal prices. In addition, recent regulatory operators, banks, brokers, dealers, insurance changes applicable to financial intermediaries that companies and other financial institutions and make markets in debt securities have restricted or other parties. In addition, substantial costs may made it less desirable for those financial be incurred in order to prevent any cyber intermediaries to hold large inventories of debt incidents in the future. While issuers and other securities. Because market makers provide parties may establish business continuity plans in stability to a market through their intermediary the event of, and risk management systems to services, a reduction in dealer inventories may prevent, such cyber incidents, there are inherent lead to decreased liquidity and increased volatility limitations in such plans and systems including in the fixed income markets. the possibility that certain risks have not been identified. As a result, client accounts and Money Market Fund Risks. A money market fund investments could be negatively impacted. is a type of mutual fund that generally invests in short-term debt instruments. Many investors use Government Obligation Risks. Client assets may money market funds to store cash. There are be invested in securities issued, sponsored or three primary types of money market funds: (1) guaranteed by the U.S. government, its agencies government money market funds (funds that and instrumentalities. However, no assurance can invest nearly all assets in cash, government be given that the U.S. government will provide securities, and/or repurchase agreements financial support to U.S. government-sponsored collateralized by cash or government securities); agencies or instrumentalities where it is not (2) retail money market funds (funds that have obligated to do so by law. For instance, securities policies and procedures reasonably designed to issued by the Government National Mortgage limit beneficial ownership to natural persons); and Association (“Ginnie Mae”) are supported by the (3) institutional money market funds (funds that full faith and credit of the United States. permit beneficial ownership by institutions and Securities issued by the Federal National natural persons). The rules governing money Mortgage Association (“Fannie Mae”) and the market funds vary based on the type of money Federal Home Loan Mortgage Corporation market fund. Government and retail money (“Freddie Mac”) have historically been supported market funds generally try to keep their net asset only by the discretionary authority of the U.S. value (NAV) at a stable $1.00 per share using government. While the U.S. government provides special pricing and valuation conventions. financial support to various U.S. government- Institutional money market funds are required to sponsored agencies and instrumentalities, such as calculate their NAV in a manner such that the NAV those listed above, no assurance can be given will vary based upon the market value of assets that it will always do so. and liabilities of the fund (also known as a “floating NAV”). An investment in a money Illiquid Securities and Liquidity Risks. Liquidity market fund is not insured or guaranteed by the risk is the risk that certain investments may be FDIC or any other government agency. Although difficult or impossible to sell at the time and price some money market funds seek to preserve the that a client would like to sell. Clients may have value of an investment at $1.00 per share, there to lower the price, sell other investments or can be no assurance that will occur, and it is forego an investment opportunity, any of which possible to lose money should the fund value per may have a negative effect on the management share fall. In some circumstances, money market or performance of client accounts. The liquidity of funds may be forced to cease operations when a particular investment depends on the strength the value of a fund drops. In that event, the of demand for the investment, which is generally fund's holdings may be liquidated and distributed

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC to the fund's shareholders. This liquidation As a result, they may not be suitable for all process could take time to complete. During that clients. The risks associated with these time, the amounts a client has invested in the investments include, but not limited to, price money market fund would not be available for volatility risk, credit risk, default risk, and liquidity purchases or withdrawals. In addition, retail and risk. Clients investing in securities or other institutional money market funds are required to investment products that are not rated, split- impose redemption fees (also known as liquidity rated or are below investment grade should have fees) and suspend redemptions (also known as a high tolerance for risk, including the willingness redemption gates) in certain circumstances. and ability to accept significant price volatility, Government money market funds may also potential lack of liquidity and potential loss of impose redemption fees and suspend redemptions their investment. in those same circumstances. More specific information about how a money market fund Mutual Fund Risks. Mutual funds can have many calculates its NAV and the circumstances under different investment objectives and strategies, which it will impose a redemption fee or suspend including equity, fixed income, balanced, redemptions is set forth in the prospectus for that international, and global strategies, and strategies money market fund. that focus on a particular market capitalization, investment style, economic industry or sector, or Asset-Backed Securities Risks. Asset-backed geographic region. Mutual funds have risks, which securities are securities secured or backed by may include market risk, management and mortgage loans, student loans, automobile loans, securities selection risk, investment objective and installment sale contracts, credit card receivables asset allocation risk, stock market risk, equity or other assets and are issued by entities such as securities risk, common stock risk, fixed income commercial banks, trusts, financial companies, securities risk, interest rate risk, credit risk, finance subsidiaries of industrial companies, capitalization risk, investment style risk, foreign savings and loan associations, mortgage banks issuer and investment risk, and emerging market and investment banks. These securities represent risk. Certain mutual funds pursue Alternative interests in pools of assets in which periodic Strategies, which are subject to special risks. The payments of interest or principal on the securities degree of these and other risks will vary are made, thus, in effect passing through periodic depending on the type of mutual fund selected. payments made by the individual borrowers on Also, investment return and principal value will the assets that underlie the securities, net of any fluctuate, and shares, when redeemed, may be fees paid to the issuer or guarantor of the worth more or less than their original cost. securities. Asset-backed securities are issued in multiple classes (or tranches) and their relative Exchange Traded Fund Risks. An ETF is different payment rights may be structured in many ways. from a mutual fund in that an ETF does not sell its Asset-backed securities may be subject to greater shares directly to public investors and does not risk of default during periods of economic redeem shares from public investors. Rather, downturn than other instruments. Asset-backed shares of an ETF are commonly purchased or sold securities also can be more sensitive to interest in the secondary market on a securities exchange, rate risk than other types of fixed income like common stocks. An ETF maintains a net asset securities. Modest movements in interest rates value but, based on demand and other factors, (both increases and decreases) may quickly and the market price of shares of an ETF may vary significantly reduce the value of certain types of from its net asset value. ETFs invest in and hold these securities. Asset-backed securities are securities and other assets, such as stocks, subject to a number of other risks, including, but bonds, commodities and currencies, and have not limited to, market and valuation risks, stated investment objectives and principal liquidity risk, and prepayment risk. strategies. ETFs can have many different investment objectives and strategies, including Non-Rated, Split-Rated, and Below Investment equity, fixed income, balanced, international, and Grade Securities (High Yield or “Junk” Bonds) global strategies, and strategies that focus on a Risks. Investing in securities or other investment particular market capitalization, investment style, products that are not rated, split-rated or are economic industry or sector, or geographic below investment grade (also known as high yield region. Many ETFs seek to track the performance or “junk” bonds) involve significant, special risks. of an index or other underlying benchmark.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Passively managed ETFs will not be able to countries could have a disproportionate impact on replicate exactly the performance of the indices the prices of such commodities. No active trading the ETFs track because the total return generated market may exist for certain commodities by the securities will be reduced by management investments, which may impair the value of the fees, transaction costs and other expenses investments. incurred by the ETF. ETFs have other risks, which may include market risk, management and Currency Risks. Investments in currencies, and securities selection risk, investment objective and investments in securities or other instruments asset allocation risk, stock market risk, equity denominated in or indexed or linked to currencies, securities risk, common stock risk, fixed income are subject to certain risks. Those investments securities risk, interest rate risk, credit risk, are subject to all of the risks associated with capitalization risk, investment style risk, foreign foreign investing generally. In addition, currency issuer and investment risk, and emerging market markets generally are not as regulated as risk. Certain ETFs pursue Alternative Strategies, securities markets. Also, changes in currency which are subject to special risks. The degree of exchange rates could adversely impact the these and other risks will vary depending on the investment. Devaluation of a currency by a type of ETF selected. country will also have a significant negative impact on the value of any investment Non-Traditional Assets Risks. Non-traditional denominated in that currency. Currency assets, such as real estate, commodities, investments may also be positively or negatively currencies and private companies, are subject to affected by a country’s strategies intended to risks that are different from, and in some make its currency stronger or weaker relative to instances, greater than, other assets like stocks other currencies. and bonds. Some non-traditional assets are less transparent and more sensitive to domestic and Leverage and Margin Risks. Leveraging strategies foreign political and economic conditions than may amplify the impact of any decrease in the more traditional investments. Non-traditional value of underlying securities in the client’s assets are also generally more difficult to value, portfolio, thereby increasing a client’s risk of loss. less liquid, and subject to greater volatility The use of leverage may also increase a compared to stocks and bonds. portfolio’s volatility. Strategies involving margin can cause a client to lose more money than Commodities Risks. Investments in commodities deposited in the client’s margin account. A client markets or a particular sector of the commodities should not engage in strategies involving leverage markets, and investments in securities or other or margin unless the client is prepared to instruments denominated in or indexed or linked experience significant losses in the value of the to commodities, are subject to certain risks. client’s portfolio. Those investments generally will subject a client portfolio to greater volatility than investments in Short Sales Risks. Short selling runs the risk of traditional securities. The commodities markets loss if the price of the securities sold short does are impacted by a variety of factors, including not decline below the price at which they were changes in overall market movements, domestic originally sold. This risk of loss is theoretically and foreign political and economic conditions, unlimited, as there is no cap on the amount that interest rates, inflation rates and investment and the price of a security may appreciate. In trading activities in commodities. Prices of addition, a lender may request, or market commodities may also be affected by factors such conditions may dictate, that securities sold short as drought, floods, weather, livestock disease, be returned to the lender on short notice, which embargoes, tariffs and other regulatory may result having to buy the securities sold short developments. The prices of commodities can also at an unfavorable price. A client should not fluctuate widely due to supply and demand engage in short sales unless the client is prepared disruptions in major producing or consuming to experience significant losses in the client’s regions. Certain commodities may be produced in portfolio. a limited number of countries and may be controlled by a small number of producers or Derivative Instrument Risks. The values of groups of producers. As a result, political, options, convertible securities, futures, swaps, economic and supply related events in such

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC forward contracts and other derivative hospitals and health care facilities, self-storage instruments is derived from an underlying asset, facilities, data centers, warehouses, such as a security, commodity, currency, or telecommunications facilities, and mortgages or index. Derivative instruments often have risks loans. Many REITs are registered with the SEC similar to the underlying asset, however, in and their common stock and preferred stock are certain cases, those risks are greater than the publicly traded on a stock exchange. These are risks presented by the underlying asset. known as publicly traded REITs. Others may be Derivative instruments may experience dramatic registered with the SEC but are not publicly price changes and imperfect correlations between traded. These are known as private REITs (also the price of the derivative and the underlying known as non-traded or non-exchange traded asset, which may increase volatility. Derivatives REITs). Private REITs are generally subject to generally create leverage, and as a result, a small limited regulation and offer limited disclosure and movement in the underlying asset's value can transparency. The shareholders of a REIT are result in large change in the value of the responsible for paying taxes on the dividends that derivative instrument. Derivatives are also subject they receive and on any capital gains associated to liquidity risk, interest rate risk, market risk, with their investment in the REIT. Dividends paid credit risk, management risk and counterparty by REITs generally are treated as ordinary income risk. The use of these instruments is not and are not entitled to the reduced tax rates on appropriate for some clients because they involve other types of corporate dividends. Prices of REIT special risks. A client should not invest in these securities and trading volumes may be more instruments unless the client is prepared to volatile that other investments. Many REITs focus experience volatility and significant losses in the on a particular sector of the real estate market, client’s portfolio. such as apartments, student housing, hotels and hospitality, health care, office buildings, shopping Options Risks. In purchasing a put or call option, malls, warehouses, self-storage facilities and the the purchaser faces the risk of loss of the like. Those REITs are subject to risks associated premium paid for the option if the market price with sectors in which they are focused. moves in a direction opposite to what the Additionally, many REITs may own properties that purchaser had expected. In selling or writing an are concentrated in a particular geographic region option, the seller faces significantly more risk. A or regions, which subject them to the risk of seller of a call option faces the risk of significant deteriorating economic conditions in those areas. loss if the prevailing market price of the Investing in REITs involves other special risks, underlying security or index increases above the including, but not limited to, real estate portfolio strike price, and a seller of a put option faces the risk (including development, environmental, risk of significant loss if the prevailing market competition, occupancy and maintenance risk), price of the underlying security or index liquidity risk, leverage risk, distribution risk, decreased below the strike price. capital markets access risk, growth risk, counterparty risk, conflicts of interest risk, Hedging Risks. When a derivative instrument is dependence upon key personnel risk, and used as a hedge against an opposite position, any regulatory risk. Other risks may include: market loss on the derivative instrument should be risk, management and securities selection risk, substantially offset by gains on the hedged investment objective and asset allocation risk, investment, and vice versa. Although hedging can stock market risk, equity securities risk, interest be an effective way to reduce the investment risk, rate risk, credit risk, foreign issuer and it may not always perfectly offset one position investment risk, and emerging market risk. REITs with another. As a result, there is no assurance involve significant, special risks and may not be that hedging transactions will be effective. suitable for some clients. Clients investing in REITs should have a high tolerance for risk, Real Estate Investment Trusts Risks. A REIT is a including the willingness and ability to accept corporation, trust or association that owns and significant price volatility and volatility of regular typically operates income-producing real estate or distribution amounts, potential lack of liquidity real estate-related assets. The income-producing and potential loss of their investment. real estate assets owned by a REIT may include office buildings, shopping malls, multi-family Recent Events. In response to the financial crisis housing, student housing, hotels, resorts, that began in 2008, the Federal Reserve took

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC extraordinary steps to support financial markets In June 2016, the United Kingdom (“UK”) voted to and the United States (“U.S.”) economy, including leave the European Union (“EU”), following a various bond buying or quantitative easing (“QE”) referendum referred to as “Brexit.” While, the UK programs as well as maintaining their policy formally left the EU at the end of January 2020, interest rate at historically low levels. The Federal new rules impacting the day-to-day relationship Reserve undertook a policy rate normalization between the UK and EU, including such things as process raising its policy rate, the overnight trade, regulations, and travel, took effect on Federal Funds rate, several times in 2017 and January 1, 2021. As a result, there remains 2018. However, in the first quarter of 2020, uncertainty regarding Brexit’s ramifications, and responding the significant market and economic the range of possible political, regulatory, dislocation due to the coronavirus (COVID-19) economic, and market outcomes are difficult to global pandemic, the Federal Reserve again took predict, particularly for companies that rely extraordinary steps and lowered their policy significantly on Europe for their business activities interest rate to historically low levels. The Federal and revenues. Reserve and global central banks continue to operate with a highly accommodative monetary It is possible that these or other geopolitical policy given the ongoing effects of the pandemic. events could have an adverse effect on a client’s In addition, the U.S. Government has initiated portfolio. several rounds of fiscal stimulus intended to offset some of the negative impact of the pandemic. Disciplinary Information There is uncertainty regarding the long-term There are no legal or disciplinary events that effect of significant government spending and low solely relate to Baird Equity Asset Management or interest rates, and the potential dependency on its business operations. these stimulus measures to support economic growth. The following information pertains to Baird’s Private Wealth Management (“PWM”) business. The coronavirus (COVID-19) pandemic presents a global health issue and a continued risk to the global economy. Efforts to limit the spread of the In April 2016, Baird, without admitting or denying coronavirus (COVID-19) have included significant the findings, consented to the sanctions and travel restrictions and business shutdowns. U.S. findings of FINRA that it violated NASD Conduct and international markets have experienced Rule 3010, FINRA Rule 3110, and FINRA Rule periods of significant volatility because of the 2010, by failing to establish and maintain a pandemic. The full global humanitarian, social, supervisory system and procedures reasonably and economic impact of the coronavirus (COVID- designed to ensure that customers who purchased 19) pandemic remains unknown. Despite the mutual fund shares received the benefit of development of vaccines, the coronavirus applicable sales charge waivers. In May 2015, (COVID-19) and related public health issues, and Baird began a review to determine whether Baird the measures taken to limit the spread of the had provided available sales charge waivers to coronavirus (COVID-19), may continue to eligible customers. Based on this review, in May negatively impact global economic growth. 2015, Baird self-reported to FINRA that various eligible customers had not received available sales charge waivers. Baird was found to have The U.S. recently completed its traditional disadvantaged certain retirement plan and presidential election cycle, resulting in a change in charitable organization customers that were the political party of the President. The financial eligible to purchase Class A shares in certain markets may experience periods of heightened mutual funds without a front-end sales charge. uncertainty as investors assess the potential The findings also stated that these customers impact of policy changes by the new were instead sold Class A shares with a front-end administration. As an example, changes in trade sales charge or Class B or C shares with higher policy, which could include the removal of or ongoing fees and the potential application of a addition to tariffs, may impact global trade and contingent deferred sales charge. Baird was economic growth. The ability of countries to censured and required to pay restitution to effectively resolve meaningful trade affected customers estimated to be approximately disagreements is uncertain. $2.1 million including interest.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC In July 2016, Baird, without admitting or denying and review and, as necessary, update its policies the findings, consented to the sanctions and to and procedures. Baird also was ordered to cease the entry of findings of FINRA that the firm and a and desist committing or causing any violations firm supervisor within its Private Wealth and any future violations of Section 206(4) of the Management business did not reasonably Advisers Act and Rule 206(4)-7 thereunder and supervise a former Financial Advisor who misused pay a civil money penalty in the amount of a customer’s funds. The findings stated that the $250,000. supervisor did not reasonably follow-up on red flags associated with a trade correction request In March 2019, Baird, without admitting or submitted by the Financial Advisor that should denying the findings, consented to an order of the have alerted him to the Financial Advisor's misuse SEC, which found that it violated Sections 206(2) of a customer’s funds. The supervisor also did not and 207 of the Advisers Act for making follow certain of Baird’s written supervisory inadequate disclosures to advisory clients about procedures (“WSPs”) relating to trade corrections. mutual fund share classes. The order was part of After the supervisor realized that the Financial a voluntary self-reporting program initiated by the Advisor misused the customer’s funds, Baird SEC called the “Share Class Selection Disclosure reimbursed the customer for the loss. The (or SCSD) Initiative.” Under the program, findings also included that Baird did not establish investment advisory firms were offered the and maintain a supervisory system, including opportunity to voluntarily self-report violations of WSPs, for correcting trade errors that was the federal securities laws relating to mutual fund reasonably designed to ensure compliance with share class selection and related disclosure issues applicable securities laws, regulations and rules. and agree to settlement terms imposed by the Baird was censured and fined $200,000. SEC, including returning money to affected investment advisory clients. The central issue In September 2016, the SEC announced that identified by the SEC was that, in many cases, Baird, without admitting or denying the findings, investment advisers bought for or recommended consented to the sanctions and findings of the to their investment advisory clients mutual fund SEC that it violated Section 206(4) of the Advisers share classes that had distribution or service fees Act and Rule 206(4)-7 thereunder by failing to (commonly known as 12b-1 fees) paid out of fund adopt and implement adequate policies and assets to the advisers when lower-cost share procedures to track and disclose trading away classes were available to those advisory clients, practices by certain of the subadvisors and the investment advisers did not adequately participating in Baird’s wrap fee programs offered disclose their receipt of 12b-1 fees and/or the through its Private Wealth Management conflict of interest associated with those 12b-1 Department. Through these programs, Baird’s paying share classes. Baird and many other firms advisory clients pay an annual fee in exchange for self-reported under the program and entered into receiving access to select subadvisors and trading substantially identical orders. By self-reporting strategies, advice from Baird’s financial advisors, and consenting to the order, Baird agreed to a and trade execution services through Baird at no censure and to cease and desist from committing additional cost. However, if a subadvisor chooses or causing any violations and future violations of not to direct the execution of particular equity Sections 206(2) and 207 of the Advisers Act. trades through Baird in order to fulfill its best Baird also agreed to establish a distribution fund execution obligation and the executing broker and to deposit into that fund the improperly charges a commission or fee, Baird’s advisory disclosed 12b-1 fees received by Baird plus clients often are charged additional commissions prejudgment interest, which will be paid to or fees for those transactions, which is often affected advisory clients. More information about embedded in the price paid or received for the the order is contained in Baird’s Form ADV, which security. This practice is referred to as “trading is available on the SEC’s Investment Advisory away” and these types of trades are frequently Public Disclosure website at https://www. called “trade aways.” Baird was found to have adviserinfo.sec.gov/IAPD/Default.aspx or in the failed to adopt or implement policies and SEC’s press release about the SCSD Initiative at procedures designed to provide specific https://www.sec.gov/news/press-release/2019- information to Baird’s clients and financial 28. The order pertains to Baird’s Private Wealth advisors about the costs of trading away. Baird Management (“PWM”) investment advisory agreed to provide additional disclosure to clients business and PWM’s Cash Sweep Program. Baird

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Equity Asset Management’s business was not municipal and governmental bonds; distribution of impacted by the order, except for certain high net mutual fund shares; option transactions; and worth clients with accounts custodied at Baird and research services. enrolled in a Baird PWM advisory program or its Cash Sweep Program. Certain Baird and Baird Equity Asset Management associates and certain management persons of Additional information about Baird’s disciplinary Baird and Baird Equity Asset Management are history is available on the SEC’s website at registered, or have an application pending to www.adviserinfo.sec.gov. register, as registered representatives and associated persons of Baird to the extent Other Financial Industry Activities and necessary or appropriate to perform their job Affiliations responsibilities. Baird is registered with the SEC as a broker- Baird’s Other Investment Management dealer under the Exchange Act and as an investment adviser under the Advisers Act. Baird Activities is also affiliated with certain broker-dealers, Baird and its Financial Advisors may, from time to investment advisors, other financial services firms time refer clients to Baird Equity Asset and investment products that are identified Management or CCM, or to Baird Advisors, below. Certain Baird associates and certain another investment management department of management persons of Baird may invest in those Baird. Baird Financial Advisors are eligible for investment products. referral compensation to be paid by Baird that is based upon, among other factors, the From time to time, Baird Equity Asset compensation received by Baird. Management and Baird may recommend that clients invest assets with investment advisors or Affiliated Broker-Dealers in investment products that are affiliated with Baird is affiliated, and may be deemed to be Baird. Such a recommendation of affiliated under common control, with Strategas Securities, advisors or investment products creates a LLC (“Strategas Securities”), which is registered potential conflict of interest because Baird Equity with the SEC as a broker-dealer and investment Asset Management associates, Baird and Baird’s adviser, by virtue of their common indirect affiliates may receive higher aggregate ownership by BFG. compensation if clients retain affiliated advisors or invest in affiliated investment products instead of Affiliated Investment Advisors retaining unaffiliated advisors or investing in Baird is affiliated, and may be deemed to be unaffiliated investment products. Baird Equity under common control, with Riverfront Asset Management and Baird address this Investment Group, LLC ("Riverfront") by virtue of potential conflict through disclosure in this their common indirect ownership by BFG. Brochure. Further, when acting as fiduciary Additional information about Riverfront is investment advisers, Baird Equity Asset available in Riverfront’s Form ADV Part 2A Management and Baird are required to select or Brochure. From time to time, Baird Equity Asset recommend affiliated investment products only Management may use or recommend Riverfront when they determine it to be in the client’s best investment products and services. Due to its interest to do so. The criteria used by them in affiliation with Riverfront, Baird has a financial deciding to select or recommend affiliated incentive to favor Riverfront investment products investment products are generally the same as and services. those used for unaffiliated investment products. Baird is affiliated, and may be deemed to be Baird’s Broker-Dealer Activities under common control, with Greenhouse Funds Baird is engaged in a broad range of broker- LLLP (“Greenhouse”) and Greenhouse Fund GP dealer activities, including: individual and LLC ("Greenhouse GP") by virtue of their common institutional brokerage transactions; origination indirect ownership by BFG. From time to time, of, and participation in, underwritings of corporate Baird Equity Asset Management may use or and municipal securities; market making and recommend Greenhouse or Greenhouse GP trading activities in corporate securities and investment products and services. Baird

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC incentivizes certain Baird Equity Asset Baird Advisors also serves as investment sub- Management sales professionals to recommend to adviser to two sub-funds of PrivilEdge, a Société clients advisory products and services offered by d’Investissement à Capital Variable (SICAV) (an Greenhouse. Due to the incentive compensation investment company with variable capital) arrangements relating to Greenhouse and Baird’s organized under the laws of Luxembourg. Baird affiliation with Greenhouse and Greenhouse GP, receives compensation for the services provided certain Baird Equity Asset Management sales to those sub-funds. professionals and Baird have a financial incentive to favor Greenhouse and Greenhouse GP Baird Equity Asset Management serves as investment products and services. investment sub-adviser to a mutual fund series of the Principal Funds, Inc. and Baird receives Baird is affiliated, and may be deemed to be compensation for those services Additional under common control, with Strategas Asset information about that mutual fund, including Management, LLC (“Strategas”), by virtue of their information relating to the fees paid by that fund common indirect ownership by BFG. for investment management services, is available in the fund’s prospectus and statement of Affiliated Mutual Funds, ETFs and additional information. Investment Companies Baird is the investment adviser and principal CCM serves as investment sub-adviser to a underwriter for the Baird Funds. Baird Advisors mutual fund series of the Pace® Select Advisors provides investment management, administrative, Trust and Baird receives compensation for those and other services to certain Baird Funds services. Additional information about those investing primarily in fixed income securities (the mutual funds, including information relating to the “Baird Bond Funds”). Baird Equity Asset fees paid by those funds for investment Management provides investment management management services, is available in the funds’ and other services to certain Baird Funds prospectus and statement of additional investing primarily in equity securities (the “Baird information. Equity Funds”). CCM provides investment management and other services to certain Baird Baird acts as a portfolio consultant for certain Funds pursuing global or international investment UITs that are part of the FT Series, including the strategies (the “Chautauqua Funds”). As DIT Global Portfolio Series, the Dividend Income compensation for its services, Baird receives fees Trust Series, the Automated Quantitative Analysis from each Baird Fund, which fees are disclosed in (AQA®) Portfolio Series and the AQA® Large-Cap each Fund’s prospectus and statement of Portfolio Series. Baird also acts as administrator additional information available on Baird’s website for certain closed-end funds sponsored by Duff & at bairdassetmanagement.com/baird-funds. Baird Phelps Investment Management Co., including incentivizes certain Baird Equity Asset DNP Select Income Fund, Inc., Duff & Phelps Management sales professionals to recommend to Utility and Corporate Bond Trust, Inc., and DTF clients certain Baird Equity Funds over other Baird Tax Free Income Fund Inc. Additional information Equity Asset Management products and services. about those investment products is available in Due to such incentive compensation the applicable prospectus and other fund arrangements, certain Baird Equity Asset documents. Management sales professionals have a financial incentive to favor Baird Equity Funds. Riverfront acts as investment sub-adviser for certain mutual fund series of the Financial Baird Advisors serves as investment sub-adviser Investors Trust and certain ETFs that are part of to a mutual fund series of the Bridge Builder Trust the ALPS ETF Trust and First Trust Exchange- and Baird receives compensation for those Traded Fund III. Additional information about services. Additional information about that mutual those mutual funds and ETFs, including fund, including information relating to the fees information relating to the compensation paid to paid by that fund for investment management Riverfront by those funds for investment services, is available in the fund’s prospectus and management services, is available in each fund’s statement of additional information. prospectus and statement of additional information. From time to time, Baird Equity

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Asset Management may use or recommend Certain Baird Capital-Related Entities Riverfront mutual funds and ETFs. Due to its affiliation with Riverfront, Baird has a financial Investment Advisor Private Equity Fund(s) incentive to favor funds managed by Riverfront. BVP IV Affiliates Fund Limited Partnership BVP IV Special Affiliates Fund Limited Partnership Strategas acts as investment sub-adviser for the Baird Venture Partners Management Company V, LLC Destinations Large Cap Equity Fund. Strategas Securities is a sponsor of Strategas Trust, a unit Baird Venture Partners V Limited Partnership investment trust organized in series, which series BVP V Affiliates Fund Limited Partnership currently consists of Strategas Trust, Series 1-1 BVP V Special Affiliates Fund Limited Partnership (Strategas Policy Basket Portfolio). Additional Baird Capital Partners Management Company V, LLC information about those investment products is available in the applicable prospectus and Baird Capital Partners V Limited Partnership statement of additional information. BCP V Affiliates Fund Limited Partnership BCP V Special Affiliates Limited Partnership Affiliated Private Funds Baird Capital Partners Asia Management I Limited CCM acts as investment manager for, and Baird is Partnership the general partner or manager of, the Baird Capital Partners Asia I Limited Partnership Chautauqua International Growth Equity QP Fund, Baird Capital Partners Asia I (Cayman) Limited LP, the Chautauqua Global Growth Equity QP Partnership Fund, LP and the Chautauqua New World Growth BCPA I Affiliates Fund Limited Partnership Equity Series (a series of Chautauqua Series Fund, LLC) (the “Chautauqua Private Funds”), and Baird Capital Global Fund Management I LP CCM serves as investment sub-adviser to the Baird Capital Global Fund I LP Multi-Advisor Funds International Fund. Those Baird Capital Global Fund I-DE LP funds are private pooled investment vehicles that BCGF I Special Affiliates LP are not required to be registered with the SEC as BCGF I Affiliates Fund LP investment companies. Due to their affiliation with the Chautauqua Private Funds and the Multi- Baird Capital Partners Europe Limited* Advisor Funds International Fund, Baird Equity Baird Capital Partners Europe Fund LP Asset Management, CCM and Baird have a Baird Capital Partners Europe II LP financial incentive to favor those funds. Baird Capital Partners Europe II Special Affiliates LP The Growth Fund Affiliated Private Equity Funds

Baird is also engaged in a private equity business * Baird Capital Partners Europe Limited, an English through Baird Capital (“Baird Capital”), Baird’s limited company, is regulated and authorized by the global private equity group. The private equity Financial Conduct Authority. funds offered through Baird Capital and the investment adviser entities that manage them are The Baird Principal Group is a group within Baird set forth below. that has private equity funds where investors are limited to Baird employees and Baird affiliated Certain Baird Capital-Related Entities entities. The private equity funds offered through Baird Principal Group and the investment adviser Investment Advisor Private Equity Fund(s) entities that manage them are set forth below. Baird Venture Partners Management Company I, LLC Baird Venture Partners I(B) Limited Partnership Certain Baird Principal Group-Related Entities Baird Venture Partners Management Company III, LLC Investment Advisor Private Equity Fund(s) Baird Venture Partners III Limited Partnership Baird Principal Group Management Company I, LLC BVP III Affiliates Fund Limited Partnership Baird Principal Group Partners Fund I Limited BVP III Special Affiliates Limited Partnership Partnership Baird Venture Partners Management Company IV, LLC Baird Principal Group Management Company II, LLC Baird Venture Partners IV Limited Partnership Baird Principal Group Partners Fund II Limited

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Certain Baird Principal Group-Related Entities may also select Baird to provide custody, research or other services. Baird receives compensation for Investment Advisor Private Equity Fund(s) those services. That compensation is not paid to Partnership Baird Equity Asset Management or its associates.

Baird would have a financial incentive to the Code of Ethics, Participation or extent it would recommend that a client invest in Interest in Client Transactions and a portfolio company owned by an affiliated private Personal Trading equity fund. A list of the portfolio investments Code of Ethics held by private equity funds affiliated with Baird is located on Baird Capital’s website at Subject to the restrictions described below, Baird https://www.bairdcapital.com/portfolio/baird- and its affiliates and associates may engage in capital-portfolio.aspx. securities transactions for their own accounts, including the same or related securities that are recommended to or owned by Baird clients. These Affiliated Hedge Funds transactions may include trading in securities in a Greenhouse acts as investment manager for, and manner that differs from, or is inconsistent with, Greenhouse GP is the general partner of, the the advice given to Baird clients, and the Greenhouse Master Fund LP and the Greenhouse transactions may occur at or about the same time Onshore Fund LP. Greenhouse also acts as that such securities are recommended to or are investment adviser for the Greenhouse Overseas purchased or sold for client accounts. This creates Fund Ltd. Those funds are hedge funds that are a potential for a conflict between the interest of not required to be registered with the SEC as clients and the interests of Baird and its affiliates investment companies. From time to time, Baird and associates. Equity Asset Management may use or recommend Greenhouse hedge funds. Due to its affiliation To address the potential for conflicts of interest, with Greenhouse and Greenhouse GP, Baird has a Baird has adopted a Code of Ethics (the “Code”) financial incentive to favor those hedge funds. that applies to its associates that provide investment advisory services to clients, including Other Affiliated Financial Services Firms Baird Equity Asset Management associates, and Baird is affiliated, and may be deemed to be certain associates who have access to non-public under common control, with Hilliard Lyons Trust, information relating to advisory client accounts a Kentucky-chartered trust company, by virtue of (“Access Persons”). The Code prohibits Access their common indirect ownership by BFG. Persons from using knowledge about advisory client account transactions to profit personally, Baird is affiliated with, and may be deemed to directly, or indirectly, by trading in his or her control, bFinance UK Limited (“bFinance”) and personal accounts. In addition, an Access Person bFinance’s related companies by virtue of Baird’s who has discretionary authority over client indirect control over those entities. bFinance is a accounts must generally pre-clear his or her financial services firm located in the United trades or obtain prior authorization from Baird’s Kingdom and regulated by the Financial Conduct Compliance Department before executing a trade. Authority. From time to time, bFinance or its The Code also generally prohibits Access Persons related companies may refer clients to Baird who have discretionary authority over client Equity Asset Management or recommend Baird accounts from executing a security transaction for Equity Asset Management services. their personal accounts during a blackout period seven days before or after the date that a client Other Financial Industry Activities transaction in that same security is executed. The Baird has business relationships with investment Code provides for certain exceptions deemed managers separate and apart from Baird Equity appropriate by Baird management or by Baird’s Asset Management. Other investment Compliance Department. A copy of the Code is management firms may select Baird, in its available to clients or prospective clients upon capacity as a broker-dealer, to execute portfolio request. trades for their clients, including for investment funds they advise. Investment management firms Baird has also implemented certain policies and procedures relating to Baird’s and its associates’

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC trading activities that are designed to prevent Allocations of IPOs and Other Public Offerings them from improperly benefiting from the trading Baird also has the incentive to favor some clients activities of Baird’s advisory clients. In addition, over other clients when allocating shares issued in Baird’s Compliance Department monitors the public offerings, particularly those clients with personal trading activities of all of Baird’s larger accounts or accounts that generate high associates providing advisory-related services to fees and compensation, as a reward for their past clients. business or to generate future business.

Baird’s Participation or Interest in Client Research Activities Transactions The investment advice provided to a client may Baird’s Investment Banking, Public Finance and be based on the research opinions of Baird’s Institutional Equities Services Activities research departments. Baird does, and seeks to Through its Investment Banking, Public Finance do, business with companies covered by those and Institutional Equities Services Departments, research departments and as a result, Baird may Baird provides investment banking, municipal have a conflict of interest that could affect the advisory, securities underwriting, stock buyback content of its research reports. and related services to various corporate, municipal, and other issuers of securities. Baird Other Client Relationships receives compensation and fees from such Certain client accounts managed by Baird Equity entities in connection with the services it Asset Management and Baird have similar provides. Baird may, therefore, have an incentive investment objectives and strategies but may be to favor the securities of issuers for which Baird subject to different fee schedules. Thus, Baird provides such services over the securities of Equity Asset Management and Baird have an issuers for which Baird does not provide such incentive to favor client accounts that generate a services. higher level of compensation.

Baird Underwritten Offerings Baird’s Broker-Dealer and Related Activities Baird also has an incentive to recommend that In its broker-dealer capacity, Baird provides clients purchase securities in offerings brokerage and related services to clients, underwritten by Baird because the underwriting including the purchase and sale of individual compensation that Baird will earn on those stocks, bonds, mutual funds, alternative offerings tends to be higher than the investment products and other securities. Baird compensation it would normally receive if clients receives compensation based upon the sale of were to buy them in the secondary market, and such investment products. From time to time because the profitability of underwritten offerings Baird Equity Asset Management may use Baird, as to Baird depends upon Baird’s ability to sell the broker-dealer, to execute trades for clients. securities allocated to Baird in the offering. However, Baird Equity Asset Management will Baird and its affiliates and associates may buy or only recommend such securities to a client when sell investments that are recommended to or it believes it is in a client’s best interest to do so. owned by a client for their own accounts, or they Also, in accordance with applicable law and may act as broker or agent for other clients Baird’s policies, any securities underwritten by buying or selling those investments. Those Baird will be sold to a client by Baird Equity Asset transactions may include buying or selling Management in a principal capacity only if the investments in a manner that differs from, or is client consents to the transaction in writing and inconsistent with, the advice given to a client, and Baird has provided the client with all material those transactions may occur at or about the information regarding Baird’s interest in the same time that such investments are transaction. For more information, please see recommended to or are purchased or sold for a “Brokerage Practices—Trade Execution Services client’s account. Baird Equity Asset Management Performed by Baird—Principal Transactions” and Baird may also engage in agency cross below. transactions and principal transactions with clients as further described under “Brokerage Practices—

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Trade Execution Services Performed by Baird” potential conflict of interest because such below. activities may limit Baird Equity Asset Management’s ability to advise or manage client As a registered broker-dealer, Baird effects accounts. transactions in securities on a national exchange and may receive and retain compensation for Other Interests such services, subject to the limitations and Other sections of this Brochure also describe restrictions made applicable to such transactions instances when Baird Equity Asset Management by Section 11(a) of the Exchange Act and Rule or Baird may recommend to clients, and may buy 11a2-2(T) thereunder. and sell for client’s accounts, securities in which Baird and its affiliates and associates have a Baird may route certain securities orders to other material financial interest. For more information, broker-dealers or securities exchanges for please see “Other Financial Industry Activities and execution. Baird selects execution venues based Affiliations” above and “Brokerage Practices” and on the size of the order, trading characteristics of “Client Referrals and Other Compensation” below. the security, speed of execution, likelihood of price improvement, availability of efficient Addressing Conflicts automated transaction processing, guaranteed The foregoing activities could create a conflict of automatic execution levels, and other qualitative interest with clients. Baird addresses these factors. Baird receives remuneration in the form potential conflicts through disclosure in this of payment or liquidity rebates on certain options Brochure and by adopting internal policies and or equity securities orders routed to some venues procedures for Baird and its associates that (commonly known as “payment for order flow”). require them to provide investment advice that is This compensation, although not material to appropriate for advisory clients (based upon the Baird’s trading business, gives Baird an incentive information provided by such clients); that to route client orders for securities transactions to require them to seek to obtain “best execution” of those venues that provide Baird the greatest advisory client transactions; and that are levels of compensation. At a client’s request, designed to make securities allocations to Baird will make available certain information discretionary client accounts in a manner such about the routing of such client’s orders routed that all such clients receive fair and equitable for execution in the six months prior to the treatment over time. In addition, Baird has request. Such information will include the identity adopted a Code of Ethics and other internal of the venue to which orders were routed, trading policies and procedures relating to Baird’s whether such orders were directed or non- and its associates’ trading activities that are directed and the time of the transactions, if any, designed to prevent them from improperly that resulted from such orders. Baird also benefiting from the trading activities of Baird’s prepares a quarterly summary discussing certain advisory clients. See “Code of Ethics, Participation orders routed away for execution, including the or Interest in Client Transactions and Personal type and the identity of the broker-dealers or Trading—Code of Ethics” above. exchanges receiving such orders. This summary as well as other important information about Baird’s order routing practices are available at: Brokerage Practices http://www.rwbaird.com/help/account- Baird Equity Asset Management’s Trading disclosures/routing-equity-orders.aspx. Practices Broker-Dealer Selection Baird and its associates, by reason of Baird’s With respect to the Baird Equity Asset broker-dealer, investment banking or other Management Strategies, Baird Equity Asset activities, may from time to time acquire Management will select the broker-dealers, which information deemed confidential, material and may include Baird, that will execute trade orders non-public, about corporations or other entities for a client’s accounts unless the client has and their securities. Baird and its associates are provided instructions to Baird Equity Asset prohibited by applicable law or agreements from Management to the contrary. As an investment disclosing such information to clients or acting adviser, Baird Equity Asset Management has an upon such information with respect to any client obligation to seek “best execution” of client trade account. Baird’s other activities thus present a

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC orders. “Best execution” means that Baird Equity The research services received by Baird Equity Asset Management must place client trade orders Asset Management may be proprietary research with those broker-dealers that Baird Equity Asset offered by the broker or dealer executing a client Management believes are capable of providing the transaction or it may be research offered by a best qualitative execution of client trade orders third party through the broker or dealer executing under the circumstances, taking into account the a client transaction. Typically, all of the brokerage full range and quality of the services offered by commissions paid by Baird Equity Asset the broker-dealer. When selecting a broker or Management clients are paid to brokers and dealer, Baird Equity Asset Management may dealers who provide research services to Baird consider the following factors: client preferences; Equity Asset Management. The brokerage research services (including strategy reviews, commissions on foreign equity security domestic and international economic analysis, transactions will generally range between 5 to 25 technical commentary and other materials); basis points. The brokerage commissions on other execution capability and past execution U.S. equity security transactions will generally performance; ability to minimize market price range between $0.006 and $0.04 per share. impact; commission rates; financial standing of executing firm and counterparty risk; timeliness Baird Equity Asset Management has certain in rendering services; availability, cost and quality formal soft dollar arrangements involving third of custodial services; and continuity and quality of party research described below. the overall provision of services. It is important to note that Baird Equity Asset Management’s best Baird Equity Asset Management Growth execution obligation does not require Baird Equity Strategies Asset Management to solicit competitive bids for For the Baird Equity Asset Management Growth each transaction or to seek the lowest available Strategies, Baird Equity Asset Management cost of trade orders, so long as Baird Equity Asset intends to utilize a Commission Sharing Management reasonably believes that the broker- Arrangement (“CSA”) with Cowen Inc. (“Cowen”) dealer selected can be reasonably expected to and Cowen’s Westminster Division provide clients with the best qualitative execution (“Westminster”). Pursuant to the CSA, Baird under the circumstances. From time to time Baird Equity Asset Management places trades with Equity Asset Management may use Baird, as designated executing broker-dealers, currently broker-dealer, to execute trades for clients. This Cowen. The executing broker-dealer retains a presents a potential conflict of interest. See “Code portion of the commission per share for trade of Ethics, Participation or Interest in Client execution, currently $0.01 per share, and the Transactions and Personal Trading—Baird’s remaining commission amount is placed into a Participation or Interest in Client Transactions” research credit account and used to pay for above another broker-dealer’s proprietary research used by Baird Equity Asset Management. Westminster, Soft Dollar Benefits as the CSA Administrator, facilitates the payments Baird Equity Asset Management may receive to other broker-dealers. Baird Equity Asset research (in addition to execution services) from Management anticipates that the cost of research broker-dealers in connection with its clients’ obtained under the CSA will be $30,000 per year. securities transactions. These research benefits are commonly referred to as “soft dollar benefits”. For the Baird Equity Asset Management Growth In accordance with applicable law and Baird’s Strategies, Baird Equity Asset Management has policies, Baird Equity Asset Management may certain other soft dollar arrangements involving cause clients to pay commissions (or markups or third party research. In those arrangements markdowns) higher than those charged by other described below, Baird Equity Asset Management broker-dealers who provide execution-only places trades with designated executing broker- services in return for soft dollar benefits. dealers (currently, Cowen). The executing broker- However, Baird Equity Asset Management will dealer retains $0.01 per share for trade execution seek to obtain commission rates that it considers and the remaining commission amount is placed appropriate for each client for the level and into a research credit account and used to pay for quality of service received from brokerage firms. the research provided by third parties.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Under an arrangement with Cornerstone Analytics Asset Management pays a portion in hard dollars (“Cornerstone”), Cornerstone provides macro- and the balance is paid by the designated broker- level analytics for energy prices, including political dealer out of the research credit account. and governmental analysis at a cost of approximately $15,000 per year. The cost is paid Under an arrangement with NYSE Market, Inc. by the designated broker-dealer out of the (“NYSE”), NYSE provides exchange data services research credit account. at a cost of approximately $1,000 per year. Baird Equity Asset Management pays a portion in hard Under an arrangement with Market Trends dollars and the balance is paid by the designated Investors (“MTI”), MTI provides research and broker-dealer out of the research credit account. analysis on macroeconomic conditions, trends and movements, sector trend and rotation analyses Under an arrangement with Grants Interest Rate and weekly communications with and direct Observer (“Grants”), Grants provides access upon request to MTI analysts at a cost of macroeconomic, trend, and research analysis at a approximately $30,000 per year. Some or all of cost of approximately $1,100. Some or all of this this cost will be paid by the designated broker- cost will be paid by the designated broker-dealer dealer out of the research credit account. out of the research credit account.

Under an arrangement with Essentia Analytics CCM Strategies (“Essentia”), Essentia provides information that CCM does not currently, and does not anticipate identifies, reports, advises on behavioral patterns putting into place in the future, any formal third in the investment decision-making process. It is party soft dollar arrangements for the CCM anticipated that $65,000 will be paid by the Strategies. designated broker-dealer out of the research credit account for a portion of the cost of this Additional Soft Dollar Information product. Some broker-dealers indicate the amount of Under an arrangement with AlphaSense, commissions they expect to receive in exchange AlphaSense is an aggregation and search tool for for the provision of a particular research service. managing news articles, publications, regulatory Although Baird Equity Asset Management does filings, journals, and research on companies, not agree to direct a specific amount of industries and sectors at a cost of approximately commissions to a firm in that circumstance, it $7,500 per year. This cost is paid by the maintains an internal procedure to identify the designated broker-dealer out of the research broker-dealers that provide Baird Equity Asset credit account. Management with research services and the value of those research services, and seeks to direct sufficient commissions to ensure the continued Baird Equity Asset Management Growth receipt of research services it feels are valuable. Strategies For the Baird Equity Asset Management Value During Baird’s last fiscal year ended December Strategies, Baird Equity Asset Management has 31, 2020, Baird Equity Asset Management certain soft dollar arrangements involving third received the following soft dollar benefits in party research. In those arrangements described connection with effecting client transactions: below, Baird Equity Asset Management places economic analysis and forecasts, financial market trades with designated executing broker-dealers analysis and forecasts, industry and company (currently, Stifel Nicolaus). The executing broker- specific analysis, interest rate forecasts; and dealer retains $0.01 per share for trade execution analysis of pending and proposed governmental and the remaining commission amount is placed legislation and regulations. The research Baird into a research credit account and used to pay for Equity Asset Management received included both the research provided by third parties. proprietary research (i.e., research created or developed by the broker-dealer) and research Under an arrangement with Factset Investment created or developed by a third party (e.g., Management (“Factset”), Factset provides research provided by Market Trends Investors, portfolio analysis tools and global market data at Cornerstone Analytics, Factset, Grants, and a cost of approximately $52,000. Baird Equity NYSE). Research services were received primarily

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC in the form of written reports, computer The research information so received is in generated services, telephone contacts, and addition to, and not in lieu of, services performed personal meetings with security analysts. by Baird Equity Asset Management and does not Research services were also provided in the form reduce the advisory fees payable to Baird Equity of meetings arranged with corporate and industry Asset Management by clients. As a practical spokespersons, invitations to conferences and matter, it would not be possible for Baird Equity were generated by third parties but are provided Asset Management to generate all of the to Baird Equity Asset Management by or through information presently provided by brokers and broker-dealers. dealers. When Baird Equity Asset Management uses client brokerage commissions (or markups or During Baird’s last fiscal year ended December markdowns) to obtain research, Baird Equity 31, 2020, Baird Equity Asset Management used Asset Management receives a benefit because the procedures described below to direct client Baird Equity Asset Management does not have to transactions to broker-dealers in return for the produce or pay for the research itself. Baird soft dollar benefits that Baird Equity Asset Equity Asset Management, therefore, may have Management received. Baird Equity Asset an incentive to select or recommend a broker- Management seeks to allocate brokerage dealer based on Baird Equity Asset Management’s commissions to broker-dealers in a way that, in interest in receiving soft dollar benefits, rather Baird Equity Asset Management’s judgment, than on clients’ interest in receiving most reflects the quality and consistency of service favorable execution. However, Baird Equity Asset provided by broker-dealers and research service Management seeks to select broker-dealers based providers. At the beginning of each year, a upon the broker’s or dealer’s ability to provide commission budget is established. Baird Equity best execution. Furthermore, Baird Equity Asset Asset Management investment professionals then Management does not select broker-dealers to jointly determine which broker-dealers will be execute transactions for client accounts based eligible to execute client transactions and upon client referrals received from broker-dealers. establish a target commission amount for each such broker-dealer based upon the total Research services provided by internal and commission budget. Baird Equity Asset external sources are used in managing client Management investment professionals periodically accounts and, in the business judgment of Baird review and vote on, rank or otherwise evaluate Equity Asset Management, are important to each the broker-dealers and their services throughout client; although, perhaps, in differing degrees at the year, generally at least semi-annually. When different times. As a general matter, such evaluating the broker-dealers, the Baird Equity research services, including soft dollar benefits, Asset Management investment professionals are used to service all Baird Equity Asset generally take into consideration the following Management client accounts. However, each and criteria: execution quality, trade errors, quality of every research service may not be used to service research, and access to analysts and company each and every account managed by Baird Equity management. Based upon that evaluation, Baird Asset Management, and Baird Equity Asset Equity Asset Management then makes Management does not allocate soft dollar benefits adjustments to target commission amounts, if to client accounts proportionately to the soft any, and adds or removes broker-dealers based dollar credits the accounts generate. Accordingly, upon the evaluation results. Baird Equity Asset research that Baird Equity Asset Management Management’s trading desk takes the commission receives for a particular client’s securities budget and evaluations into consideration, as part transactions may not be particularly useful for of Baird Equity Asset Management’s obligation to that client or may be useful not only for that seek best execution, when selecting broker- client, but for other clients as well. Similarly, dealers to execute portfolio transactions for Baird clients may benefit from the research received Equity Asset Management clients. To the extent from the transactions of other clients. Research more than one broker-dealer is considered information and its application and the capable of providing best execution for a interpretation of its worth are matters of particular client transaction, Baird Equity Asset professional judgment made by Baird Equity Asset Management may direct the client transaction to a Management. broker-dealer based upon the target commission amounts then in effect.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Trade Aggregation, Allocation and Rotation markup or markdown charged by the executing Practices broker-dealer. Baird Equity Asset Management may aggregate contemporaneous buy and sell orders for the The amount of securities available in the accounts over which it has discretionary authority marketplace, at a particular price at a particular (a practice also known as bunching trades or time, may not satisfy the needs of all clients block transactions). This practice may enable participating in a block transaction and may be Baird Equity Asset Management to obtain more insufficient to provide full allocation across all favorable execution, including better pricing and client accounts. To address this possibility, Baird enhanced investment opportunities, than would Equity Asset Management has adopted trade otherwise be available if orders were not allocation policies and procedures that are aggregated. Using block transactions may also designed to make securities allocations to assist Baird Equity Asset Management in discretionary client accounts in a manner such potentially avoiding an adverse effect on the price that all such clients receive fair and equitable of a security that could result from simultaneously treatment over time. If a block transaction cannot placing a number of separate, successive or be executed in full at the same price or time, the competing, client orders. securities actually purchased or sold by the close of each business day will generally be allocated Baird Equity Asset Management generally pro rata among the clients participating in the aggregates buy and sell orders when executing block transaction. However, Baird Equity Asset trades for client accounts under its discretionary Management may also make random allocations management when it has the opportunity to do to client accounts in certain circumstances, such so. However, Baird Equity Asset Management as when Baird Equity Asset Management deems a determines whether or not to utilize block partial fill for the total block order to be low. transactions for a client in its sole discretion and Adjustments may also be made to avoid a Baird Equity Asset Management’s decision is nominal allocation to client accounts. subject to its duty to seek best execution. Baird Equity Asset Management will aggregate a client’s When Baird Equity Asset Management is not able trade orders only when Baird Equity Asset to aggregate trades, Baird Equity Asset Management deems it to be appropriate and in Management generally uses a trade rotation the best interests of the client, consistent with a process that is designed to be fair and equitable client’s investment objectives and risk tolerance, to its clients over time. However, a client should and permitted by regulatory requirements. In be aware that Baird Equity Asset Management’s determining the amount to be allocated to an trade rotation practices may at times result in a account, if any, Baird Equity Asset Management transaction being effected for the client’s portfolio takes into consideration account specific that occurs near or at the end of the rotation and, investment restrictions, undesirable position size, in such event, client’s trade orders will account portfolio weightings, client tax status, significantly bear the market price impact, if any, client cash positions and client preferences. of those trades executed earlier in the rotation, and, as a result, the client may receive a less All advisory clients participating in a block favorable net price for the applicable trade. transaction will receive the same execution price for the security bought or sold. Average prices Because Baird Equity Asset Management is unable may be used when allocating purchases and sales to buy or sell any security for a client’s non- to a client’s account because such securities may discretionary accounts without the client’s be purchased and sold at different prices in a authorization, Baird Equity Asset Management series of block transactions. As a result, the generally does not aggregate or bunch trades for average price received by a client may be higher those accounts with the same or similar trades for or lower than the price the client may have other client accounts. Because similar orders for received had the transaction been effected for the the client and Baird Equity Asset Management’s client independently from the block transaction. other clients may be placed and filled at different In addition, a client’s transaction costs may vary times, the client may buy or sell securities at depending upon, among other things, the type of prices that are different from the prices obtained security bought or sold, and the commission or by other clients who received the same or similar advice from Baird Equity Asset Management.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Wrap Fee Programs During the year ended December 31, 2020, all of Generally, clients participating in wrap fee Baird Equity Asset Management’s step out trades programs pay the Program Sponsor a wrap fee were executed without any additional commission that includes trade execution services performed or markup or markdown being passed on to wrap by Program Sponsor as broker-dealer. Because fee program clients by the executing broker- clients may incur trading costs in addition to the dealer. However, there can be no assurance that wrap fee if trade orders were to be executed by a wrap fee program client will not incur increased another broker-dealer firm, clients generally trading costs relating to step out trades in the receive a cost advantage whenever their Program future. Sponsor executes client transactions. For this reason, Baird Equity Asset Management With respect to some wrap fee programs, Baird anticipates that it will place some trade orders for Equity Asset Management may not be able to the client’s account with the applicable Program aggregate client trades using a trade away Sponsor, such as trades resulting from a process. Typically this occurs in situations in contribution to, or distribution from, a client’s which the Program Sponsor has directed Baird account. However, in order to comply with its Equity Asset Management to place all trades with duty to seek best execution, Baird Equity Asset the Program Sponsor or Baird Equity Asset Management anticipates that it will frequently Management only provides a model portfolio to place client trades resulting from model changes the Program Sponsor (and does not place trades to Baird Equity Asset Management’s Growth for client accounts). In other instances, Baird Strategies with a broker-dealer firm other than Equity Asset Management may not be able to the Program Sponsor. This practice is frequently trade away using third party brokers because referred to as “trading away” and these types of such brokers will not accommodate trade aways trades are frequently called “step out trades”. For due to trade volumes or the proposed model changes to its Value Strategies, Baird compensation to be received by the broker. In Equity Asset Management anticipates it will those instances, Baird Equity Asset Management infrequently trade away from the Program generally uses a trade rotation process that is Sponsor. designed to be fair and equitable to all Baird Equity Asset Management clients. Trading away from the Program Sponsor provides Baird Equity Asset Management the ability to A wrap fee program client should consider this aggregate trade orders for wrap fee program information carefully and discuss it with the clients with trade orders for other Baird Equity client’s Program Sponsor when selecting a Asset Management clients. Baird Equity Asset manager to manage the client’s accounts. Management trades away from the Program Sponsor when it believes that another broker- Directed Brokerage dealer will provide more favorable execution of Baird Equity Asset Management will comply with the client’s trades, taking into consideration the any guidelines and/or limitations reasonably factors listed above. requested by a client relating to brokerage for the client’s account. Specific guidelines and/or In some instances, step out trades may be limitations requested by clients vary from client to executed by the other firm without any additional client based upon a client’s particular objectives commission or markup or markdown, but in other and other factors. instances, the executing firm may impose a commission or a markup or markdown on the In some cases, a client may direct Baird Equity trade. If Baird Equity Asset Management places Asset Management to use a particular broker- trade orders for the client’s account with a firm dealer for execution of the client’s trade orders (a other than the Program Sponsor, and the other “directed brokerage arrangement”), and Baird firm imposes a commission or a markup or Equity Asset Management may agree to the markdown on the trade, the client will incur arrangement. This may occur when a client’s trading costs in addition to the wrap fee the client portfolio is held at a broker-dealer firm and a pays to the Program Sponsor. client directs Baird Equity Asset Management to execute trades through such firm, or when a client’s Retirement Account or other account is

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC maintained on a platform operated and managed the executing broker-dealer in addition to the by a third party unaffiliated with Baird Equity costs of any commissions, markups or markdowns Asset Management or Baird and trades must be imposed by the directed broker-dealer. As a executed through that platform. A client should result, a directed brokerage arrangement may be understand that Baird Equity Asset Management more costly to a client, as it may result in the considers such arrangements to be directed client paying higher commissions, markups, brokerage arrangements. A client should also markdowns and greater bid/offer spreads, or understand that if the client has a directed receiving a less favorable net price. brokerage arrangement, Baird Equity Asset Management may be unable to achieve best If a client directs Baird Equity Asset Management execution for the client’s transactions. A client to use a particular broker-dealer, and if the should note that any costs related to the directed particular broker-dealer referred the client to brokerage arrangement are not included in Baird Baird Equity Asset Management or if the Equity Asset Management’s fee and that the client particular broker-dealer refers other clients to will be solely responsible for monitoring, Baird Equity Asset Management or Baird in the evaluating and reviewing the arrangement with future, Baird Equity Asset Management or Baird the directed broker-dealer and paying any may benefit from the client’s directed brokerage commissions or markups or markdowns or other arrangement. Because of these potential benefits, costs imposed by the directed broker-dealer. A Baird Equity Asset Management and Baird may client should also note that Baird Equity Asset have an economic interest in having the client Management may not be able to aggregate the continue the directed brokerage arrangement. client’s directed brokerage trade orders with The benefits that Baird Equity Asset Management orders for other Baird Equity Asset Management and Baird receive conflict with the client’s interest clients. As a result, a client’s transaction costs in having Baird Equity Asset Management or Baird may be higher because the client will not benefit recommend that the client utilize another broker- from any volume discounts or other reduced dealer to execute some or all transactions for the transaction costs that Baird Equity Asset client’s account. Management may obtain for its other clients. A client should further note that Baird Equity Asset Before directing Baird Equity Asset Management Management may or may not include such client to use a particular broker-dealer, a client should trade orders in its trade rotation process and that carefully consider the possible costs or Baird Equity Asset Management may place the disadvantages of directed brokerage client’s trade orders with the directed broker- arrangements. dealer after Baird Equity Asset Management completes its trading for other Baird Equity Asset Cross Trading Involving Advisory Accounts Management client accounts. The client’s trade From time to time, when Baird Equity Asset orders will significantly bear the market price Management believes that each respective impact, if any, of those trades executed earlier in transaction is consistent with the client’s best Baird Equity Asset Management’s rotation. As a interest, Baird Equity Asset Management, acting result, the client may receive a less favorable net as investment manager, may cause (or in the price for the trade. case of non-discretionary accounts, recommend) the sale of securities from an advisory client’s If Baird Equity Asset Management aggregates a account while at or about the same time causing client’s directed brokerage trade orders with trade (or, in the case of non-discretionary accounts, orders for other Baird Equity Asset Management recommending) the purchase of the same clients, Baird Equity Asset Management may securities for the account of another advisory employ the use of “step-outs” to satisfy the client. Such transactions may have the benefit of client’s directed brokerage arrangement. A “step- reducing transaction and market impact costs. out” occurs when an executing broker executes the trade and then “steps out” the trade to a In such cases, because Baird Equity Asset clearing broker (which would be the directed Management is acting as investment adviser for broker-dealer in a directed brokerage both buyer and seller, Baird Equity Asset arrangement) that confirms and settles the trade. Management is subject to potentially conflicting In such a case, a client will bear the costs of any interests in causing (or recommending) the commissions, markups or markdowns imposed by

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC transactions. Also, because Baird Equity Asset and to the Other Manager to the contrary. Management is acting as investment adviser for Additional information about an Other Manager’s both buyer and seller, transaction prices may be trading practices is contained in the Other determined more by reference to market Manager’s Brochure. information or dealer indications for the securities involved, and less through the type of Trade Execution Services Performed by independent arms-length negotiation that might Baird otherwise occur. Baird has adopted internal If Baird provides trade execution services for a policies and procedures that require Baird Equity client’s account, Baird will generally act as agent Asset Management and Baird to obtain approval when routing client trade orders for execution. of Baird’s Compliance Department before affecting However, Baird may cross trades between client a cross trade. accounts or may act as principal for its own account in certain circumstances to the extent Trade Error Correction permitted by applicable law as is more fully It is Baird’s policy that if there is a trade error for described below. which Baird is responsible, Baird will take actions, based on the facts and circumstances surrounding A client should understand that certain securities, the error, to put the client’s account in the such as securities traded over-the-counter and position that it would have been in as if the error fixed income securities, are primarily traded in had not occurred, including by adjusting or dealer markets. When Baird purchases or sells reversing the transaction, entering an offsetting these types of securities for client accounts, it transaction, reallocating the transaction to generally does so through broker-dealer firms another account (subject to the review and acting as a dealer or principal. Dealers executing approval of the Compliance Department), or other principal trades typically include a markup, methods that may be deemed appropriate by markdown or spread in the net price at which Baird. Errors caused by Baird Equity Asset transactions are executed. A client bears such Management or Baird will be corrected at no cost costs in addition to Baird Equity Asset to client’s account, with the client’s account not Management’s fee. recognizing any loss from the error. Baird may net gains and losses from a single error event Agency Cross Transactions involving more than one transaction in a security In certain circumstances and to the extent or transactions in multiple securities. The client’s permitted by applicable law and regulation, Baird account will be fully compensated for any losses Equity Asset Management and Baird may effect incurred as a result of an error event. If the trade “agency cross” transactions with respect to a error results in a gain, the gain may be retained client’s account. An “agency cross” transaction is by Baird but such gain is not given to or shared a transaction in which Baird or its affiliates act as with any Baird Equity Asset Management or Baird broker for the party or parties on both sides of associate. the transaction. As compensation for brokerage services, Baird Equity Asset Management and Baird Equity Asset Management and Baird offer Baird may receive compensation from parties on many services and, from time to time, may have both sides of an agency cross transaction, the other clients in other programs trading in amount of which may vary. Therefore, Baird opposition to a client. To avoid favoring one client Equity Asset Management and Baird may have a over another client, Baird attempts to use conflicting division of loyalties and responsibilities. objective market data in the correction of any However, in all cases, Baird Equity Asset trading errors. Management and Baird will seek to obtain the best execution for each respective advisory client Other Managers’ Trading Practices and will effect agency cross transactions only in With respect to the Other Manager Strategies, the accordance with the requirements of Rule 206(3)- Other Manager managing the client’s portfolio will 2 under the Advisers Act. Furthermore, Baird select the broker-dealers, which may include Equity Asset Management and Baird will comply Baird, that will execute trade orders for a client’s with additional regulations applicable to accounts unless the client has provided retirement accounts. instructions to Baird Equity Asset Management

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Principal Transactions disclose all material information regarding Baird’s Baird Equity Asset Management generally does interest in the transaction, and obtain the client’s not engage in principal trading with clients. approval of the transaction prior to settlement. However, subject to the requirements of applicable law, Baird Equity Asset Management Baird Equity Asset Management and Baird may and Baird may execute transactions for a client’s also act as principal in selling securities to a portfolio while acting as principal for Baird’s own client’s account during offerings underwritten by account. Baird acts as principal when Baird Equity Baird as further described above. In each such Asset Management or Baird sell a security from instance, Baird will provide certain disclosures Baird’s inventory to a client, or Baird Equity Asset about the transaction and obtain the client’s Management or Baird purchase a security from a consent to the trade. client for Baird’s inventory. Baird also acts as principal when it sells new issue securities to Review of Accounts clients in offerings underwritten by Baird as Portfolios Managed by Baird Equity Asset further described below. Baird also acts as Management principal in riskless principal transactions. Riskless If the client’s portfolio is managed by Baird Equity principal transactions refer to transactions in Asset Management, Baird Equity Asset which Baird, after having received a client’s order, Management’s portfolio management team executes an identical order in the marketplace to reviews Baird Equity Asset Management’s client fill the client’s order while acting as principal. portfolios. Baird Equity Asset Management portfolio managers monitor client portfolios to Baird Equity Asset Management and Baird may evaluate the impact of changing economic and realize profits from principal transactions with a market conditions on the client's securities and client based on the difference between the price investment objectives. Major factors considered in Baird paid for the security and the price at which all reviews include the market activity of Baird sold the security, which may include a individual securities and industries; the mix markup, markdown or spread from the prevailing among cash alternatives, fixed income, and equity market price, an underwriting fee, selling dealer instruments; and the appropriateness of the concession, or other incentive to execute the portfolio’s holdings in terms of long-term transaction. Any compensation received by Baird objectives such as income, risk and growth. Equity Asset Management and Baird in a principal transaction is in addition to the advisory fee paid At least quarterly, Baird Equity Asset Management by the client. Principal trades also allow Baird to portfolio managers review client portfolios for sell securities from its account that it deems allocation of client assets among cash, equity undesirable and to buy securities for its account securities, and fixed income holdings and review that it deem desirable. Thus, in trading as each managed portfolio focusing on the principal with a client, Baird Equity Asset appropriateness of the client’s investments in light Management and Baird will have potentially of each client’s investment objective, risk conflicting division of loyalties and responsibilities tolerance, and income requirements. Additional regarding Baird Equity Asset Management’s and reviews performed by Baird Equity Asset Baird’s own interests and the interests of the Management associates include drift reports for client. This profit potential may give Baird Equity wrap program accounts, which are generally Asset Management and Baird an incentive to performed quarterly, and an asset allocation recommend a transaction in which Baird Equity review that compares a client’s investment policy Asset Management and Baird act as principal over statement to the client portfolio’s investment other transactions. Nonetheless, Baird Equity allocation, which is performed at least annually. Asset Management and Baird have a fiduciary CCM also reviews drift reports for client portfolios duty to act in the client’s best interest and to seek pursuing a CCM Strategy, which are generally best execution for advisory clients. Baird Equity performed at least quarterly. Asset Management and Baird address this conflict through disclosure in this Brochure. Furthermore, Baird has adopted internal procedures that Baird Equity Asset Management portfolio require Baird Equity Asset Management and managers generally review trading in a client’s Baird, when acting in a principal capacity, to portfolio each day there is a trade in the client’s portfolio. The portfolio management team

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC typically reviews each portfolio’s relative list of unmanaged securities included in the index performance compared to a relevant benchmark and the index performance does not take into index at least quarterly. account management fees, execution costs, and other expenses related to the operation of a Baird’s Performance Reporting Department portfolio. The securities included in a client’s performs reviews for variance in a portfolio’s portfolio generally do not exactly mirror the performance compared to the portfolio’s securities included in the index. composite. These reviews are generally performed monthly. If Baird provides transaction execution services to a client, Baird will generally provide the client Baird Equity Asset Management generally with a monthly brokerage account statement provides written performance reports to clients on when activity occurs during that month. a quarterly basis. These quarterly performance Otherwise, Baird will provide the client with a reports contain the client portfolio’s performance, quarterly statement if there has not been any portfolio valuation, and portfolio manager intervening monthly transaction activity. commentary regarding market and sector performance. Clients pursuing a Baird Equity If Baird has custody of a client’s account assets, Asset Management Growth, SAM or Baird Equity Baird will generally rely on third party pricing Asset Management Value Strategy may also services to determine the value of such assets. receive a list of portfolio holdings as part of the These values are shown on client’s account quarterly report. Baird Equity Asset Management statements and are used in preparing a client’s may provide additional information in the performance reports. However, if the client has its performance report to meet the specific reporting assets held by a custodian other than Baird and if needs of a client as the client and Baird Equity the third party pricing service does not provide a Asset Management may agree. price for assets in the client’s account, Baird Equity Asset Management will rely upon the price Accounts Managed by Other Managers reported by the client’s third party custodian. If a If a client portfolio is managed by an Other client has assets held by a third party custodian, Manager, Baird Equity Asset Management and the prices shown on a client’s account statements Baird generally only review drift reports and provided by the custodian could be different from the prices shown on statements and reports performance reports for the client’s portfolio as described above. They generally do not provide provided by Baird Equity Asset Management. See performance or other reports to such clients, “Custody” below for more information. unless such clients are participating in a wrap program sponsored by Baird. Such clients should Special Note for Wrap Fee Program Clients. The review the Other Manager’s Form ADV Part 2A benchmarks used by Baird Equity Asset Brochure for information about the types of Management with respect to a client’s portfolio reviews performed, and reports provided, by the may differ from the benchmarks used by the wrap Other Manager. fee Program Sponsor. As a result, the performance comparisons in Baird Equity Asset Other Information Management’s performance reports may differ from reports provided to clients directly by the A client’s portfolio performance may be compared Sponsor. to a benchmark market index or indices. The benchmark may be a blended benchmark that combines the returns for two or more indices. Client Referrals and Other Benchmarks shown in performance reports are for Compensation informational purposes only. Baird Equity Asset Baird or Baird Equity Asset Management may Management’s selection and use of benchmarks is provide compensation to individuals who refer not a promise or guarantee that the performance clients in some instances. When applicable, the of a client’s portfolio will meet or exceed the compensation paid is a percentage of the client’s stated benchmark. When the client compares fee payments or the value of the client’s account. portfolio performance to the performance of a The amount of compensation will vary, with the market index, the client should recognize that a specific level determined based upon market index merely reflects the performance of a consideration of various factors including, but not

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC limited to, the individual’s role in developing the to the account had they not been limited to the client relationship and the assets under investment options made available through the management. Baird may pay these fees to custodian’s platform; and (e) certain investments, registered representatives of Baird and its such as mutual fund shares, could be more or less affiliates as well as to unaffiliated solicitors that expensive than if the investment was obtained have entered into a written agreement with Baird. from Baird or another firm.

Baird Equity Asset Management and Baird and A client who uses a third party custodian Baird’s affiliates and associates may receive authorizes Baird Equity Asset Management to give certain economic benefits in connection with instructions to the client’s custodian for all actions providing advisory services to clients, which are necessary or incidental to the purchase, sale, described in the sections entitled “Other Financial exchange, and delivery of securities held in the Industry Activities and Affiliations”, “Code of client’s account. Also, all clients for whom Baird is Ethics, Participation or Interest in Client deemed to have custody will receive account Transactions and Personal Trading” and statements, at least quarterly, directly from the “Brokerage Practices” above. client’s selected custodian. A client should carefully review those account statements and Custody compare them with any account statements provided by Baird Equity Asset Management or Separate Accounts Baird. A client should note that the prices shown Each client is responsible for appointing the on a client’s account statements provided by the client’s custodian, which will have possession of custodian could be different from the prices the assets of the client’s account and settle shown on statements and reports provided by transactions for the account. Clients may choose Baird Equity Asset Management due to a variety Baird or a service provider unaffiliated with Baird of factors, including the use of different valuation to serve as custodian. While Baird Equity Asset sources and/or accounting methods (e.g., trade Management does not act as custodian when the or settlement date accounting) by the custodian client selects a third party custodian, Baird Equity and Baird Equity Asset Management. Asset Management may be deemed under Rule 206(4)-2 of the Advisers Act to have custody of Private Funds client assets in certain circumstances, such as when the client has authorized Baird Equity Asset Baird may be deemed under the federal securities Management to deduct its advisory fees directly laws to have custody of the assets of the from a client's custody account. Chautauqua Private Funds by virtue of its role as general partner or manager of those Funds. The assets of each Chautauqua Private Fund are held A client should understand that Baird Equity Asset by the Funds’ custodian. Each investor will receive Management does not monitor, evaluate or account statements directly from the Fund’s review any third party custodian. The client custodian and the Fund’s administrator. An should also understand that the client will pay a investor should carefully review those account custody fee in addition to the fee paid to Baird statements and compare them with any Equity Asset Management. Further, such third statements provided by Baird Equity Asset party custody arrangements may limit the Management, CCM or Baird. services made available to the client. In addition, a client should understand that: (a) each third party custodian has exclusive control over the Investment Discretion investment options made available to client Clients generally give Baird Equity Asset accounts on the custodian’s platform; (b) Baird Management or an Other Manager the Equity Asset Management has no authority or discretionary investment authority to determine ability to add to, or remove from, a custodian’s independently the specific securities purchased or platform any investment option; (c) any advice sold, and the amount of securities purchased or given by Baird Equity Asset Management with sold. By executing an investment management respect to the account is inherently limited by the agreement with Baird Equity Asset Management options available through a custodian’s platform; and selecting a Baird Equity Asset Management (d) Baird Equity Asset Management may have Strategy, a client authorizes Baird Equity Asset provided different investment advice with respect Management to make investment decisions for

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC the client’s account, with the authority to purchased for the client’s account, but a client determine the amount, type and timing with may not require that particular funds or securities respect to buying, holding, exchanging, (or types) be purchased for the client’s portfolio. converting and selling securities and other assets Reasonable investment restrictions requested by for the client’s account, subject to the client’s a client will apply only to those assets over which portfolio strategy. The client’s investment Baird Equity Asset Management or an Other management agreement also grants to Baird Manager has discretion. Any such limitations Equity Asset Management complete and unlimited agreed to by client and Baird Equity Asset trading authorization and appoints Baird Equity Management are generally included in the client’s Asset Management as agent and attorney-in-fact investment policy statement or in a separate with respect to the client’s accounts and all letter of understanding. When possible, Baird related trading and other decisions. Pursuant to Equity Asset Management will also attempt to such authorization, Baird Equity Asset observe any non-binding statement of client Management may, in its sole discretion and at the preferences with respect to factors such as client’s risk, purchase, sell, exchange, convert brokerage direction, holding periods, and and otherwise trade the securities and other securities selection. investments in the client’s account, as well as arrange for delivery and payment in connection In the event that a client’s account is restricted with the above, and act on the client’s behalf in from investing in certain securities, Baird Equity all matters necessary or incidental to the handling Asset Management or the Other Manager will of the client’s account without consulting the select such other replacement securities, if any, client. as they deem appropriate. Accounts with investment restrictions may perform differently If a client selects an Other Manager Strategy, the from accounts without restrictions and client authorizes the Other Manager to manage performance may be poorer. In addition, in the the assets in the client’s portfolio and grants to event there is a change in the classification or the Other Manager the authority to determine the credit rating of a security held in the client’s amount, type and timing with respect to buying, account, a client’s investment restrictions may holding, exchanging, converting and selling force Baird Equity Asset Management or the Other securities and other assets for the client’s Manager to sell such security at an inopportune portfolio, subject to the client’s portfolio strategy. time, possibly negatively impacting account The client also grants to the Other Manager performance and causing the client’s account to complete and unlimited trading authorization and realize taxable gains or losses, which could be appoints the Other Manager as agent and significant. A client should also be aware that, if attorney-in-fact with respect to the client’s the client’s account holds any investment vehicle portfolio and all related trading and other (such as a mutual fund or ETF), any investment decisions. Pursuant to such authorization, the restrictions the client places on the client’s Other Manager may, in its sole discretion and at account may not flow through to the securities the client’s risk, purchase, sell, exchange, convert owned by that investment vehicle. and otherwise trade the securities and other investments in the portfolio, as well as arrange Baird Equity Asset Management and Baird’s for delivery and payment in connection with the affiliates may use the discretionary authority above, and act on the client’s behalf in all matters granted to them by a client to invest the client’s necessary or incidental to the handling of the account in investment products affiliated with portfolio without prior notice to the client. Baird Baird or that pay fees to Baird or to any of its Equity Asset Management does not have affiliates for investment advisory or other services discretion over the assets in a client’s portfolio they provide (“affiliated investment products”). In that is managed by an Other Manager and cannot addition, if the client participates in cash sweep purchase or sell any securities or other services provided by Baird, short-term cash investments in that portfolio. balances in the client’s account may be invested in one or more money market mutual funds and A client has the ability to impose reasonable individual deposit accounts offered by Baird, its investment restrictions on the management of a affiliates, or a third party. Baird and its affiliates portfolio, including the designation of particular may receive fees or other compensation related to securities or types of securities that should not be

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC such cash balance investments made by the Those procedures address material conflicts of client. interest that may arise between Baird Equity Asset Management’s or Baird’s interests and By signing an investment management those of their clients. Although a description of agreement with Baird Equity Asset Management, Baird Equity Asset Management’s proxy voting a client consents to Baird Equity Asset policies and procedures is provided below, Baird Management and Baird’s affiliates investing all or Equity Asset Management will furnish a copy of its a portion of the client’s account in affiliated proxy voting policies and procedures to clients investment products. The amount of fees received upon their request. Additionally, clients may by Baird and its affiliates is generally described in obtain information on how Baird actually voted the prospectus or other offering or disclosure proxies with respect to the securities held in their documents for the investment product. Baird accounts by contacting Baird Equity Asset Equity Asset Management and Baird’s affiliates Management by calling (414) 765-3500. will use their discretionary authority to invest the client’s account in affiliated investment products In situations in which a client has delegated to when they determine it to be in the client’s best Baird voting authority with respect to securities in interest to do so. Generally, the criteria used by the client’s account, Baird will vote proxies in a them in deciding to invest in affiliated investment manner that Baird believes is consistent with the products are the same as those used in deciding client’s best interests. Baird utilizes an to invest a client’s assets in investment products independent provider of proxy voting and unaffiliated with Baird. For more information corporate governance services, currently about the criteria used by Baird Equity Asset Institutional Shareholder Services (“ISS”), to Management, clients should review the section of analyze proxy materials and votes and make the Brochure entitled “Methods of Analysis, independent voting recommendations. ISS Investment Strategies and Risk of Loss” above. provides proxy voting guidelines regarding its For more information about the criteria used by position on various matters presented by Baird’s affiliates, clients should review the companies to their shareholders for consideration. affiliate’s Form ADV Part 2A Brochure. A client’s Baird will typically vote shares in accordance with consent may be revoked at any time. the recommendations made by ISS. However, ISS’s guidelines are not exhaustive, do not Voting Client Securities address all potential voting issues, and do not necessarily correspond with the opinions of the Baird Equity Asset Management and CCM Baird Equity Asset Management portfolio Clients pursuing Baird Equity Asset Management managers. In the event the portfolio manager for Strategies may elect in their contract whether to a client’s account believes the ISS authorize and delegate the right to Baird to vote recommendation is not in the best interest of the proxies with respect to the securities held in their client, the portfolio manager will bring the issue accounts. Unless a client makes that election, the to Baird’s Proxy Voting Sub-Committee through a client will be responsible for voting proxies and proxy challenge process. The Sub-Committee will otherwise addressing all matters submitted for then be responsible for determining how the vote consideration by security holders, and Baird will be cast. The decision made by the Proxy Equity Asset Management and Baird are under no Voting Sub-Committee on the proxy challenge obligation to take any action or render any advice applies to all advisory accounts managed by the regarding such matters. Baird Equity Asset portfolio manager (or team of portfolio Management and Baird generally do not permit managers), unless the client has directed Baird clients to direct particular votes once they have Equity Asset Management or Baird to utilize granted Baird discretionary voting authority. specific voting guidelines (e.g., Taft-Hartley Clients wishing to vote securities may do so by guidelines). For those matters for which the terminating the discretionary voting authority independent proxy voting service does not granted to Baird. provide a specific voting recommendation, each portfolio manager will cast the vote in a manner Baird Equity Asset Management has adopted he or she believes is in the best interest of clients. written policies and procedures that are The votes cast for a client’s account may differ reasonably designed to ensure that Baird votes from those votes cast for other Baird Equity Asset client securities in the best interests of clients.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Management or Baird clients based on differing While Baird uses its best efforts to vote proxies, views of portfolio managers. there are instances when voting is not practical or is not, in Baird’s or the portfolio managers’ view, Baird uses ISS’s electronic vote management in the best interest of clients. For example, system to cast votes on behalf of clients. In casting a vote on a foreign security may involve connection with Baird’s use of that system, ISS additional costs or may prevent, for a period of pre-populates how client votes should be cast time, sales of shares that have been voted. Also, based upon ISS’s voting recommendations. The when a client has entered into a securities lending system allows Baird to change the pre-populated program, Baird generally will not seek to recall vote (to the extent permitted by Baird’s proxy the securities on loan for the purpose of voting voting policies) up until a certain time prior to the the securities; however, Baird reserves the right applicable meeting (the “voting cut-off time”). to recall the shares on loan on a best efforts basis Baird’s proxy voting policies are designed to if the portfolio manager becomes aware of a address situations when additional information proxy proposal where the proxy vote is materially becomes available after the votes are pre- important to the client’s account. populated in the system and before the voting cut-off time. However, there is no guarantee that In addition to the services described above, Baird all information that could affect Baird’s proxy has engaged ISS for vote execution and record- voting decision will be received or considered by keeping services. Baird prior to a vote being cast. Baird Equity Asset Management will not take any The proxy voting policies and procedures also action or submit any forms or other applications address instances in which Baird’s interests may for or on behalf of its separately managed appear to conflict with client interests, such as account clients regarding any class action lawsuits when Baird Equity Asset Management, Baird or an or other legal claims (including notices of claims affiliate of Baird is managing or administering (or against companies in bankruptcy) to which clients seeking to manage or administer) a corporate may be entitled to participate. Rather, Baird retirement, pension or employee benefit plan or Equity Asset Management, if it receives any providing (or seeking to provide) advisory or written materials related to the foregoing, will other services to a company whose management forward to clients or its custodian any written is soliciting proxies. In such instances, there may materials it receives related to the foregoing. At be a concern that Baird would be inclined to vote the client’s specific request, Baird Equity Asset in favor of management because of Baird’s Management may provide information and relationship or pursuit of a relationship with the assistance to the client in considering and company. In situations where there is a potential responding to the materials. Baird Equity Asset conflict of interest, Baird’s Proxy Voting Sub- Management does not offer legal or tax advice Committee will determine the nature and regarding clients’ investments, and a proper materiality of the conflict. If the conflict is assessment or evaluation of the advantages and determined to not be material, the Sub- disadvantages of participating in class action Committee will vote the proxy in a manner the lawsuits or of bringing other legal claims (and Sub-Committee believes is in the best interests of filing notices of claims in bankruptcy) require the client and without consideration of any benefit capable legal counsel. to Baird or its affiliates. If the potential conflict is determined to be material, Baird’s Proxy Voting Other Manager Strategies Sub-Committee will take one of the following With respect to the Other Manager Strategies, a steps to address the potential conflict: (1) cast client may retain the right to vote proxies with the vote in accordance with the recommendations respect to the securities held in the client’s of ISS or other independent third party; (2) refer portfolio, or the client may delegate such right to the proxy to the client or to a fiduciary of the the Other Manager. A client may select either client for voting purposes; (3) suggest that the option by making the appropriate election in the client engage another party to determine how the client’s advisory agreement. For information proxy should be voted; (4) if the matter is not about the Other Manager’s voting policies and addressed by ISS, vote in accordance with procedures, clients should review the Other management’s recommendation; or (5) abstain Manager’s Brochure. from voting.

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Financial Information investment strategies, all assets of the client’s Baird Equity Asset Management does not require account may be invested in one or more of the or solicit prepayment of more than $1,200 in fees affiliated investment products; (iii) the client and per client six months or more in advance and, such Retirement Account Fiduciary received thus, has not included a balance sheet of Baird’s prospectuses or other offering or disclosure most recent fiscal year. Neither Baird nor Baird documents for the affiliated investment products Equity Asset Management is aware of any that may be used in connection with the account, financial condition that is reasonably likely to each of which include a summary of all fees that impair their ability to meet their contractual may be paid by the affiliated investment products commitments to clients, nor has either been the to Baird or its affiliates; and (iv) the client subject of a bankruptcy petition at any time received information concerning the nature and during the past ten years. extent of any differential between the rate of such affiliated investment product fees and the advisory fees payable by the client to Baird Equity Special Considerations for Retirement Asset Management. The differential between the Accounts fees to be charged by Baird Equity Asset If a client’s account is a Retirement Account, each Management for the investment advisory services owner, trustee, responsible plan fiduciary, or it provides to the client and, if applicable, the other fiduciary (“Retirement Account Fiduciary”) investment advisory and other similar fees paid of the client should understand that Baird Equity by the affiliated investment product to Baird or its Asset Management or Baird may invest for the affiliates with respect to the services Baird or any client, or recommend that the client invest in, of its affiliates provides to the affiliated affiliated investment products and that Baird and investment product is the difference between its affiliates may receive fees or other Baird Equity Asset Management’s fee disclosed in compensation related to such investments made the client’s investment management agreement by the client. Each Retirement Account Fiduciary and the applicable investment management, should also understand that when Baird Equity investment advisory and other similar fees Asset Management or Baird invests with detailed in the applicable prospectus or other discretion the assets of a Retirement Account in offering or disclosure documents for the affiliated an affiliated investment product that pays investment product. investment advisory fees to Baird or any of its If the client’s account is a Retirement Account and affiliates, including in connection with any cash sweep services, Baird and its affiliates may if Baird Equity Asset Management is directed to implement a directed brokerage arrangement for receive such investment advisory fees in the account, each Retirement Account Fiduciary of accordance with the terms of Department of the client should understand: that the directed Labor (“DOL”) Prohibited Transaction Exemption brokerage arrangement must be for the exclusive (“PTE”) 77-4, and, as required thereby, Baird benefit of participants and beneficiaries of the Equity Asset Management will waive its advisory fees on that portion of the assets invested in the Retirement Account; and the fiduciary affiliated investment product for such period of responsibilities discussed in ERISA Technical Bulletin 86-1. Each Retirement Account Fiduciary time so invested or Baird Equity Asset should also understand that such Fiduciary is Management will offset the investment advisory solely responsible for complying with all fiduciary fees received by Baird or any of its affiliates from responsibilities discussed in ERISA Technical the affiliated investment product against the Bulletin 86-1, including, without limitation, the advisory fee that Baird Equity Asset Management charges to the client. For the purpose of duty to make an initial determination that the directed broker-dealer is capable of providing best complying with the terms of DOL PTE 77-4, the execution for the client’s brokerage transactions, client and each Retirement Account Fiduciary of the duty to monitor the services provided by the the client acknowledge in the client’s investment directed broker-dealer so as to assure that the management agreement that: (i) the investment client has received best execution of the client’s in affiliated investment products for the client’s brokerage transactions, and the duty to account is appropriate because of, among other things, the investment goals, redeemability, determine that the commissions paid by the client and any other fees or costs incurred by the client liquidity, and diversification of those products; (ii) are reasonable in relation to the value of the subject to Baird Equity Asset Management’s

Robert W. Baird & Co. Incorporated Baird EAM-CCM Brochure 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev. 07/30/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC brokerage and other services received by the or other remuneration in certain instances. client. The client and each Retirement Account Additional information about Baird’s routing of Fiduciary of the client should also understand that equity orders is available on Baird’s website at the client and the client’s Retirement Account bairdwealth.com/retailinvestor. Baird does not Fiduciaries are solely responsible for engaging a place orders with market makers or other third directed broker-dealer, monitoring its parties for the purpose of compensating such performance and terminating a directed firms for their efforts in marketing Baird-affiliated brokerage arrangement, and that Baird Equity mutual funds. Baird may place orders for Asset Management is not responsible for securities transactions with third party broker- determining whether a directed broker-dealer is dealers and other firms that provide research capable of providing best execution. products and services to Baird.

If the client’s account is a Retirement Account, the client and each Retirement Account Fiduciary of the client should note that the client’s investment management agreement authorizes Baird, in its capacity as broker-dealer, to effect or execute securities transactions for the client’s account and to receive commissions for such services, subject to DOL PTE 86-128. In order to assist the client and each Retirement Account Fiduciary of the client with the determination as to whether such authorization should be made, Baird Equity Asset Management will provide the client with a copy of DOL PTE 86-128 and the form to be used to terminate such authorization, as well as the description of Baird’s brokerage placement practices, which is set forth below. Baird Equity Asset Management also will provide such other reasonably available information that the client may request for such purpose.

When placing orders for securities transactions for clients as a broker-dealer pursuant to DOL PTE 86-128, Baird has an obligation to use reasonable diligence to ascertain the best market for the subject security and to buy or sell in such market so that the resultant price to the client is as favorable as possible under prevailing market conditions. Baird routes or places client orders to various market makers, exchanges and other execution venues based on their quality of execution and execution capabilities in order to obtain the best possible price and speed of execution for clients. Baird selects market makers, exchanges and other execution venues based on the size of the order, the trading characteristics of the particular security, speed of execution, likelihood of price improvement, availability of efficient automated transaction processing, guaranteed automatic execution level and other qualitative factors. Order routing decisions are not based on the availability of payment for order flow or other remuneration, although Baird receives payments for order flow

Brochure Supplement March 24, 2021

Baird Equity Asset Management Baird Equity Asset Management 777 East Wisconsin Avenue 7570 Bales Street, Suite 270 Milwaukee, WI 53202 Liberty Township, OH 45069 1-800-792-2473 1-800-792-2473

Jonathan Good Jonathan DeMoss Douglas Guffy Richard Roesch Todd Haschker Michelle Stevens Kenneth Hemauer Lewis (Rob) Zwiebel Brenda Hutchinson Max S. Mann Chautauqua Capital Management J. Randall McLaughlin 921 Walnut Street, Suite 250 Reik Read Boulder, CO 80302 Karan Saberwal 1-800-792-2473 Margaret Savage Charles Severson Brian M. Beitner Corbin Weyer Jan-Jesse Flores Haicheng Li David W. Lubchenco Nathaniel Velarde

Robert W. Baird & Co. Incorporated 777 East Wisconsin Avenue Milwaukee, WI 53202 1- 800-792-2473 rwbaird.com Member FINRA & SIPC SEC File No. 801-7571

This brochure supplement provides information about the persons listed above that supplements the brochure of Baird Equity Asset Management, an investment management department operating within Robert W. Baird & Co. Incorporated (“Baird”) and Chautauqua Capital Management (“CCM”), a division of Baird Equity Asset Management. You should have received a copy of that brochure. Please contact Baird Equity Asset Management at the number listed above if you did not receive Baird Equity Asset Management’s brochure of if you have any questions about the contents of this supplement. Additional information about the persons listed above is available on the SEC’s website at www.adviserinfo.sec.gov. Baird Equity Asset Management Jonathan Good (Born in 1975)

Jonathan DeMoss, CFA* • BS, Applied and Biomedical Sciences, University of Pennsylvania Educational Background and Business Experience • MBA, Kellogg School Management, Northwestern University Jonathan DeMoss (Born in 1974) • Director, Robert W. Baird & Co. Incorporated, since January 2019; Portfolio Manager and • BS, Accounting and Management, Iowa State Senior Research Analyst, Baird Equity Asset University Management, since October 2018; Senior Vice • MBA, Finance, Indiana University President, Robert W Baird & Co. Incorporated, from January 2015 to December 2018; Vice • Senior Vice President, Robert W. Baird & Co. President, Robert W. Baird & Co. Incorporated, Incorporated, and Senior Baird Equity Asset from November 2006 to December 2014; Management Research Analyst, Baird Equity Senior Baird Equity Asset Management Asset Management, since December 2011. Research Analyst, Baird Equity Asset • Senior Securities Analyst, Riazzi Asset Management, since November 2006. Management, LLC, from October 2008 to Disciplinary Information December 2011. Not applicable. • Securities Analyst, Transamerica Investment Management, LLC, from August 2005 to Other Business Activities October 2008. Not applicable. Disciplinary Information

Not applicable. Additional Compensation Not applicable. Other Business Activities

Not applicable. Supervision Baird generally supervises Mr. Good’s advisory Additional Compensation activities by reviewing the processes and controls Not applicable. in place for the discretionary investment management responsibilities that he executes for Supervision clients. Baird also periodically monitors his Baird generally supervises Mr. DeMoss’ advisory trading activity in client accounts, and approves activities by reviewing the processes and controls presentation and advertising materials he uses as in place for the discretionary investment well as client communications. Reik Read, management responsibilities that he executes for Managing Director, Robert W. Baird & Co. clients. Baird also periodically monitors his Incorporated, and Director of Baird Equity Asset trading activity in client accounts, and approves Management, is primarily responsible for presentation and advertising materials he uses as supervising Mr. Good’s advisory activities on well as client communications. Michelle Stevens, behalf of Baird. Mr. Read’s telephone number is Managing Director, Robert W. Baird & Co. 800-792-2473. Incorporated, and Senior Portfolio Manager, Baird Equity Asset Management, is primarily responsible Douglas Guffy for supervising Mr. DeMoss’ advisory activities on Educational Background and behalf of Baird. Ms. Stevens’ telephone number is Business Experience 800-792-2473. Douglas Guffy (Born in 1959) Jonathan Good • BA, Economics and Government, Anderson Educational Background and University Business Experience • MBA, Ball State University 2

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • Director, Robert W Baird & Co. Incorporated, Consultant Relations & Portfolio Specialist, Baird since January 2015; Senior Vice President, Equity Asset Management, since May 2006. Robert W Baird & Co. Incorporated, from July Disciplinary Information 2014 to December 2014; First Vice President, Robert W. Baird & Co. Incorporated, from Not applicable. January 2006 to June 2014; Senior Portfolio Manager, Baird Equity Asset Management, since Other Business Activities January 2007; Vice President, Robert W Baird & Co. Incorporated, from July 2004 to December Not applicable. 2005. Additional Compensation Disciplinary Information Not applicable. Not applicable. Supervision Other Business Activities Baird generally supervises Mr. Haschker’s Not applicable. advisory activities by reviewing the processes and controls in place for the discretionary investment Additional Compensation management responsibilities that he executes for Not applicable. clients. Baird also periodically monitors his trading activity in client accounts, and approves presentation and advertising materials he uses as Supervision well as client communications. Reik Read, Baird generally supervises Mr. Guffy’s advisory Managing Director, Robert W. Baird & Co. activities by reviewing the processes and controls Incorporated, and Director of Baird Equity Asset in place for the discretionary investment Management, is primarily responsible for management responsibilities that he executes for supervising Mr. Haschker’s advisory activities on clients. Baird also periodically monitors his behalf of Baird. Mr. Read’s telephone number is trading activity in client accounts, and approves 800-792-2473. presentation and advertising materials he uses as well as client communications. Reik Read, Kenneth Hemauer, CFA* Managing Director, Robert W. Baird & Co. Incorporated, and Director of Baird Equity Asset Educational Background and Management, is primarily responsible for Business Experience supervising Mr. Guffy’s advisory activities on Kenneth Hemauer (Born in 1968) behalf of Baird. Mr. Read’s telephone number is 800-792-2473. • BBA, Finance, University of Wisconsin – Madison Todd Haschker • MS, Finance, University of Wisconsin – Madison Educational Background and • Senior Portfolio Manager, Baird Equity Asset Business Experience Management, since June 2016; Managing Director, Robert W. Baird & Co. Incorporated, Todd Haschker (Born in 1971) since January 2013; Senior Vice President, Robert W. Baird & Co. Incorporated, from • BS, Economics, University of Wisconsin– January 2005 to December 2012; First Vice Madison President, Robert W. Baird & Co. Incorporated, from January 2002 to December 2004; Director • Managing Director, Robert W. Baird & Co. of Research, Baird Equity Asset Management, Incorporated, since January 2019; Director, from January 2002 to June 2016. Robert W Baird & Co. Incorporated, from July 2014 to December 2018; Senior Vice President, Disciplinary Information Robert W. Baird & Co. Incorporated, from January 2007 to June 2014; First Vice Not applicable. President, Robert W. Baird & Co. Incorporated, from January 2002 to December 2006; Other Business Activities

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Not applicable. advisory activities by reviewing the processes and controls in place for the discretionary investment Additional Compensation management responsibilities that she executes for clients. Baird also periodically monitors her Not applicable. trading activity in client accounts, and approves presentation and advertising materials she uses Supervision as well as client communications. Reik Read, Baird generally supervises Mr. Hemauer’s Managing Director, Robert W. Baird & Co. advisory activities by reviewing the processes and Incorporated, and Director of Baird Equity Asset controls in place for the discretionary investment Management, is primarily responsible for management responsibilities that he executes for supervising Ms. Hutchinson’s advisory activities clients. Baird also periodically monitors his on behalf of Baird. Mr. Read’s telephone number trading activity in client accounts, and approves is 800-792-2473. presentation and advertising materials he uses as well as client communications. Reik Read, Max S. Mann, CFA*, CMT Managing Director, Robert W. Baird & Co. Educational Background and Incorporated, and Director of Baird Equity Asset Business Experience Management, is primarily responsible for supervising Mr. Hemauer’s advisory activities on Max S. Mann (Born in 1986) behalf of Baird. Mr. Read’s telephone number is 800-792-2473. • BA, Economics, Northwestern University • Managing Director, Robert W. Baird & Co. Brenda Hutchinson, CFA* Incorporated, since January 2019; Director, Educational Background and Robert W Baird & Co. Incorporated, from Business Experience January 2013 to December 2018; Portfolio Manager, Baird Equity Asset Management, since Brenda Hutchinson (Born in 1967) January 2016; Vice President, Robert W. Baird & Co. Incorporated, from January 2010 to • BBA, Finance, University of Wisconsin– January 2013. Milwaukee Disciplinary Information • Managing Director, Robert W. Baird & Co. Incorporated, since January 2019; Director, Not applicable. Robert W Baird & Co. Incorporated, from July 2014 to December 2018; Senior Vice President, Other Business Activities Robert W. Baird & Co. Incorporated, from Not applicable. January 2013 to June 2014; First Vice President, Robert W. Baird & Co. Incorporated, Additional Compensation from January 1999 to December 2012; Portfolio Manager, Baird Equity Asset Management, since Not applicable. January 2004. Disciplinary Information Supervision Not applicable. Baird generally supervises Mr. Mann’s advisory activities by reviewing the processes and controls in place for the discretionary investment Other Business Activities management responsibilities that he executes for Not applicable. clients. Baird also periodically monitors his trading activity in client accounts, and approves Additional Compensation presentation and advertising materials he uses as well as client communications. Reik Read, Not applicable. Managing Director, Robert W. Baird & Co. Incorporated, and Director of Baird Equity Asset Supervision Management, is primarily responsible for Baird generally supervises Ms. Hutchinson’s supervising Mr. Mann’s advisory activities on

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC behalf of Baird. Mr. Read’s telephone number is • BS, Economics, University of Wisconsin– 800-792-2473. Madison • MBA, University of Wisconsin–Madison J. Randall McLaughlin, CFA* • Managing Director, Robert W. Baird & Co. Educational Background and Incorporated, and Director of Baird Equity Asset Business Experience Management, since December 2010; Senior J. Randall McLaughlin (Born in 1966) Analyst–Equity Research, Robert W. Baird & Co. Incorporated, from July 2004 to December • BA, Economics, University of Colorado-Boulder 2010. • Managing Director, Robert W. Baird & Co. Disciplinary Information Incorporated, since January 2017; Director, Not applicable. Robert W Baird & Co Incorporated, from July 2014 to December 2016; Senior Vice President, Other Business Activities Robert W. Baird & Co. Incorporated, from January 2013 to June 2014; First Vice Not applicable. President, Robert W. Baird & Co. Incorporated, from January 2003 to December 2012; Portfolio Additional Compensation Manager, Baird Equity Asset Management, since Not applicable. January 2001. Disciplinary Information Supervision Not applicable. Baird generally supervises Mr. Read’s advisory activities by reviewing the processes and controls Other Business Activities in place for the discretionary investment management responsibilities that he executes for Not applicable. clients. Baird also periodically monitors his trading activity in client accounts, and approves Additional Compensation presentation and advertising materials he uses as Not applicable. well as client communications. Steve Booth, President and CEO, Robert W. Baird & Co. Supervision Incorporated, is primarily responsible for supervising Mr. Read’s advisory activities on Baird generally supervises Mr. McLaughlin’s behalf of Baird. Mr. Booth’s telephone number is advisory activities by reviewing the processes and 800-792-2473. controls in place for the discretionary investment management responsibilities that he executes for Richard Roesch, CFA* clients. Baird also periodically monitors his trading activity in client accounts, and approves Educational Background and presentation and advertising materials he uses as Business Experience well as client communications. Reik Read, Richard Roesch (Born in 1970) Managing Director, Robert W. Baird & Co. Incorporated, and Director of Baird Equity Asset • BS, Finance, Butler University Management, is primarily responsible for supervising Mr. McLaughlin’s advisory activities on • Senior Vice President, Robert W. Baird & Co. behalf of Baird. Mr. Read’s telephone number is Incorporated, since January 2016, and Senior 800-792-2473. Baird Equity Asset Management Research Analyst, Baird Equity Asset Management, since Reik Read December 2011. Educational Background and • Senior Securities Analyst, Riazzi Asset Business Experience Management, LLC, from October 2008 to December 2011. Reik Read (Born in 1967)

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • Securities Analyst, Transamerica Investment • Senior Consultant, Consultant, Ernst & Young, Management, LLC, from September 2004 to from March 2005 to November 2006. October 2008. Disciplinary Information Disciplinary Information Not applicable. Not applicable. Other Business Activities Other Business Activities Not applicable. Not applicable. Additional Compensation Additional Compensation Not applicable. Not applicable. Supervision Supervision Baird generally supervises Mr. Saberwal’s Baird generally supervises Mr. Roesch’s advisory advisory activities by reviewing the processes and activities by reviewing the processes and controls controls in place for the discretionary investment in place for the discretionary investment management responsibilities that he executes for management responsibilities that he executes for clients. Baird also periodically monitors his clients. Baird also periodically monitors his trading activity in client accounts, and approves trading activity in client accounts, and approves presentation and advertising materials he uses as presentation and advertising materials he uses as well as client communications. Reik Read, well as client communications. Michelle Stevens, Managing Director, Robert W. Baird & Co. Managing Director, Robert W. Baird & Co. Incorporated, and Director of Baird Equity Asset Incorporated, and Senior Portfolio Manager, Baird Management, is primarily responsible for Equity Asset Management, is primarily responsible supervising Mr. Saberwal’s advisory activities on for supervising Mr. Roesch’s advisory activities on behalf of Baird. Mr. Read’s telephone number is behalf of Baird. Ms. Stevens’ telephone number is 800-792-2473. 800-792-2473. Margaret E. Savage, CFA* Karan Saberwal Educational Background and Educational Background and Business Experience Business Experience Margaret E. Savage (Born in 1987) Karan Saberwal (Born in 1980)

• BS, Finance, Marquette University • BE, Electronics & Telecommunication, University of Pune, India • Senior Vice President, Robert W. Baird & Co. Incorporated, since January 2021; Research • MBA, Kellogg School Management, Analyst, Baird Equity Asset Management, since Northwestern University October 2018; Vice President, Robert W. Baird • Vice President, Robert W. Baird & Co. & Co. Incorporated, from January 2017 to Incorporated, and Baird Equity Asset December 2020; Portfolio Analyst, Robert W. Management Research Analyst, Baird Equity Baird & Co. Incorporated, from December 2015 Asset Management, since April 2019. to October 2018; Analyst, Robert W. Baird & Co. Incorporated, from July 2009 to December • Global Equities Investor, Manning & Napier 2015. Advisors, from September 2016 to March 2019. Disciplinary Information • Senior Director, Director, Senior Manager, Not applicable. Senior Associate, Discover Financial Services, from November 2008 to August 2016. Other Business Activities • Senior Consultant, GTSS Inc., from November 2006 to October 2008. Not applicable.

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Additional Compensation presentation and advertising materials he uses as well as client communications. Reik Read, Not applicable. Managing Director, Robert W. Baird & Co. Incorporated, and Director of Baird Equity Asset Supervision Management, is primarily responsible for Baird generally supervises Ms. Savage’s advisory supervising Mr. Severson’s advisory activities on activities by reviewing the processes and controls behalf of Baird. Mr. Read’s telephone number is in place for the discretionary investment 800-792-2473. management responsibilities that she executes for clients. Baird also periodically monitors her Michelle Stevens, CFA* trading activity in client accounts, and approves Educational Background and presentation and advertising materials she uses Business Experience as well as client communications. Reik Read, Managing Director, Robert W. Baird & Co. Michelle Stevens (Born in 1969) Incorporated, and Director of Baird Equity Asset Management, is primarily responsible for • BA, Economics, Wittenberg University supervising Ms. Savage’s advisory activities on behalf of Baird. Mr. Read’s telephone number is • MBA, University of Cincinnati 800-792-2473. • Managing Director, Robert W. Baird & Co. Incorporated, and Senior Portfolio Manager, Charles Severson, CFA* Baird Equity Asset Management, since December 2011. Educational Background and Business Experience • Chief Investment Officer, Riazzi Asset Management, LLC, from October 2008 to Charles Severson (Born in 1960) December 2011. • BBA, Accounting and Finance, University of • Chief Investment Officer Value Equity, Wisconsin – Madison Transamerica Investment Management, LLC, from August 2001 to September 2008. • MS, Finance, University of Wisconsin–Madison Disciplinary Information • Managing Director, Robert W. Baird & Co. Incorporated, since January 2012; Senior Vice Not applicable. President, Robert W. Baird & Co. Incorporated, from January 1999 to December 2011; Senior Other Business Activities Portfolio Manager, Baird Equity Asset Management, since January 1999. Not applicable.

Disciplinary Information Additional Compensation Not applicable. Not applicable.

Other Business Activities Supervision Not applicable. Baird generally supervises Ms. Stevens’ advisory activities by reviewing the processes and controls Additional Compensation in place for the discretionary investment management responsibilities that she executes for Not applicable. clients. Baird also periodically monitors her Supervision trading activity in client accounts, and approves Baird generally supervises Mr. Severson’s presentation and advertising materials she uses advisory activities by reviewing the processes and as well as client communications. Reik Read, controls in place for the discretionary investment Managing Director, Robert W. Baird & Co. management responsibilities that he executes for Incorporated, and Director of Baird Equity Asset clients. Baird also periodically monitors his Management, is primarily responsible for trading activity in client accounts, and approves supervising Ms. Stevens’ advisory activities on

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC behalf of Baird. Mr. Read’s telephone number is • BS, Finance, University of Dayton 800-792-2473. • Director, Robert W Baird & Co. Incorporated, since July 2014; Senior Vice President, Robert Corbin Weyer, CFA*, CPA W. Baird & Co. Incorporated, from December Educational Background and 2011 to June 2014; Consultant Relations & Business Experience Portfolio Specialist, Baird Equity Asset Management, since April 2016; Senior Corbin Weyer (Born in 1987) Marketing Specialist, Baird Equity Asset Management, from December 2011 to April • BSBA, Accounting & Finance, Marquette 2016. University • Director of Sales, Riazzi Asset Management, • Director of Research, Baird Equity Asset LLC, from October 2008 to September 2011. Management, since March 2021; Senior Vice President, Robert W. Baird & Co. Incorporated, • Director Managed Account Group, Transamerica since January 2019; Vice President, Robert W. Investment Management, LLC, from January Baird & Co. Incorporated, from January 2017 to 2004 to October 2008. December 2018; Research Analyst, Baird Equity Disciplinary Information Asset Management, since August 2014; Research Associate, Robert W. Baird & Co. Not applicable. Incorporated, from July 2013 to July 2014; Research Analyst, Robert W. Baird & Co. Other Business Activities Incorporated, from July 2010 to June 2013. Not applicable. Disciplinary Information Additional Compensation Not applicable. Not applicable. Other Business Activities Supervision Not applicable. Baird generally supervises Mr. Zwiebel’s advisory activities by reviewing the processes and controls Additional Compensation in place for the discretionary investment Not applicable. management responsibilities that he executes for clients. Baird also periodically monitors his Supervision trading activity in client accounts, and approves presentation and advertising materials he uses as Baird generally supervises Mr. Weyer’s advisory well as client communications. Michelle Stevens, activities by reviewing the processes and controls Managing Director, Robert W. Baird & Co. in place for the discretionary investment Incorporated, and Senior Portfolio Manager, Baird management responsibilities that he executes for Equity Asset Management, is primarily responsible clients. Baird also periodically monitors his for supervising Mr. Zwiebel’s advisory activities on trading activity in client accounts, and approves behalf of Baird. Ms. Stevens’ telephone number is presentation and advertising materials he uses as 800-792-2473. well as client communications. Reik Read, Managing Director, Robert W. Baird & Co. Chautauqua Capital Management Incorporated, and Director of Baird Equity Asset Management, is primarily responsible for supervising Mr. Weyer’s advisory activities on Brian M. Beitner, CFA* behalf of Baird. Mr. Read’s telephone number is 800-792-2473. Educational Background and Business Experience Lewis (Rob) Zwiebel Brian M. Beitner (Born in 1957) Educational Background and • BS, Public Administration, University of Business Experience Southern California Lewis (Rob) Zwiebel (Born in 1968) 8

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • MBA, University of Southern California • Portfolio Manager, Chautauqua Capital Management, a division of Baird Equity Asset • Portfolio Manager and Partner, Chautauqua Management, and Director, Robert W. Baird & Capital Management, a division of Baird Equity Co. Incorporated, since May 2020; Partner, Asset Management, since January 2021, and Chautauqua Capital Management, a division of Managing Director, Robert W. Baird & Co. Baird Equity Asset Management, since January Incorporated, since January 2016. 2016; Senior Vice President, Robert W. Baird & • Lead Portfolio Manager and Managing Partner, Co. Incorporated, from January 2016 to April Chautauqua Capital Management, a division of 2020. Baird Equity Asset Management, from January • Partner, Chautauqua Capital Management, LLC, 2016 to December 2020. from September 2013 to January 2016. • Managing Partner, Chief Executive Officer, and • Student, Stanford Graduate School of Business, Chief Investment Officer, Chautauqua Capital from September 2011 to June 2013. Management, LLC, from January 2009 to January 2016. • Analyst, Roth Capital Partners, from February 2009 to June 2011. • Portfolio Manager, Trust Company of the West, from November 1998 to February 2008. • Investment Analyst, Blavin and Company, from September 2008 to February 2009. Disciplinary Information • Analyst, Lehman Brothers, from July 2006 to Not applicable. July 2008. Other Business Activities Disciplinary Information Not applicable. Not applicable.

Additional Compensation Other Business Activities Not applicable. Not applicable. Supervision Additional Compensation Baird generally supervises Mr. Beitner’s advisory Not applicable. activities by reviewing the processes and controls in place for the discretionary investment Supervision management responsibilities that he executes for Baird generally supervises Mr. Flores’ advisory clients. Baird also periodically monitors his activities by reviewing the processes and controls trading activity in client accounts, and approves in place for the discretionary investment presentation and advertising materials he uses as management responsibilities that he executes for well as client communications. Reik Read, clients. Baird also periodically monitors his Managing Director, Robert W. Baird & Co. trading activity in client accounts, and approves Incorporated, and Director of Baird Equity Asset presentation and advertising materials he uses as Management, is primarily responsible for well as client communications Reik Read, supervising Mr. Beitner’s advisory activities on Managing Director, Robert W. Baird & Co. behalf of Baird. Mr. Read’s telephone number is Incorporated, and Director of Baird Equity Asset 800-792-2473. Management, is primarily responsible for supervising Mr. Flores’ advisory activities on Jan-Jesse Flores, CFA* behalf of Baird. Mr. Read’s telephone number is Educational Background and 800-792-2473. Business Experience Haicheng Li, CFA* Jan-Jesse Flores (Born in 1984) Educational Background and • BS, Engineering, Cornell University Business Experience • MBA, Stanford Graduate School of Business Haicheng Li (Born in 1972)

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC • BA, Biochemistry and Molecular Biology, David W. Lubchenco Rutgers University Educational Background and • MS, Biological and Biomedical Sciences, Business Experience Graduate School of Arts and Sciences, Harvard University David W. Lubchenco (Born in 1970)

• MMSc, Medicine, Harvard Medical School • BA, Economics, The Colorado College • MBA, Stanford Business School • MBA, The Daniels College of Business, • Portfolio Manager and Managing Partner, University of Denver Chautauqua Capital Management, a division of • Director, Robert W. Baird & Co. Incorporated, Baird Equity Asset Management, since January and Partner, Chautauqua Capital Management, 2021; Director, Robert W. Baird & Co. a division of Baird Equity Asset Management, Incorporated, since May 2020; Co-Lead since April 2016. Portfolio Manager, Chautauqua Capital Management, a division of Baird Equity Asset • Registered Representative, UMB Distribution Management, from May 2020 to December Services, LLC, from February 2014 to April 2020; Partner, Chautauqua Capital 2016. Management, a division of Baird Equity Asset • Executive Vice President, Marsico Capital Management, from August 2016 to December Management, LLC, from June 2013 to April 2020; Senior Vice President, Robert W. Baird & 2016. Co. Incorporated, from August 2016 to April 2020. • Partner, Chautauqua Capital Management, LLC, from August 2012 to May 2013. • Senior Vice President, and Senior Equity Analyst, Trust Company of the West, from • Registered Representative, UMB Distribution October 2002 to July 2016. Services, LLC, from October 2010 to August, 2012. • Senior Business Analyst, Capital One Financial, from July 1997 to July 2000. • Executive Vice President, Scout Investment Advisors, from August 2010 to August 2012. Disciplinary Information • Principal and Managing Director, Transamerica Not applicable. Investment Management, LLC, from December 2001 to March 2010. Other Business Activities Disciplinary Information Not applicable. Not applicable. Additional Compensation Other Business Activities Not applicable. Not applicable. Supervision Baird generally supervises Ms. Li’s advisory Additional Compensation activities by reviewing the processes and controls Not applicable. in place for the discretionary investment management responsibilities that she executes for Supervision clients. Baird also periodically monitors her Baird generally supervises Mr. Lubchenco’s trading activity in client accounts, and approves advisory activities by reviewing the processes and presentation and advertising materials she uses controls in place for the discretionary investment as well as client communications. Reik Read, management responsibilities that he executes for Managing Director, Robert W. Baird & Co. clients. Baird also periodically monitors his Incorporated, and Director of Baird Equity Asset trading activity in client accounts, and approves Management, is primarily responsible for presentation and advertising materials he uses as supervising Ms. Li’s advisory activities on behalf well as client communications. Reik Read, of Baird. Mr. Read’s telephone number is 800- Managing Director, Robert W. Baird & Co. 792-2473. Incorporated, and Director of Baird Equity Asset 10

Robert W. Baird & Co. Incorporated Baird Equity Asset Management Brochure Supplement 777 East Wisconsin Avenue, Milwaukee, WI 53202 Rev: 03/24/2021 800-RW-BAIRD.rwbaird.com.Member FINRA & SIPC Management, is primarily responsible for • Managing Director, Nuveen Investments supervising Mr. Lubchenco’s advisory activities on (Tradewinds Global Investors), from October behalf of Baird. Mr. Read’s telephone number is 2004 to June 2009. 800-792-2473. • Vice President, Trust Company of the West, from August 2001 to October 2004. Nathaniel Velarde Disciplinary Information Educational Background and Business Experience Not applicable. Nathaniel Velarde (Born in 1970) Other Business Activities

• BA, Economics, The University of Chicago Not applicable. • MBA, Finance and Strategic Management, The Additional Compensation University of Chicago Not applicable. • Portfolio Manager, Chautauqua Capital Management, a division of Baird Equity Asset Supervision Management, and Director, Robert W. Baird & Baird generally supervises Mr. Velarde’s advisory Co. Incorporated, since May 2020; Partner, activities by reviewing the processes and controls Chautauqua Capital Management, a division of in place for the discretionary investment Baird Equity Asset Management, since May management responsibilities that he executes for 2019; Senior Vice President, Robert W. Baird & clients. Baird also periodically monitors his Co. Incorporated, from May 2019 to April 2020. trading activity in client accounts, and approves • Consultant, Eagle Alpha, from February 2018 to presentation and advertising materials he uses as September 2018. well as client communications. Reik Read, Managing Director, Robert W. Baird & Co. • Senior Financial Analyst, j2 Cloud Services, Incorporated, and Director of Baird Equity Asset from August 2017 to February 2018. Management, is primarily responsible for • Senior Vice President, PIMCO, from April 2011 supervising Mr. Velarde’s advisory activities on to September 2015. behalf of Baird. Mr. Read’s telephone number is 800-792-2473. • Managing Director, Nuveen Investments (NWQ Investment Management), from July 2009 to March 2011.

* The Chartered Financial Analyst (CFA) charter is a professional designation established in 1962 and awarded by CFA Institute. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations described below; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. The CFA Program is organized into three levels, each culminating in a six-hour exam. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. There is no limit to the number of times a candidate can take each exam, and a candidate can take as long as needed to complete the program.

FACTS WHAT DOES BAIRD DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal and state laws give consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. What? The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Name, address and contact information • Social Security number and/or driver’s license, passport or other government ID number • Employment information, account balances, transaction history and credit history • Income and assets How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Robert W. Baird & Co. Incorporated (“Baird”) choose to share; and whether you can limit this sharing.

Reasons we can share your personal information Does Baird share? Can you limit this sharing? For our everyday business purposes— Yes No such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus For our marketing purposes— Yes No to offer our products and services to you For joint marketing with other financial companies Yes No For our affiliates’ everyday business purposes— Yes No information about your transactions and experiences For our affiliates’ everyday business purposes— No N/A information about your creditworthiness

For our affiliates to market to you No N/A For nonaffiliates to market to you—only for financial advisors Yes Yes that leave Baird. Baird has signed the Protocol for Broker Recruiting (“Protocol”) which allows the financial advisor servicing your account to take certain limited information in the event he/she leaves Baird and joins another firm which has also signed the Protocol. The information your financial advisor can take is limited to your name, your address, your phone number, your email address, and the title of your account. If you choose to limit this sharing, Baird will notify your financial advisor of your decision to keep your personal information confidential and that you do not want your personal information shared by your financial advisor with his/her new firm.

To limit Call (toll free) 1-800-792-2473 our sharing If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing as described above. Questions? Call (toll free) 1-800-792-2473 or go to www.rwbaird.com

1 PRIVACY NOTICE rev. July 2021

Who we are Who is providing this notice? Robert W. Baird & Co. Incorporated and Baird Trust Company 0What we do How does Baird protect my To protect your personal information from unauthorized access and use, we use personal information? security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Baird collect my We collect your personal information, for example, when you personal information? • open an account or seek advice about your investments o tell us about your investment or retirement portfolio or o tell us about your investment or retirement earnings • give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates or other companies. Why can’t I limit all sharing? Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See “Other Important Information” below for more on your rights under state law. What happens when I limit Your choices will apply to everyone on your account. sharing for an account I hold jointly with someone else?

Definitions Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates are Baird Financial Group, Inc., Baird Financial Corporation, Robert W. Baird Group Limited, Robert W. Baird GmbH, Baird Funds, Inc., Strategas Securities, LLC and Strategas Asset Management, LLC.

Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Nonaffiliates we share with can include the new firm of the financial advisor servicing your account.

Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • Baird does not have any joint marketing partners.

2 PRIVACY NOTICE rev. July 2021

Other important information

European Personal Data. Where personal data of individuals residing in the European Union (EU) is processed by Baird or its affiliates in the U.S. in relation to the offering of products or services to such individuals, or in relation to monitoring of such individuals’ online behavior, then, in addition to the above, Baird will comply with the provisions of the European Client and Third Party Privacy Notice (available at http://www.bairdeurope.com/European-Client- and-Third-Party-Privacy-Notice) with respect to such processing.

For Nevada residents only. We are providing you this notice pursuant to state law. You may be placed on our internal Do Not Call List by following the directions in the “Can you limit this sharing” section by choosing to limit sharing “For our affiliates to market to you.” Nevada law requires that we also provide you with the following contact information: Bureau of Consumer Protection, Office of the Nevada Attorney General, 555 E. Washington Street, Suite 3900, Las Vegas, NV 89101; Phone number: (702) 486-3132; e-mail: [email protected]. Robert W. Baird & Co. Incorporated, 777 East Wisconsin Avenue, Milwaukee, WI 53202; Phone Number (800) 792-2473; e-mail: Click on “Contact Us” in the top right corner at www.rwbaird.com/privacy.

Vermont: In accordance with Vermont law, we will not share information we collect about Vermont residents with companies outside of our corporate family, except as permitted by law, such as with your consent, to service your accounts or to other financial institutions with which we have joint marketing agreements. We will not share information about your creditworthiness within our corporate family except with your authorization or consent, but we may share information about our transactions or experiences with you within our corporate family without your consent.

California: In accordance with California law, we will not share information we collect about you with companies outside of Baird, unless the law allows. For example, we may share information, to service your accounts, or to provide rewards or benefits you are entitled to. We will limit sharing among our companies to the extent required by California law. We collect personally identifiable information from online customers when those customers choose to enter their personal information while using Baird’s web sites and/or online services (including mobile applications). This information includes, but is not limited to, customer names, e-mail and mailing addresses, phone numbers, and social security numbers. Baird does not collect personally identifiable information from general online site visitors unless those consumers unilaterally opt to provide personally identifiable information to Baird. Baird also does not share personally identifiable information with third-party persons or entities unless authorized by the customer. If Baird’s online customers wish to change the contents of the personally identifiable information previously supplied to Baird, those customers may do so by contacting their local Baird entity branch office and requesting the change. Alternatively, some web sites and online services offered by Baird permit customers to change the contents of their personally identifiable information online. As stated above, Baird does not collect personally identifiable information about individual consumers unless those consumers choose to provide such information. We are aware that some internet browsers have incorporated Do Not Track (“DNT”) features. Most of these features, when turned on, send a signal or preference to the web sites you visit indicating that you do not wish to be tracked. Because Baird does not collect personally identifiable information unless the online customer voluntarily submits it, and because of a lack of industry standard, Baird does not currently respond to DNT signals, whether on its web sites or other online services. Baird does not allow other parties to collect personally identifiable information about its online customers’ individual online activities over time or across different web sites. Baird cannot, however, guarantee protection from web-based criminal conduct that could result in the collection of an online customer’s personally identifiable information by an outside party. Please refer to https://content.rwbaird.com/RWB/Content/PDF/CCPA- Addendum-to-Privacy-Notice.pdf for additional information specific to the California Consumer Privacy Act of 2018.

For Insurance Customers in AZ, CA, CT, GA, IL, ME, MA, MN, MT, NV, NJ, NC, OH, OR, and VA only. The term “Information” in this part means customer information obtained in an insurance transaction. We may give your Information to state insurance officials, law enforcement, group policy holders about claims experience, or auditors as the law allows or requires. We may give your Information to insurance support companies that may keep it or give it to others. We may share medical Information so we can learn if you qualify for coverage, process claims, or prevent fraud or if you say we can. To see your Information, contact the employee who services your account by mail or telephone. You must state your full name, address, the insurance company, policy number (if relevant), and the Information you want. We will tell you what Information we have. You may see and copy the Information (unless privileged) at our office or ask that we mail you a copy for a fee. If you think any Information is wrong, you must write us. We will let you know what actions we take. If you do not agree with our actions, you may send us a statement.

For MA Insurance Customers only. You may ask in writing the specific reasons for an adverse underwriting decision. An adverse underwriting decision is where we decline your application for insurance, offer to insure you at a higher than standard rate, or terminate your coverage.

Baird may change this privacy notice at any time, and any changes or updates will be effective immediately on the date of posting. For a current version, please visit www.rwbaird.com/privacy.

3 Baird Equity Asset Management 777 East Wisconsin Avenue Milwaukee, Wisconsin 53202 Toll Free: 800-792-2473 www.rwbaird.com

Guide to Services and Compensation Robert W. Baird & Co. Incorporated (“Baird”) and Baird Additional information about the services that Baird Equity Equity Asset Management, a department of Baird, propose Asset Management and Baird provide to clients generally to provide certain services to the retirement plan for is contained in Baird Equity Asset Management’s Form which you serve as responsible plan fiduciary (the “Plan”). ADV Part 2A Brochure (the “Brochure”), a copy of which is Baird Equity Asset Management is providing this Guide to also included with this Guide or has previously been you, as a responsible plan fiduciary of the Plan, because it provided to you. The Services may be provided by Baird contains important information about the services that Equity Asset Management, Baird, and their Baird Equity Asset Management and Baird will provide, representatives as further described in the Agreement and and the compensation that Baird Equity Asset Brochure, and/or may be coordinated with or provided to Management and Baird will receive, that you should the Plan’s other service providers. consider. Status This Guide provides you a summary of the services that When providing advisory Services under the Agreement, Baird Equity Asset Management and Baird provide, and Baird Equity Asset Management will act as an investment the compensation that Baird Equity Asset Management adviser through Baird, which is registered under the and Baird receive, related to the Plan. This Guide does not Investment Advisers Act of 1940, as amended. When contain a comprehensive list or discussion of the services providing non-advisory Services under the Agreement, that Baird Equity Asset Management and Baird provide or neither Baird Equity Asset Management nor Baird will be the compensation that Baird Equity Asset Management acting as an investment adviser under the Investment and Baird receive. This Guide references other documents Advisers Act of 1940, as amended, or under any state where you may find some of this information. The other law. When providing advisory Services under the documents that apply and the location of the information Agreement, Baird Equity Asset Management will act as a in these other documents vary depending upon the type “fiduciary” of the Plan as that term is defined by ERISA. of relationship the Plan will have with Baird Equity Asset You should refer to the Agreement for more specific Management and the investments made available under information. the Plan. You should note that the documents referenced herein contain important information not identified in this document. You are, therefore, urged to review this Compensation Guide and all of the documents referenced herein Direct Compensation carefully and in their entirety. Baird Equity Asset Management and Baird may receive certain compensation directly from the Plan (“direct This Guide provides you disclosures pursuant to Rule compensation”) for providing the Services. If the plan 408b-2(c) (29 C.F.R. § 2550.408b-2(c)) under the participates in a wrap fee program and the Plan has a dual Employee Retirement Income Security Act of 1974, as contract arrangement with the wrap fee program sponsor amended (“ERISA”). If you have any questions about the (and the Plan has an agreement directly with Baird Equity information con tained in this Guide, or if you would like an Asset Management), Baird Equity Asset Management additional copy of any of the documents referenced in this typically receives an ongoing advisory fee based upon the Guide, please contact Baird Equity Asset Management value of a retirement plan’s assets, although you or the at [email protected] . Plan may have requested an alternative fee arrangement. The Agreement describes the actual direct compensation, Services if any, that Baird Equity Asset Management and Baird may receive and how the amount of the compensation will be Baird Equity Asset Management and Baird will provide you determined. or the Plan with the services (the “Services”) that are described in the specific agreement the Plan has with the wrap fee program sponsor or Baird (the “Agreement”) If Baird provides execution services for Plan-related that is included with this Guide or has previously been accounts, Baird may receive direct compensation to the provided to you. Baird Equity Asset Management and its extent permitted by ERISA that is based upon each subcontractors will generally provide you or the Plan with investment transaction that Baird effects for Plan-related discretionary investment management services. accounts. This compensation typically consists of, but is not limited to, commissions and sales charges.

GSC-PS Baird EAM-Wrap Platform 1 Rev. 09/10/2021 Indirect Compensation The Agreement describes any termination fees that may Baird Equity Asset Management and Baird may receive apply to the Plan and how any prepaid amounts of the direct certain compensation indirectly from the Plan (“indirect compensation will be calculated and refunded upon compensation”) for providing the Services. If the plan termination. participates in a wrap fee program and the Plan has a single contract arrangement with the wrap fee program sponsor Recordkeeping Services (and the Plan does not have an agreement directly with Baird Equity Asset Management and Baird will not provide Baird Equity Asset Management), typically, the program you or the Plan with any recordkeeping services (as that sponsor pays to Baird Equity Asset Management a portion term is used for participant-directed plans like most 401(k) of the wrap fee the Plan pays to the sponsor. You should plans). Baird Equity Asset Management and Baird also do refer to the sponsor’s brochure and Agreement for more not act as, nor have they agreed to assume the duties of, information. an “administrator”, as that term is defined by Section 3(16) To the extent permitted by ERISA, Baird Equity Asset of ERISA, for the Plan. This means that Baird Equity Asset Management, Baird, and their affiliates and/or Management and Baird will not provide any administrative subcontractors may receive certain other indirect services for the Plan, including, without limitation the compensation from persons or entities other than the Plan following services: or Plan sponsor in connection with the Services provided or the Plan’s investments, such as such as investment • IRS Form 5500 preparation and reporting management fees, transfer agency fees, networking and • Vesting determination recordkeeping fees, accounting fees, administration fees, accounting fees, and custody fees from mutual fund and • Eligibility determination other companies with which they do business, including the Baird Funds and Chautauqua Funds. • Benefit calculations More specific information about the indirect compensation • Non-discrimination or coverage testing that Baird Equity Asset Management, Baird and their • Top-heavy testing affiliates and/or subcontractors may reasonably expect to receive in connection with the Services is contained in the • Contribution allocation calculations Brochure. If investment product options are being proposed • Contribution source accounting for the Plan, additional information about indirect compensation is contained in the prospectus or other • Distribution reporting (IRS 1099) (unless Baird has disclosure materials for the investment product. The agreed to serve as trustee for the Plan in writing) prospectuses and statements of additional information for • Loan administration. the Baird Funds and Chautauqua Funds are available at www.bairdfunds.com. Investment Disclosure Additional important information is also available in the Baird Equity Asset Management generally does not invest investment product disclosure documents referenced in the Plan assets in investment products that provide Brochure and that are located on Baird’s website at compensation to Plan service providers by imposing https://bairdwealth.com/retailinvestor. charges directly upon the amount invested in connection Compensation Paid among Related Parties with the acquisition, sale, transfer of, or withdrawal from Baird Equity Asset Management may direct broker-dealers the investment product, such as redemption fees, to execute transactions for Plan-related accounts. The exchange fees, or account fees (“transaction fees”) or that broker-dealers may receive a commission, markup, are otherwise subject to other annual operating expenses markdown or other fees as compensation for their services. (“total annual operating expenses”).

Certain compensation described in this Guide and the Updating the Information in this Guide documents referenced herein may be paid among Baird From time to time, Baird Equity Asset Management and Equity Asset Management, Baird, and their affiliates and/or Baird may provide you updated information regarding the subcontractors. More specific information about the Services they provide and the compensation they receive compensation that may be paid among them in connection in a number of ways, including, without limitation, by with the Services, if any, is contained in the Brochure and providing to you a new or updated Guide, Agreement, other disclosure documents provided to you, if any. If Brochure, prospectus, statement of additional information investment product options have been proposed for the or other offering or disclosure document, or an amendment Plan, additional information about how compensation may or supplement thereto. Baird Equity Asset Management and be paid among them is also contained in the applicable Baird may deliver any such documents to you product disclosure. electronically, including: (a) delivery via e-mail with an active link to the document or with the document attached Compensation for Termination of Contract or in portable document format (.pdf) or other readable Arrangement format; (b) delivery of removable media, such as a CD- ROM or DVD, to be read on a computer; or (c) on Baird’s

GSC-PS Baird EAM-Wrap Platform 2 Rev. 09/10/2021 website at https://bairdwealth.com/retailinvestor, or another Internet site designated by Baird. Delivery of such documents may also be coordinated with the Plan’s other service providers. You are urged to review such updated information carefully.

GSC-PS Baird EAM-Wrap Platform 3 Rev. 09/10/2021